Fuse Blog

Less Than Half of Fund Complexes in Positive Net Sales Territory

  • As of May 2023, the percentage of fund complexes experiencing positive net sales* remained static from 2022, settling to pre-2021 levels at 44%.
  • While the rate of firms netting positive inflows surged in 2021 to 60% amid strong economic growth, longer term, this rate has trended downwards from a majority in the early 2010s (61% in 2014) to less than half throughout the late 2010s, as larger asset management firms continue to drive greater market share.
  • With the exception of the 2021 spike, this trend looks to continue into the 2020s, as demographics continue to favor a transition to fixed income, and overall active equities continue to struggle to find organic growth.

Percentage of Fund Complexes in Positive Net Flows

7.5.23 Blog
* Represents open-end funds and ETFs (excluding fund-of-funds and money market funds)
Source: FUSE Research Network, Morningstar