A Connecticut ETF shop widened its lead last quarter among small fund firms, even as the group's net inflows dipped a bit, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on June 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 483 firms (up by nine quarter-over-quarter from Q1 2025 but down by 28 year-over-year from Q2 2024) with fewer than ten long-term mutual funds or ETFs each.

Neos led the small firm inflows pack a second quarter in a row, thanks to an estimated $2.435 billion in net inflows in the second quarter of 2025, up by $1.129 billion Q/Q from Q1 2025 and up by $1.691 billion Y/Y from Q2 2024. Other big Q2 2025 inflows winners included:

Alpha Architect and ETF Architect, $1.071 billion (down by $138 million Q/Q, down by $313 million Y/Y);

Northwestern Mutual's Column, $343 million (up by $218 million Q/Q, down by $23 million Y/Y);

Aptus, $300 million (down by $97 million Q/Q, down by $247 million Y/Y); and

Eagle Capital Management, $274 million (up by $173 million Q/Q, up by $178 million Y/Y).

Neos also led the inflows pack for a third consecutive month, thanks to an estimated $1.265 billion in June 2025 inflows. Other big inflows winners included: Alpha Architect, $372 million; and Axonic, eagle $125 million.

Last month, there was one apparent mutual fund and ETF industyr newcomer: Hedgeye Asset Management.

On the flip side, Primecap took the small firm outflows lead last quarter, thanks to an estimated $1.495 billion in net Q2 2025 outflows, up by $348 million Q/Q from Q1 2025 and up by $318 millon Y/Y from Q2 2024. Other big Q2 2025 outflows sufferers included:

Edgewood, $811 million (down by $1.181 billion Q/Q, up by $391 million Y/Y);

Ark, $729 million (up by $362 million Q/Q, down by $587 million Y/Y);

Champlain, $586 million (down by $115 million Q/Q, up by $435 million Y/Y); and

Akre, $272 million (down by $533 million Q/Q, down by $352 million Y/Y).

Primecap also led the small firm outflows pack for a second month running, thanks to an estimated $690 million in net June 2025 outflows. Other big outflows sufferers included: Edgewood, $349 million; and Champlain, $134 million.

As a group, small fund firms brought in $1.276 billion in net June 2025 inflows. They accounted for 2.6 percent of net industry inflows.

Small firms brought in $1.54 billion in Q2 2025 inflows, a $367-million net flows drop Q/Q and a $1.441 billion net flows drop Y/Y. As of June 30, 2025 (the end of Q2), small firms accounted for 62.9 percent of all fund firms and held $307 billion in AUM (0.9 percent of industry AUM) across 1,425 funds (3.3 percent of the industry's total).

Across the whole industry, the 768 fund firms tracked by the M* team (up by 10 M/M) brought in $49.936 billion in net June 2025 inflows.

The industry brought in $65.9865 billion in Q2 2025 inflows, down by $75.417 billion Q/Q and down by $25.39 billion Y/Y. As of June 30, 2025, the industry had $32.736 trillion in AUM (up by $2.577 trillion Q/Q, up by $4.008 trillion Y/Y) across 43,230 long-term funds and ETFs (down by 241 Q/Q, up by 416 Y/Y). 

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