A Connecticut ETF shop kept the lead last month among small fund firms, even as the group's overall inflows nearly tripled, 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 on July 2025 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like CITs and separate accounts, are also not included.) More specifically, this article focuses on the 481 firms (down by two month-over-month from June 2025 and down by 28 year-over-year from July 2024) with fewer than ten long-term mutual funds or ETFs each.

Neos led the small firm inflows for a fourth consecutive month, thanks to an estimated $1.275 billion in July 2025 inflows, up by $10 million M/M from June 2025 and up by $969 million Y/Y from July 2024. Other big July 2025 inflows winners included:

Ark, $1.126 billion (up by $1.6 billion M/M, up by $1.545 billion Y/Y);

21Shares, $208 million (up by $121 million M/M, up by $14 million Y/Y);

Rex Advisers, $166 million (up by $151 million M/M, up by $71 million Y/Y); and

Performance Trust Asset Management, $165 million (up by $116 million M/M, down by $46 million Y/Y).

Last month, there were two apparent mutual fund industry newcomers: Azoria Capital and Reckoner Capital Management.

Neos also led the inflows for the trailing twelve months ending July 31, 2025, thanks to an estimated $6.001 billion in net inflows. Other big TTM inflows winners included: Performance Trust, $1.862 billion; and Aptus, $1.719 billion.

On the flip side, Primecap led the small firm outflows pack for a third month in a row, thanks to an estimated $448 million in net July 2025 outflows, down by $242 million M/M from June 2025 but up by $118 million Y/Y from July 2024. Other big July 2025 outflows sufferers included:

Edgewood, $236 million (down by $113 million M/M, up by $97 million Y/Y);

Abbey Capital, $154 million (up by $93 million M/M, a $229-million net flows drop Y/Y);

Akre, $129 million (up by $52 million M/M, down by $187 million Y/Y); and

Champlain, $125 million (down by $9 million M/M, down by $297 million Y/Y).

Primecap also led the small firm outflows pack over the last year, thanks to an estimated $5.573 billion net TTM outflows as of July 31. Other big outflows sufferers included: Edgewood, $4.38 billion; and Champlain, $2.311 billion.

As a group, small fund firms brought in $3.627 billion in net July 2025 inflows (up by $2.351 billion M/M, up by $2.427 billion Y/Y). They accounted for 4.8 percent of overall industry inflows last month.

As of July 31, small fund firms accounted for 62.7 percent of all fund firms, and they collectively held $304 billion in AUM (0.9 percent of total industry AUM) across 1,410 funds (3.3 percent of all industry funds).

Small fund firms suffered $848 million in net TTM outflows as of July 31.

Across the whole industry, the 767 fund firms tracked by the M* team (down by 1 M/M, down by 28 Y/Y) brought in $75.085 billion in net July 2025 inflows, up by $25.149 billion M/M but down by $7.851 billion Y/Y. As of July 31, 2025, the industry held $32.911 trillion in AUM (up by $175 billion M/M, up by $3.464 trillion Y/Y) across 43,382 funds (up by 152 M/M, up by 280 Y/Y).

For the 12 months ending on July 31, 2025, the industry brought in $665.781 billion in net inflows. 

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