Bright spots among tax-exempt institutional equity portfolios

Among active equity portfolios, the largest tax-exempt institutional investor inflows ranged from $1.3 billion to more than $2 billion last year, based on Investment Metrics' examination of separate accounts and commingled funds. The list includes two emerging markets strategies: Schroders Assets Management's Global Emerging Markets Equity and T. Rowe Price's Emerging Markets Discovery Equity.

Baillie Gifford's Positive Change saw $956 million of institutional inflows in 2022, leading institutional ESG portfolios. The other largest inflows ranged from $187 million to $363 million.