Active outflows rebounded, multiplying by 16 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 June 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 730 firms (up by nine month-over-month from May 2025 but down by 19 year-over-year** from June 2024) that offer actively managed, long-term mutual funds or ETFs.

J.P. Morgan (including Six Circles) regained the lead, thanks to an estimated $4.527 billion in net June 2025 active inflows, down by $1.434 billion M/M from May 2025 but up by $81 million Y/Y from June 2024. Other big June 2025 active inflows winners included:

Tidal (which includes YieldMax and may other ETF brands advised by Tidal), $2.399 billion (down by $133 million M/M);

Allianz's Pimco, $1.962 billion (down by $2.107 billion M/M, up by $1.566 billion Y/Y);

BlackRock (including iShares), $1.603 billion (down by $4.802 billion M/M, up by $1.179 billion Y/Y); and

Rafferty's Direxion, $1.293 billion (up by $2.192 billion M/M, up by $928 million Y/Y).

On the flip side, Capital Group (home of American Funds) led the active outflows pack for a second month in a row, thanks to an estimated $7.455 billion in net June 2025 active outflows, up by $1.995 billion M/M from May 2025 and up by $2.023 billion Y/Y from June 2024. Other big June 2025 active outflows sufferers included:

T. Rowe Price, $5.27 billon (up by $1.851 billion M/M, up by $2.283 billion Y/Y);

Vanguard, $4.362 billion (up by $1.139 billion M/M, down by $70 million Y/Y);

Fidelity, $2.585 billion (up by $948 million M/M, up by $2.236 billion Y/Y); and

Franklin Templeton (including Royce), $2.324 billion (up by $1.504 billion M/M, down by $732 million Y/Y).

Overall, active funds suffered a combined $19.749 billion in net outflows in June 2025, up by $18.519 billion M/M and up by $1.64 billion Y/Y. 41.1 percent (300) of active fund families brought in net active inflows in June 2025, down M/M from 44.7 percent but up Y/Y from 40.7 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 managed accounts (SMAs) 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 an effort to properly label flows for multi-boutique asset managers and ETF-in-a-box shops. 

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