A Connecticut ETF shop took the lead last month among small fund firms, according to the latest data from the folks at a publicly traded investment research firm.

Troy Michael Cates NEOS Investments LLC Co-Founder, Managing Partner

This article draws from Morningstar Direct data on April 2025 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 475 firms (up by one month-over-month from March 2025, down by 28 year-over-year* from April 2024) with fewer than ten long-term mutual funds or ETFs each.

Neos gained the pole position last month, thanks to an estimated $367 million in net April 2025 inflows, up by $1 million M/M from March 2025 and up by $109 million Y/Y from April 2024. Other big April 2025 inflows winners included:

Column Funds (from Northwestern Mutual's Mason Street Advisors), $194 million (up by $142 million M/M, up by $22 million Y/Y);

Eagle Capital, $176 million (up by $161 million M/M, up by $92 million Y/Y);

Campbell, $145 million (up by $26 million M/M, up by $126 million Y/Y); and

21Shares, $130 million (up by $262 million M/M, up by $221 million Y/Y).

Last month, there were two apparent mutual fund and ETF industry newcomers: Advent Funds and Long Pond Capital.

Neos also led the pack over the last year, thanks to an estimated $3.417 billion in net inflows for the trailing twelve months ending April 30, 2025. Other big TTM inflows winners included: Alpha Architect, $3.346 billion; and Volatility Shares, $2.143 billion.

On the flip side, Ark took the small firm outflows lead last month, thanks to an estimated $479 million in net April 2025 outflows, up by $259 millon M/M from March 2025 but down by $16 million Y/Y from April 2024. Other big April 2025 outflows sufferers included:

Primecap, $466 million (up by $58 million M/M, down by $177 million Y/Y);

Champlain, $243 million (up by $112 million M/M, up by $197 million Y/Y);

Edgewood, $191 million (down by $337 million M/M, up by $75 million Y/Y); and

Twin Oak, $174 million (a $179-million net flows drop M/M).

Primecap led the outflows pack over the last year, thanks to an estimated $4.96 billion in net TTM outflows as of April 30, 2025. Other big outflows sufferers included: Edgewood, $3.967 billion; and Ark, $3.668 billion.

As a group, small fund firms suffered $710 million in net April 2025 outflows (a $1.03-billion net flows drop M/M and a $1.901-billion net flows drop Y/Y), accounting for 1.6 percent of overall industry outflows. As of April 30, 2025, small firms had a combined $283 billion in AUM (roughly unchanged M/M but down by $7 billion Y/Y) across 1,399 funds (down by two M/M, down by 74 Y/Y). Small firms ended the month accounting for 62.7 percent of the industry's total fund firms, 3.2 percent of the funds, and 0.9 percent of AUM.

As of April 30, 2025, small fund firms suffered $156 million in net TTM outflows.

Across the whole industry, the 758 fund firms tracked by the M* team suffered $45.293 billion in net April 2025 outflows, a $69.196-billion net flows drop M/M but up by $36.284 billion Y/Y. It was the industry's first monthly outflows since April 2024.

As of April 30, 2025, the industry had $30.183 trillion in AUM (up by $24 billion M/M and up by $2.677 triillion Y/Y) across 43,525 funds (up by 54 M/M, up by 792 Y/Y).

The industry brought in $656.261 billon in TTM inflows as of April 30, 2025.

*These recent fund firm count changes are largely changes of classification, as the MFWire team is making an increased effort to properly label flows for multi-boutique asset managers and ETF-in-a-box shops. 

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