Active outflows shrunk by more than 98 percent last month, and the Gotham Giant took the lead, according to the latest data from the folks at a publicly traded investment research company.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on May 2025 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. (The data also excludes other asset management products, like CITs and separate accounts.*) More specifically, this article focuses on the 721 firms (up by three month-over-month from April 2025 but down by 25 year-over-year** from May 2024) that offer actively managed, long-term mutual funds or ETFs.

BlackRock (including iShares) broke a nearby firm's 12-month active inflows winning streak, thanks to an estimated $6.405 billion in net May 2025 active inflows, up by $8.693 billion M/M from April 2025 and up by $6.904 billion Y/Y from May 2024. Other big May 2025 active inflows winners included:

J.P. Morgan (including Six Circles), $6.006 billion (up by $4.404 billion M/M, up by $1.614 billion Y/Y);

Allianz's Pimco, $4.069 billion (up by $7.179 billion M/M, up by $2.756 billion Y/Y);

Tidal (including YieldMax and many other ETF brands), $2.532 billion (up by $1.422 billion M/M); and

Goldman Sachs, $2.127 billion (up by $3.461 billion M/M, up by $923 million Y/Y).

On the flip side, Capital Group (home of American Funds) took the active outflows lead last month, thanks to an estimated $5.46 billion in net May 2025 active outflows, down by $2.094 billion M/M from April 2025 but up by $865 million Y/Y from May 2024. Other big May 2025 outflows sufferers included:

T. Rowe Price, $3.419 billion (down by $3.094 billion M/M, up by $1.48 billion Y/Y);

Vanguard, $3.223 billion (down by $5.938 billion M/M, down by $2.302 billion Y/Y);

Sun Life's MFS, $2 billion (down by $823 million M/M, up by $20 million Y/Y); and

Fidelity, $1.637 billion (down by $4.543 billion M/M, a $3.784-billion net flows drop Y/Y).

Overall, active funds suffered a combined $1.23 billion in net outflows in May 2025, down by $80.13 billion M/M from April 2025 and down by $14.211 billion Y/Y from May 2024. 44.7 percent (322) of active fund families brought in net active inflows in May 2025, up M/M from 38.7 percent and up Y/Y from 44.2 percent.

*This caveat is particularly important for large fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds.

**This recent fund firm count change is largely one of classification, as the MFWire team is making an effort to properly label flows for multi-boutique asset managers and ETF-in-a-box shops. 

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