A cryptocurrency-, digital-asset-focused asset manager in Tennessee took the lead last month among the smallest fund firms, even as the group's overall outflows ballooned, 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.) More specifically, this article focuses on the 476 firms (down by 15 month-over-month from October 2025 and down by 39 year-over-year from November 2024) with fewer than 10 long-term mutual funds or ETFs each.

Canary Capital Group took the lead last month, thanks to an estimated $370 million in net November 2025 inflows, up by $302 million M/M from October 2025. Other big November 2025 inflows winners included:

CF Benchmarks, $324 million (down by $82 million M/M);

Holbrook Holdings, $151 million (down by $21 million M/M, up by $81 million Y/Y from November 2024);

Performance Trust, $90 million (down by $21 million M/M, down by $1 million Y/Y); and

Axonic, $69 million (down by $25 million M/M, up by $27 million Y/Y).

Last month, There was at least one apparent mutual fund and ETF industry newcomer: Manzil.

Holbrook led the small fund firm pack over the last year, thanks to an estimated $1.291 billion in net inflows for the trailing twleve months ending November 30, 2025. Other big TTM inflows winners included: Performance Trust, $1.164 billion; and Regan Capital, $1.155 billion.

On the flip side, Edgewood led the small firm outflows pack for a third month running, thanks to an estimated $2.682 billion in net November 2025 outflows, up by $1.423 billion M/M from October 2025 and up by $2.391 billion Y/Y from November 2024. Other big November 2025 outflows sufferers included:

Akre, $359 million (down by $83 million M/M, up by $228 million Y/Y);

Champlain, $275 million (up by $175 million M/M, up by $34 million Y/Y);

Primecap, $166 million (down by $14 million M/M, down by $147 million Y/Y); and

Davenport, $134 million (up by $105 million M/M, up by $118 million Y/Y).

Edgewood also led the outflows pack over the last year, thanks to an estimated $9.277 billion in net TTM outflows as of November 30, 2025. Other big outflows sufferers included: Primecap, $4.993 billion; and Champlain, $2.247 billion.

As a group, small fund firms suffered $3.16 billion in net November 2025 outflows. That's up by $2.545 billion M/M and up by $2.397 billion Y/Y. 43.3 percent (206) of the small fund firms brought in net inflows last month.

As of November 30, 2025, small fund firms held $274 billion in AUM, accounting for 0.8 percent of overall industry long-term AUM and down by $31 billion M/M and by $61 billion Y/Y. Those firms ended last month with a combined 1,362 long-term mutual funds and ETFs, accounting for 3.1 percent of overall industry funds and down by 47 funds M/M and by 134 funds Y/Y.

Small fund firms suffered a combined $8.671 billion in net TTM outflows as of November 30, 2025. 50.6 percent (241) of those firms brought in net TTM inflows.

Across the whole industry, the 770 fund firms tracked by the M* team (down by 9 M/M, down by 28 Y/Y) brought in $80.125 billion in net November 2025 inflows. That's down by $11.842 billion M/M and by $34.46 billion Y/Y.

The industry ended last month with $$35.469 trillion in AUM, up by $198 billion M/M and up by $4.043 billion Y/Y. The industry had 43,701 ETFs and long-term mutual funds at the end of November 2025, down by 99 M/M but up by 655 Y/Y.

As of November 30, 2025, the industry overall brought in $714.312 billion in net TTM inflows. 

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