Article 8 Fund Inflows Rebound While Article 9 Outflows Continue
Capital flows into Article 8 funds rose in line with overall market trends, while Article 9 funds continued to face net redemptions, according to Morningstar data.
EU Sustainable Finance Disclosure Regulation Fund Classifications
- Article 6 funds: Do not integrate sustainability into the investment process, focusing mainly on financial returns without specific ESG considerations.
- Article 8 funds: Known as “light green” funds, they promote environmental and social characteristics but do not prioritize sustainability as the main goal. These funds include ESG factors but may invest in companies lacking strong sustainability standards.
- Article 9 funds: Called “dark green” funds, they seek sustainable investments as their primary objective, aiming for measurable environmental or social outcomes.
Q3 2025 Capital Flow Data
In the third quarter of 2025, Article 8 funds recorded approximately €75 billion in net new money, up from €47 billion in the prior quarter. However, inflows into Article 8 funds remained lower than those into Article 6 funds, which attracted €134 billion despite representing 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.” — Morningstar
Summary: Article 8 funds saw significant inflows in Q3 2025, yet outflows persist in Article 9 funds despite sustained market interest in sustainability.
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