The largest fund surpassed $34 trillion in ETF and mutual fund AUM last month, thanks to continuing inflows and rising markets, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on January 2026 mutual fund and ETF flows, excluding money-market funds and funds-of-funds. (Other asset management products, like collective trusts and separate accounts, are also not included*.) More specifically, this article focuses on the 73 firms (down by one month-over-month from December 2025 but even year-over-year from January 2025) with at least 100 long-term mutual funds or ETFs each.

Vanguard broke BlackRock's eight-month winning streak last month, thanks to an esetimated $55.832 billion in net January 2026 inflows, up by $18.413 billion M/M from December 2025 and up by $32.114 billion Y/Y from January 2025. Other big January 2026 inflows winners included:

BlackRock (including iShares), $19.183 billion (down by $53.028 billion M/M, up by $5.962 billion Y/Y);

Fidelity, $11.491 billion (up by $7 million M/M, up by $2.764 billion Y/Y);

State Street's SSIM, $8.823 billion (down by $12.605 billion M/M, up by $19.943 billion Y/Y); and

Allianz's Pimco, $7.551 billion (up by $1.685 billion M/M, up by $4.399 billion Y/Y).

BlackRock led the way over the last, thanks to an estimated $374.314 billion net trailing twelve months inflows as of January 31, 2026. Other big TTM inflows winners included: Vanguard, $271.895 billion; and SSIM, $104.445 billion.

On the flip side, Rafferty's Direxion took the outflows lead last month, thanks to an estimated $5.853 billion in net January 2026 outflows, up by $2.93 billion M/M from December 2025 and up by $4.891 billion Y/Y from January 2025. Other big January 2026 outflows sufferers included:

T. Rowe Price, $5.712 billion (down by $2.31 billion M/M, up by $597 million Y/Y);

Sun Life's MFS, $3.329 billion (up by $867 million M/M, up by $1.16 billion Y/Y);

Nomura, $2.162 billion (up by $815 million M/M, up by $1.39 billion Y/Y); and

Jackson, $2.064 billion (down by $51 million M/M, up by $133 million Y/Y).

Capital Group (home of American Funds) led the outflows pack over the last year, thanks to an estimated $68.754 billion in net TTM outflows as of January 31, 2026. Other big outflows sufferers included: T. Rowe Price, $63.527 billion; and Jackson, $23.908 billion.

As of January 31, 2026, large fund firms held $34.133 trillion in accounting, accounting for 93.6 percent of overall industry long-term AUM and up by $836 billion M/M and by $4.762 trillion Y/Y. Those firms ended last month with a combined 35,836 long-term mutual funds and ETFs, accounting for 82.2 percent of the industry's funds and down by 55 M/M and by 29 Y/Y.

As a group, large fund firms brought in $125.372 billion in net January 2026 inflows (accounting for 92.2 percent of all industry long-term inflows). That's down by $27.757 billion M/M but up by $94.812 billion Y/Y. 41 large fund firms (56 percent of them) brought in net inflows last month.

As of January 31, 2026, large fund firms brought in $847.186 billion in net TTM inflows. That accounts for 97.9 percent of industry inflows, and 49 percent of large fund firms brought in inflows in that period.

*This caveat is particularly important for large fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and institutional separate accounts are commonly used alternatives to traditional mutual funds. 

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