T. Rowe Price and Victory Capital Exceed June Flow Expectations, Virtus Misses

T. Rowe Price and Victory Capital reported better-than-expected fund flows for June 2026, a positive development for the asset managers, while Virtus Investment Partners saw outflows that exceeded analyst forecasts, based on a review by Morgan Stanley.

A Divergent Picture in AUM Reports

Morgan Stanley's analysis of the latest monthly assets under management (AUM) figures highlighted divergent trends among the three firms. While market performance impacts overall AUM, investor fund flows are a key indicator of a manager's health and appeal. The June data showed two of the firms attracting more capital than anticipated, a potentially bullish signal, while one lagged behind consensus.

T. Rowe Price Stems Outflows

T. Rowe Price (NASDAQ:TROW) reported total AUM of $1.893 trillion at the end of June, a slight 0.2% decrease month-over-month but a 19.6% increase from the prior year. Critically, the firm recorded $0.8 billion in net inflows for the month, directly contradicting Morgan Stanley's estimate of a $7.0 billion outflow.

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For the second quarter, the results also surpassed expectations. While the firm still saw net outflows, the total of $6.5 billion was significantly better than both Morgan Stanley's estimate of a $14.3 billion outflow and the consensus forecast of a $12.1 billion outflow. This marks a notable improvement from the $13.7 billion in outflows seen in the first quarter.

Victory Capital Surges as Virtus Falters

Victory Capital (NASDAQ:VCTR) delivered a strong performance, with long-term AUM rising 1.1% month-over-month to $338.9 billion. The firm posted $2.9 billion in implied long-term inflows in June. For the full second quarter, its $4.2 billion in long-term inflows substantially beat Morgan Stanley's estimate of $1.3 billion and the consensus expectation of just $0.6 billion.

In contrast, Virtus Investment Partners (NASDAQ:VRTS) reported total AUM of $152.2 billion, down 0.6% from the previous month. The company experienced implied outflows of $2.0 billion in June. The second-quarter outflow of $5.7 billion was wider than Morgan Stanley's estimated $4.9 billion and the consensus forecast for a $3.8 billion outflow, signaling continued pressure on the firm.