The managed funds industry, consisting of open unlisted unit trusts and Exchange Traded Products (ETPs) represented in the Rainmaker Information database, had estimated positive net flows of $25 billion in the 12 months to June 2025.
This represents a total gain of 3% of funds under management (FUM) due to net flows (not including returns from market returns).
There was a sharp contrast between unit trusts and ETPs, with unit trusts suffering negative net flows of $8.3 billion over the 12 months and ETPs benefitting from positive net flows of $33 billion.
Total FUM in the sample increased $119 billion or 15% from $800 billion to $918 billion.
Unit trusts gained 10% or $61 billion over 12 months. Without the positive market returns the loss to unit trusts would have been -1% from net funds flow.
ETPs had a total gain of 34% year-on-year ($58 billion), of which 19% came from net flows and 15% from market gains.
In terms of net flows for individual products, ETPs had 212 products with 12-month positive net flows versus 70 with negative net flows (74% positive).
This contrasts with unit trusts which had a ratio of positive to negative flows of 42% (370 with positive net flows versus 504 with negative net flows).
Asset classes
Nine asset class sectors had positive net flows over the 12 months: Short duration bonds (credit, high yield and absolute return), Australian equities large cap, diversified bonds, international equities large caps, cash, international equities small cap, international property, multi-asset class (diversified) and emerging markets equities.
The fastest growing sector is international equities small caps, which grew 23% over 12 months from $1.9 billion of net funds flow. This compares with international equities large cap, which had higher net flows ($4.3 billion) helped increase FUM by 2% (not counting market returns).
The largest negative net flows occurred in Australian property (negative $4.6 billion) and alternatives with $920 billion in outflows.
12-month sector net flows to 30 June 2025
Investment managers
Of the 161 managers in the Rainmaker Information managed funds database, 79 had net inflows and 82 had net outflows over 12 months. That is, 49% had positive net flows and 51% had negative net flows.
For managers with net inflows, the median was $179 million and the mean was $715 million
For managers with net outflows, the median was negative $141 million and the mean outflow was $374 million.
Top 10 managers by net flows to 30 June 2025
Products
Seven of the top 10 products based on net flows were ETPs. The product with the highest net flows was the Vanguard Australian Shares Index ETF with $3.2 billion.
Of the 1169 products in the sample, half had positive net flows and 587 had negative net flows over 12 months. The average net flow for products with positive net flows was $176 million, while the average net outflow for products with negative flows was $92 million.
Of the 286 ETPs in the sample (dual access funds have been excluded), 75% had positive net flows in the past 12 months, while 25% had negative net flows. Of the positive net flow ETPs, the average net flow was $166 million, while the average negative net flow was $34 million.
The ETP with the highest net flows was the Vanguard Australian Shares Index ETF.
The ETP with the highest negative net flow was Vanguard Australian Property Securities Index ETF with $307 million.
Top 10 products by net flows to 30 June 2025
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