US Retail Fund Monthly Commentary - May 2026

Research evidence excerpt

US Retail Fund Monthly Commentary - May 2026

RBC Capital Markets, LLC

Kenneth S. Lee (Analyst)

(212) 905-5995,

kenneth.s.lee@rbccm.com

Adam Fallis (Associate)

(646) 618-6529,

adam.fallis@rbccm.com

June 15, 2026

US Retail Fund Monthly Commentary - May 2026RESEARCH Our view: Our analysis and comments on recently released US retail open-end fund data from Strategic

Insight Simfund for the month of May 2026 are contained within this research note. In May, total

actively-managed equity net fund outflows, ex ETFs and index funds, weakened m/m, with an estimated

annualized organic decline of 9.2% in the month. Actively-managed US equity retail net outflows, ex

ETFs and index funds, moderated slightly m/m, with an estimated annualized organic decline of 9.5% vs

10.2% decline in April. International equity net outflows worsened m/m, with an estimated annualized

organic decline of 9.7% in the month vs a decline of 3.8% in April. Notably, actively-managed fixed

income net inflows increased m/m, with an estimated annualized organic growth of 7.4% in the monthEQUITY vs 4.4% organic growth in April.

Estimated change in revenue trends: Our analysis of retail asset mix composition and estimated

management fee rates suggest annualized management fee revenue trends improved 3.2% m/m, on

average, in the month for our select coverage group of traditional asset managers, likely partly driven by

higher equity returns (MSCI World index +4.4% m/m). We note asset manager stock returns increased

1.6% m/m by comparison. We break down specific, estimated annualized revenue trends by company

in the table below. We note over the course of the last several months, we have tended to see a rough

relationship between revenue trends and stock returns. In our view, variances between changes in