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 $28 billion in the 12 months to September 2025.
This represents a funds under management (FUM) increase of 3% due to net flows (not including flows from market returns).
Market and product returns accounted for the remaining 11% increase in FUM.
Unit trusts observed negative net flows of $8.8 billion over the 12 months while ETPs grew via positive net flows of $37 billion.
The overall sample’s total FUM increased $131 billion or 14% from $912 billion to $1.04 trillion.
Unit trusts gained 9% or $62 billion over 12 months. However, this was entirely driven by $71 billion in positive market returns, as the segment’s negative funds flow alone would have meant a 1% fall.
ETPs, on the other hand, had a total gain of 37% year on year ($69 billion). Of this, 19% came from net flows and 18% from market gains.
In terms of net flows for individual products, ETPs had 227 products with 12 month positive net flows versus 72 with negative net flows (75% positive).
This contrasts with unit trusts which had a ratio of positive to negative flows of 43% (375 had positive net flows versus 503 with negative net flows).

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, international equities large cap, diversified bonds, cash, multi-asset class (diversified), international equities small cap, international property and Australian income equities.
The fastest growing sector in percentage terms was cash, which grew 10% over 12 months with $2.7 billion in positive net funds flow.
In dollar terms, the sector with the largest increase was short duration bonds.It saw $6.6 billion in net flows over the period which equates to a 6% increase in FUM by net flows.
The largest negative net flows occurred in Australian property (negative $2.9 billion) and Australian small caps with $345 million in outflows.

12-month sector net flows to 30 September 2025

Of the 161 managers in the Rainmaker Information managed funds database, 73 had net inflows and 88 had net outflows over 12 months. That is, 45% had positive net flows and 55% had negative net flows.
For those managers with net inflows, the median was $191 million and the mean was $690 million.
For those in net outflow, the median was negative $133 million and the mean outflow was $332 million.

Top 10 managers by net flows to 30 September 2025

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 $3.6 billion of net flows over 12 months.
The product with the largest net outflows was Magellan Global Fund Open Class which lost $2.3 billion, for a FUM loss of 34% (not including market returns).
Of the 1180 products in the sample, 603 had positive net flows and 575 had negative net flows over 12 months.
The average net flow for products with positive net flows was $179 million while the average net outflow for products with negative flows was $92 million.
Of the 301 ETPs in the sample 75% had positive net flows in the past 12 months, while 25% had negative net flows.
Of the ETPs with positive net flows, the average net flow was $172 million, while the average negative net flow was $33 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 Global X US Treasury Bond ETF (Hedged) with $220 million.
Of the 879 unit trusts in the sample, 375 had positive net flows (43%) and 503 had negative net flows.
The average positive net flow was $111 million and the average negative net flow was $100 million.
Among unit trusts the product with the highest net flows was the La Trobe Australian Credit Fund 12 Month Term Account (growth of 20% from net flows) and the product with the highest negative flow was the Magellan Global Fund Open Class.

Top 10 products by net flows to 30 September 2025

‍

A member of our team will be in touch shortly