A 14-year-old Texas firm that focuses on structured credit took the lead last month among small fund firms, even as the group's outflows grew, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on October 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 491 firms (up by seven month-over-month from September 2025 but down by 24 year-over-year from October 2024) with fewer than ten long-term mutual funds or ETFs each.

Regan Capital took the lead last month, thanks to an estimated $519 million in net October 2025 inflows, up by $496 million M/M from September 2025 and up by $443 million Y/Y from October 2024. Other big October 2025 inflows winners included:

CF Benchmarks, $406 million;

Myriad Asset Management, $382 million;

Wedbush Fund Advisers, $199 million (up by $7 million M/M); and

Holbrook Holdings, $172 million (up by $89 million M/M, up by $120 million Y/Y).

There were at least four apparent mutual fund and ETF industry newcomers last month: BufferLabs, Canary Capital Group, CF Benchmarks, and Myriad.

Aptus led the pack over the last year, thanks to an estimated $1.244 billion in net inflows for the trailing twelve months ending on October 31, 2025. Other big TTM inflows winners included: Holbrook, $1.212 billion; and Regan, $1.197 billion.

On the flip side, Edgewood led the small firm outflows pack for a second month in a row, thanks to an estimated $1.259 billion in net October 2025 outflows, up by $31 million M/M from September 2025 and up by $911 million Y/Y from October 2024. Other big October 2025 outflows sufferers included:

Akre, $442 million (up by $287 million M/M, up by $285 million Y/Y);

Ark, $257 million (a $268-million net flows drop M/M, up by $10 million Y/Y);

21Shares, $244 million (a $405-million net flows drop M/M, up by $187 million Y/Y); and

Sands Capital, $231 million (up by $223 million M/M, up by $200 million Y/Y).

Edgewood also led in outflows over the last year, thanks to an estimated $6.887 billion in net TTM outflows as of October 31, 2025. Other big outflows sufferers included: Primecap, $5.141 billion; and Champlain, $2.212 billion.

As a group, small fund firms suffered $615 million in net October 2025 outflows, up by $344 million M/M and up by $539 million Y/Y.

Small fund firms $305 billion in AUM as of October 31, 2025 (roughly unchanged M/M, down by $10 billion Y/Y), accounting for 0.9 percent of overall industry AUM. Those firms had 1,409 mutual funds and ETFs (up by three M/M, down by 84 Y/Y), accounting for 3.2 percent of overall industry funds.

As of October 31, 2025, small firms suffered $9.598 billion in net TTM outflows.

Across the whole industry, the 779 fund firms tracked by the M* team (up by 9 M/M, down by 18 Y/Y) brought in $91.967 billion in net October 2025 inflows. That's up by $5.14 billion M/M and up by $9.905 billion Y/Y.

The industry ended last month with $35.271 trillion in AUM, up by $579 billion M/M and up by $5.187 bilion Y/Y. The industry had 43,800 ETFs and mutual funds at the end of October 2025, up down by 2,828 M/M but up by 657 Y/Y.

As of October 31, 2025, the industry overall brought in $752.525 billion in net TTM inflows. 

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