Article 8 fund inflows rebound, Article 9 outflows persist: Morningstar

Article 8 Fund Inflows Rebound, Article 9 Outflows Persist

Capital flows into Article 8 funds increased, following overall market trends, while Article 9 funds continued to face net redemptions, according to Morningstar data.

EU Sustainable Finance Disclosure Regulation Fund Categories

Article 6 funds: Do not integrate sustainability into their investment process, focusing mainly on financial returns without specific ESG considerations.
Article 8 funds ("light green"): Promote environmental and social characteristics without making sustainability the core objective; they include ESG factors but may invest in companies not meeting high sustainability standards.
Article 9 funds ("dark green"): Aim to achieve sustainable investments as a primary objective, targeting measurable environmental or social outcomes.

Fund Flow Trends in Q3 2025

In the third quarter of 2025, Article 8 funds attracted an estimated €75 billion in net new money, a rise from €47 billion in the previous quarter. Despite this growth, their inflows remained below those of Article 6 funds, which drew €134 billion, even though Article 6 funds represent a smaller share of total EU fund assets.

Article 9 funds experienced outflows for the eighth consecutive quarter, with redemptions increasing to €7 billion.

Capital flows into Article 8 funds increased in line with overall market trends, while Article 9 funds continued to experience net redemptions, according to Morningstar’s data.

Author's summary: Article 8 funds saw a strong rebound in Q3 2025 inflows, contrasting with persistent outflows from Article 9 funds despite their sustainability focus under EU regulation.

Funds Europe — 2025-11-04