Active funds broke their three-month inflows streak last month, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on October 2025 open-end mutual fund and ETF flows, excluding money-market funds and funds-of-funds. (Other asset management products, like CITs and separate accounts, are also excluded.*) More specifically, this article focuses on the 734 firms (up by four month-over-month from September 2025 but down by 18 year-over-year from October 2024) that offer actively managed, long-term mutual funds or ETFs.

Allianz's Pimco took the lead last month, thanks to an estimated $7.115 billion in net October 2025 active inflows, up by $2.236 billion M/M from September 2025 and up by $4.847 billion Y/Y from October 2024. Other big October 2025 active inflows winners included:

BlackRock (including iShares), $3.149 billion (down by $4.842 billion M/M, up by $2.055 billion Y/Y);

J.P. Morgan (including Six Circles), $1.798 billion (down by $4.339 billion M/M, down by $5.125 billion Y/Y);

First Trust, $1.466 billion (up by $330 million M/M, up by $141 million Y/Y); and

Baird (including Strategas), $1.342 billion (up by $221 million M/M, down by $1.245 billion Y/Y).

On the flip side, Vanguard took the active outflows lead last month, thanks to an estimated $7.601 billion in net October 2025 active outflows, up by $2.018 billion M/M from September 2025 and up by $4.431 billion Y/Y from October 2024. Other big October 2025 active outflows sufferers included:

T. Rowe Price, $5.338 billion (down by $247 million M/M, up by $1.697 billion Y/Y);

Capital Group (home of American Funds), $5.189 billion (up by $1.394 billion M/M, down by $68 million Y/Y);

Invesco, $2.33 billion (up by $1.023 billion M/M, up by $195 million Y/Y); and

Franklin Templeton (including Royce), $2.058 billion (up by $612 million M/M, down by $3.394 billion Y/Y).

Overall, active funds suffered $19.806 billion in net outflows in October 2025, a $27.163-billion net flows drop M/M and up by $8.87 billion Y/Y. 46.2 percent (339) of the active fund families brought in net active inflows in October 2025, up M/M from 46 percent and up Y/Y from 44.8 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. 

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