A British digital asset index provider and U.S. fund newcomer kept the inflows lead last month by one proportional measure, 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.)

Kraken's CF Benchmarks led the pack for a second month in a row, thanks to an estimated $324 million per fund in November 2025 inflows, down by $82 million month-over-month from October 2025. Other big November 2025 inflows winners included:

Neos, $112 million per fund (up by $11 million M/M, up by $107 million year-over-year);

Vanguard, $89 million per fund (up by $28 million M/M, up by $37 million Y/Y);

Edward Jones' Bridge Builder, $78 million per fund (up by $100 million M/M, down by $1 million Y/Y); and

Mercer, $63 million per fund (up by $60 million M/M, up by $57 million Y/Y).

Bridge Builder led the pack over the last year, thanks to an estimated $1.178 billion per fund in net inflows for the trailing twelve months ending November 30, 2025. Other big TTM includes winners included: Neos, $908 million per fund; and Wedbush, $869 million per fund.

On the flip side, Edgewood led the outflows pack for a fourth month running, thanks to an estimated $1.341 billion per fund in net November 2025 outflows, up by $712 million M/M from October 2025 and up by $1.195 billion Y/Y from November 2024. Other big November 2025 outflows sufferers included:

Akre, $120 million per fund (by $27 million M/M, up by $76 million Y/Y);

Jensen, $72 million per fund (up by $55 million M/M, up by $44 million Y/Y);

Independent Franchise Partners, $57 million per fund (down by $36 million M/M, down by $708 million Y/Y); and

Primecap, $55 million per fund (down by $5 million M/M, down by $49 million Y/Y).

Edgewood also led in outflows over the last year, thanks to an esetimated $4.639 billion per fund in TTM outflows as of November 30, 2025. Other big outflows sufferers included: Primecap, $1.664 billion per fund; and Akre, $731 million per fund.

The whole long-term mutual fund and ETF industry brought in $1.833 million per fund in net November 2025 inflows. That's down by $267,000 M/M and by $833,000 Y/Y.

As of November 30, 2025, the industry brought in $16.345 million per fund in net TTM inflows. 

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