Active outflows more than doubled last month, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on April 2025 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. (The data also excludes other asset management products, like CITs and separate accounts.*) More specifically, this article focuses on the 718 firms (up by two month-over-month from March 2025 but down by 25 year-over-year** from April 2024) that offer actively managed long-term mutual funds or ETFs.

J.P. Morgan led the way for a 12th consecutive month, thanks to an estimated $1.602 billion in net April 2025 active inflows, down by $4.984 billion M/M from March 2025 and down by $657 million Y/Y from April 2024. Other big April 2025 active inflows winners included:

DFA, $1.376 billion (up by $760 million M/M, up by $1.264 billion Y/Y);

American Century (including Avantis), $1.28 billion (up by $1.113 billion M/M, up by $1.08 billion Y/Y);

Tidal, $1.11 billion (up by $522 million M/M); and

Edward Jones' Bridge Builder, $918 million (down by $1.084 billion M/M, up by $2.902 billion Y/Y).

On the flip side, Vanguard took the active outflows lead last month, thanks to an estimated $9.161 billion in net April 2025 active outflows, up by $6.46 billion M/M from March 2025 and up by $4.517 billion Y/Y from April 2024. Other big April 2025 active outflows sufferers included:

Capital Group (home of American Funds), $7.554 billion (down by $2.036 billion M/M, up by $197 million Y/Y);

T. Rowe Price, $6.513 billion (up by $2.52 billion M/M, down by $36 million Y/Y);

Fidelity, $6.18 billion (up by $502 million M/M, a $12.271-billion net flows drop Y/Y); and

Franklin Templeton (including Putnam and Royce), $3.817 billion (up by $1.39 billion M/M, up by $528 million Y/Y).

Overall, active funds suffered a combined $81.36 billion in net outflows in April 2025, up by $50.663 billion M/M from March 2025 and up by $55.553 billion Y/Y from April 2024. 38.7 percent (278) of active fund families brought in net active inflows in April 2025, down M/M from 41.6 percent and down Y/Y from 44.7 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 accounts are commonly used alternatives to traditional mutual funds.

**This recent fund firm count change is largely one of classification, as the MFWire team is making a more concerted effort to properly label flows for multi-boutique asset managers and ETF-in-a-box shops. 

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