A trio of titans led the active funds inflows pack last month, and active outflows overall slipped a bit, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on November 2025 open-end mutual fund and ETF flows, excluding money-market funds and funds-of-funds. (Other asset management products, like collective trusts and separate accounts, are also excluded.*) More specifically, this article focuses on the 728 firms (down by 6 month-over-month from October 2025 and down 27 year-over-year from November 2024) that offer actively managed, long-term mutual funds or ETFs.

Allianz's Pimco led the way for a second month in a row, thanks to an estimated $5.86 billion in net November 2025 active inflows, down by $1.255 billion M/M from October 2025 but up by $5.323 billion Y/Y from November 2024. Other big November 2025 active inflows winners included:

J.P. Morgan (including Six Circles), $3.967 billion (up by $2.169 billion M/M, down by $5.661 billion Y/Y);

BlackRock (including iShares), $3.076 billion (down by $73 million M/M, up by $2.963 billion Y/Y);

American Century (including Avantis), $1.82 billion (up by $732 million M/M, up by $1.905 billion Y/Y); and

First Trust, $1.639 billion (up by $173 million M/M, up by $955 million Y/Y).

On the flip side, T. Rowe Price took the active outflows lead last month, thanks to an estimated $5.687 billion in net November 2025 active outflows, up by $349 million M/M from October 2025 and up by $2.117 billion Y/Y from November 2024. Other big November 2025 active outflows sufferers included:

Capital Group (home of American Funds), $4.733 billion (down by $456 million M/M, down by $538 million Y/Y);

Fidelity, $4.192 billion (up by $2.791 billion M/M, up by $2.032 billion Y/Y);

Edgewood, $2.682 billion (up by $1.423 billion M/M, up by $2.391 billion Y/Y); and

Invesco, $2.596 billion (up by $266 million M/M, up by $944 million Y/Y).

Overall, active funds suffered $17.764 billion in net outflows in November 2025, down by $2.042 billion M/M but up by $3.34 billion Y/Y. 43.1 percent (314) of the active fund families brought in net active inflows in November 2025, down M/M from 46.2 percent and down Y/Y from 46 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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