A B-D's subadvised fund family kept the inflows lead again last month among midsized fund firms, as the group's net outflows almost completely evaporated, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on May 2025 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like CITs and separate accounts, are also not included.) More specifically, this article focuses on the 211 firms (up by one month-over-month and year-over-year, from April 2025 and May 2024) with between 10 and 99 long-term mutual funds or ETFs each.

Edward Jones' Bridge Builder led the pack for a third month running, thanks to an estimated $1.343 billion in net May 2025 inflows, up by $425 million M/M from April 2025 and up by $382 million Y/Y from May 2024. Other big May 2025 inflows winners included:

First Eagle, $946 million (up by $425 million M/M, up by $993 million Y/Y);

BMO, $916 million (up by $795 million M/M, up by $862 million Y/Y);

BondBloxx, $408 million (up by $292 million M/M, up by $238 million Y/Y); and

Baird (including Strategas), $365 million (down by $21 million M/M, down by $625 million Y/Y).

Baird led the inflows pack over the last year, thanks to an estimated $15.382 billion in net inflows for the trailing twelve months ending May 31, 2025. Other big TTM inflows winners included: Bridge Builder, $14.34 billion; and First Eagle, $5.435 billion.

On the flip side, Graniteshares took the outflows lead last month, thanks to an estimated $1.252 billion in net May 2025 outflows, up by $1.109 billion M/M from April 2025 and up by $1.229 billion Y/Y from May 2024. Other big May 2025 outflows sufferers included:

Brinker's Destinations, $653 million (up by $366 million M/M, up by $464 million Y/Y);

Pacer, $568 million (down by $1.231 billion M/M, a $1.071-billion net flows drop Y/Y);

Valic, $349 million (up by $12 million M/M, up by $60 million Y/Y); and

Mercer, $303 million (a $337-million net flows drop M/M, a $509-million net flows drop Y/Y).

Grayscale led the outflows pack over the last year, thanks to an estimated $7.818 billion in TTM outflows as of May 31, 2025. Other big outflows sufferers included: Jensen, $3.975 billion; and Baron, $3.672 billion.

As a group, midsize fund firms suffered $75 million in net May 2025 outflows (down by $10.072 billion M/M, a $1.456-billion net flows drop Y/Y). As of May 31, 2025, midsize firms held $1.795 trillion in AUM (5.7 percent of industry AUM) across 5,963 funds (13.7 percent of industry funds) and accounted for 27.8 percent of all fund firms.

Midsize firms brougth in $35.798 billion in TTM inflows as of May 31, 2025. They accounted for 5.4 percent of overall industry inflows over that period.

Across the whole industry, the 758 fund firms tracked by the M* (down by 33 Y/Y) brought in $58.976 billion in net May 2025 inflows, a $104.269-billion reversal M/M and up by $626 million Y/Y. It was the industry's 11th month of inflows in 12 months (after a brief hiccup in April). As of May 31, 2025, the industry had $31.543 trillion in AUM (up by $1.36 trillion M/M, up by $3.27 trillion Y/Y) across 43,407 funds (down by 118 M/M, up by 733 Y/Y).

The industry brought in $659.645 billion in TTM inflows as of May 31, 2025. 

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