A big B-D's mutual fund business led midsize fund firms last year in inflows, though the group's flows dipped by 44 percent, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on December 2025 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 not included.) More specifically, this article focuses on the 216 firms (down by three month-over-month from November 2025 but up by five quarter-over-quarter from September 2025 and up by one year-over-yeare from December 2024) with between 10 and 99 long-term mutual funds or ETFs each.

Edward Jones' Bridge Builder pulled ahead last year, thanks to an estimated $15.091 billion in net 2025 inflows, up by $6.05 billion Y/Y from 2024. Other big 2025 inflows winners included:

Neos, $12.315 billion (up by $9.835 billion Y/Y);

Baird (including Strategas), $12.141 billion (down by $8.302 billion Y/Y);

Roundhill, $6.166 billion (up by $3.308 billion Y/Y); and

First Eagle, $5.678 billion (up by $3.972 billion Y/Y).

Neos took the lead last quarter, thanks to an estimated $4.271 billion in net inflows in the fourth quarter of 2025. Other big Q4 2025 inflows winners included: Bridge Builder, $3.074 billion; and Baird, $2.965 billion.

Bridge Builder pulled ahead last month, thanks to an estimated $2.394 billion in net December 2025 inflows. Other big inflows winners included: Neos, $1.814 billion; and Baird, $1.52 billion.

On the flip side, Pacer took the outflows lead last year among midsize fund firms, thanks to an estimated $9.406 billion in net 2025 outflows, an $18.116-billion net flows drop Y/Y from 2024. Other big 2025 outflows sufferers included:

Brown Advisory, $4.353 billion (up by $2.3 billion Y/Y);

Jensen, $4.347 billion (up by $1.408 billion Y/Y);

Dodge & Cox, $4.099 billion (a $16.602-billion net flows drop Y/Y); and

Baron, $4.072 billion (down by $782 million Y/Y).

Dodge & Cox pulled ahead last quarter, thanks to an estimated $3.965 billion in net Q4 2025 outflows. Other big outflows sufferers included: Brown Advisory, $2.062 billion; and Pacer, $1.968 billion.

Dodge & Cox also took the outflows lead last month, thanks to an estimated $3.845 billion in net December 2025 outflows. Other big outflows sufferers included: Brown Advisory, $949 million; and Polen Capital, $738 million.

As of December 31, 2025, mid-size fund firms held $1.871 trillion in AUM, accounting for 5.3 percent of overall industry long-term fund AUM, down by $140 billion M/M and by $111 billion Q/Q, but up by $55 billion Y/Y. Those firms ended last year with a combined 6,205 long-term mutual funds and ETFs, accounting for 14.3 percent of overall industry funds, down by 45 funds M/M, but up by 214 Q/Q and up by 86 Y/Y.

As a group, mid-size fund firms brought in $31.551 billion in net 2025 inflows, accounting for 4.1 percent of overall industry inflows and down by $25.019 billion Y/Y. 44.9 percent of mid-size fund firms had positive net inflows last year.

Mid-size firms brought in $946 million in net inflows in Q4 2025, accounting for 0.3 percent of industry inflows. 42.1 percent of mid-size firms brought in net inflows last quarter.

Collectively, mid-size firms suffered an estimated $1.567 billion in net December 2025 outflows. 42.1 percent of mid-size firms brought in net inflows last month.

The whole industry of 772 firms tracked by the M* team (up by 2 M/M and Q/Q, but down by 34 Y/Y) ended last year with $35.436 trillion in AUM, down by $33 billion M/M but up by $744 billion Q/Q and up by $4.889 trillion Y/Y. The industry had 43,499 ETFs and long-term mutual funds at the end of December 2025, down by 252 M/M and by 3,179 Q/Q, but up by 107 Y/Y.

Across the whole industry, fund firms brought in $771.981 billion in 2025 inflows. That's up by $48.551 billion Y/Y.

In Q4 2025, the industry brought in $323.399 billion in net inflows. In December 2025 alone, the industry brought in $149.233 billion. 

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