2025 Managed Funds Net Flows

The managed funds industry, consisting of open unlisted unit trusts and Exchange Traded Products (ETP) represented in the Rainmaker Information database, had estimated positive net flows of $30 billion in the 12 months to December 2025.
This represents a funds under management (FUM) increase of 3.1% due to net flows (not including flows from market returns).
Market and product returns accounted for the remaining 10.5% increase in FUM.
Unit trusts observed negative net flows of $9.6 billion over the 12 months while ETPs grew via positive net flows of $39.4 billion.
The overall sample’s total FUM increased $119 billion or 14% from $863 billion to $982 billion.
Unit trusts gained 8% or $49 billion over 12 months. However, this was entirely driven by $58 billion in positive market returns, as the segment’s negative funds flow alone would have meant a 2% fall.
ETPs, on the other hand, had a total gain of 31% year on year ($69 billion). Of this, 18% came from net flows and 13% from market gains.
In terms of net flows for individual products, ETPs had 244 products with 12 month positive net flows versus 65 with negative net flows (78% positive).
This contrasts with unit trusts which had a ratio of positive to negative flows of 42% (370 had positive net flows versus 512 with negative net flows).

11 asset class sectors had positive net flows over the 12 months: Short-duration bonds (credit, high yield and absolute return), international equities large caps, diversified bonds, Australian equities large cap, cash, Australian income equities, infrastructure, Australian small caps, international property, international small caps and emerging market equities.
The fastest growing sector in percentage terms and dollar terms was short duration bonds, which grew 13% over 12 months with $8.4 billion in positive net funds flow.
The largest sector of international large cap equities had just 2% growth via net flows ($7.1 billion).
The largest negative net flows occurred in Australian property (negative $5.1 billion) and diversified with $2.3 billion in outflows.

12-month sector net flows to 31 December 2025

Of the 160 managers in the Rainmaker Information managed funds database, 73 had net inflows and 86 had net outflows over 12 months. That is, 46% had positive net flows and 54% had negative net flows.
For those managers with net inflows, the median was $190 million and the mean was $901 million.
For those in net outflow, the median was negative $95 million and the mean outflow was $416 million.

Top 10 managers by net flows to 31 December 2025

Eight 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 $3.6 billion of net flows over 12 months.
The product with the largest net outflows was Platinum International Fund C Class which lost $2.5 billion, for a FUM loss of 82% (not including market returns).
Of the 1203 products in the sample, 623 had positive net flows and 577 had negative net flows over 12 months.
The average net flow for products with positive net flows was $188 million while the average net outflow for products with negative flows was $99 million.
Of the 313 ETPs in the sample 78% had positive net flows in the past 12 months, while 21% had negative net flows.
The average positive net flow was $179 million, while the average negative net flow was $65 million.
The ETP with the highest net flows was the Vanguard Australian Shares Index ETF and the product with the highest negative net flow was Magellan Global Fund –Active ETF with $2.2 billion.
Of the 882 unit trusts in the sample, 370 had positive net flows (42%) and 512 had negative net flows.
The average positive net flow was $116 million and the average negative net flow was $103 million.
Among unit trusts the product with the highest net flows was the Plato Global Alpha Fund (growth of 76% from net flows) and the product with the highest negative flow was the Platinum International Fund.

Top 10 products by net flows to 31 December 2025

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