MutualFundWire.com: Netting $1.3B, Neos Pulls Ahead
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Wednesday, December 24, 2025

Netting $1.3B, Neos Pulls Ahead


A Connecticut ETF shop took the lead last month among midsize fund firms, even as the group's overall inflows evaporated, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on November 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 219 firms (up by five month-over-month from October 2025 and up by eight year-over-year from November 2024) with between 10 and 99 long-term mutual funds or ETFs each.

Neos pulled ahead last month, thanks to an estimated $1.348 billion in net November 2025 inflows, up by $239 million M/M from October 2025 and up by $1.31 billion Y/Y from November 2024. Other big November 2025 inflows winners included:
  • Graniteshares, $1.011 billion (up by $1.58 billion M/M, up by $390 million Y/Y);
  • Mercer, $950 million (up by $899 million M/M, up by $866 million Y/Y);
  • Edward Jones' Bridge Builder, $941 million (up by $1.202 billion M/M, down by $7 million Y/Y); and
  • Roundhill, $677 million (down by $788 million M/M, up by $449 million Y/Y).

    • Bridge Builder led midsize firms over the last year, thanks to an estimated $14.131 billion in net inflows for the trailing twleve months ending November 30, 2025. Other big TTM inflows winners included: Baird (including Strategas), $13.316 billion; and Neos, $10.899 billion.

    On the flip side, Artisan took the outflows lead last month, thanks to an estimated $818 million in net November 2025 outflows, up by $661 million M/M from October 2025 and up by $793 million Y/Y from November 2024. Other big November 2025 outflows sufferers included:
  • Jensen, $789 million (up by $602 million M/M, up by $478 million Y/Y);
  • Diamond Hill, $661 million (up by $536 million M/M, up by $606 million Y/Y);
  • GQG, $611 million (down by $21 million M/M, a $625-million net flows drop Y/Y); and
  • Wasatch, $575 million (up by $133 million M/M, up by $468 million Y/Y).

    • Pacer led the outflows pack over the last year, thanks to an esetimated $9.143 billion in net TTM outflows as of November 30, 2025. Other big outflows sufferers included: Brown Advisory, $4.112 billion; and Jensen, $4.033 billion.

    As a group, mid-size fund firms suffered $151 million in net November 2025 outflows. That's a $1.015-billion net flows drop M/M and a $5.562-billion net flows drop Y/Y. 41.6 percent (91) of the mid-size fund firms brought in net inflows last month.

    As of November 30, 2025, mid-size fund firms held $2.011 trillion in AUM, accounting for 5.7 percent of overall industry long-term AUM and up by $25 billion M/M and by $192 billion Y/Y. Those firms ended last month with a combined 6,250 long-term mutual funds and ETFs, accounting for 14.3 percent of overall industry funds and up by 154 funds M/M and by 149 funds Y/Y.

    Mid-size fund firms brought in a combined $30.229 billion in net TTM inflows as of November 30, 2025. That accounts for 4.2 percent of overall industry inflows.

    Across the whole industry, the 770 fund firms tracked by the M* team (down by 9 M/M, down by 28 Y/Y) brought in $80.125 billion in net November 2025 inflows. That's down by $11.842 billion M/M and by $34.46 billion Y/Y.

    The industry ended last month with $$35.469 trillion in AUM, up by $198 billion M/M and up by $4.043 billion Y/Y. The industry had 43,701 ETFs and long-term mutual funds at the end of November 2025, down by 99 M/M but up by 655 Y/Y.

    As of November 30, 2025, the industry overall brought in $714.312 billion in net TTM inflows.


    Printed from: MFWire.com/story.asp?s=71874

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