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

Article 8 Fund Inflows Rebound, Article 9 Outflows Persist: Morningstar

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

EU Sustainable Finance Disclosure Regulation Fund Classifications

Article 6 funds: Do not integrate sustainability into their investment process, focusing primarily on financial returns without specific ESG considerations.
Article 8 funds ("light green"): Promote environmental and social characteristics but do not have sustainability as their core goal. They include ESG factors in investment decisions but may invest in companies without strong sustainability standards.
Article 9 funds ("dark green"): Aim for sustainable investments as their primary objective, targeting measurable environmental or social outcomes.

Q3 2025 Fund Flow Performance

Article 8 funds recorded an estimated €75 billion in net new money, up from €47 billion in the previous quarter. Despite this increase, their inflows remained below those of Article 6 funds, which attracted €134 billion. This is notable since Article 6 funds constitute a smaller share of total EU fund assets.

Article 9 funds experienced outflows for the eighth consecutive quarter, with redemptions rising 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 renewed inflows in Q3 2025 despite lagging behind Article 6, while Article 9 funds continued an extended period of outflows amid shifting sustainable finance trends.

Funds Europe — 2025-11-04