Industry inflows proportionately fell by about half last month, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on March 2025 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) This piece is the promised second alternative way of looking at fund flows that MFWire is bringing back this month: in this case, by comparing flows to AUM.

Slow Capital led the way last quarter, thanks to estimated net inflows in the first quarter of 2025 that were equivalent to 114.4 percent of its quarter-end AUM, up quarter-over-quarter from 100 percent in Q4 2024. Other big Q1 2025 inflows winners included:

Select, 100.7 percent (up Q/Q from 67.7 percent);

Hashdex, 89 percent (up Q/Q from 7.4 percent);

Grant Park, 85 percent (down Q/Q from 100 percent); and

Kurv, 77.2 percent (up Q/Q from 40.4 percent, up year-over-year from 26.1 percent).

Pacific Capital led the pack last month, thanks to estimated net March 2025 inflows equivalent to 89 percent of its AUM. Other big inflows winners included: PLUS, 87.3 percent; and Select, 86.8 percent.

On the flip side, HSCB led the outflows pack last quarter, thanks to estimated net Q1 2025 outflows equivalent to 425 percent of its quarter-end AUM, down Q/Q from 35.7 percent in net inflows in Q4 2024 and up Y/Y from 6 percent in net outflows in Q1 2024. Other big Q1 2025 outflows sufferers included:

Knowledge Leaders Capital, 133.8 percent (up Q/Q from 0.7 percent, up Y/Y from 2.6 percent);

Nuance, 118 percent (up Q/Q from 10.6 percent, up Y/Y from 12.7 percent);

Centerstone, 73.9 percent (up Q/Q from 19.3 percent, up Y/Y from 5.8 percent); and

Chiron, 69 percent (up Q/Q from 6.7 percent, up Y/Y from 20.2 percent).

HSBC also led the outflows sufferers last month, thanks to estimated net March 2025 outflows equivalent to 344.2 percent of its month-end AUM. Other big outflows sufferers included: Chiron, 56.8 percent; and TradersAI, 51.6 percent.

The whole long-term mutual fund and ETF industry brought in Q1 2025 inflows equivalent to 0.47 percent of AUM. That's down Q/Q from 0.96 percent and down Y/Y from 0.66 percent.

In March 2025 alone, the industry brought in net inflows equivalent to 0.08 percent of AUM. That's down M/M from 0.25 percent and Y/Y from 0.32 percent. 

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