• 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