A Boston boutique took the lead last month among the smallest fund firms, 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 483 firms (up by one month-over-month from from December 2025 but down by 33 year-over-year from January 2025) with fewer than 10 long-term mutual funds or ETFs each.

ERShares' EntrpreneurShares took the lead last month, thanks to an estimated $405 million in net January 2026 inflows, down by $463 million M/M from December 2025 but up by $314 million Y/Y from January 2025. Other big January 2026 inflows winners included:

Eagle Capital Management, $175 million (up by $81 million M/M, up by $109 million Y/Y);

Procure ETFs, $167 million (up by $127 million M/M, up by $161 million Y/Y);

Robo Global, $155 million (up by $134 million M/M, up by $148 million Y/Y); and

Holbrook Holdings, $141 million (up by $26 million M/M, up by $43 million Y/Y).

Holbrook led the way over the last year, thanks to an estimated $1.391 billion in net trailing twelve months inflows as of January 31, 2026. Other big TTM inflows winners included: EntrepreneurShares, $1.318 billion; and Performance Trust Asset Management, $1.191 billion.

On the flip side, Akre took the outflows lead last month, thanks to an estimated $555 million in net January 2026 outflows, up by $290 million M/M from December 2025 and up by $87 million Y/Y from January 2025. Other big January 2026 outflows sufferers included:

Edgewood, $409 million (down by $1.709 billion M/M, down by $593 million Y/Y);

Clarkston, $355 million (up by $275 million M/M, a $357-million net flows drop Y/Y);

Mairs & Power, $264 million (up by $169 million M/M, up by $216 million Y/Y); and

Champlain, $236 million (down by $85 million M/M, down by $70 million Y/Y).

Edgewood led the outflows pack over the last year, thanks to an estimated $10.002 billion in net TTM outflows as of January 31, 2026. Other big outflows sufferers included: Primecap, $4.601 billion; and Akre, $2.477 billion.

As of January 31, 2026, small fund firms (62.4 percent of all fund firms) held $277 billion in combined AUM, accounting for 0.8 percent of overall industry long-term AUM (while large firms held 93.6 percent and mid-size firms held 5.6 percent), up by $10 billion M/M but down by $42 billion Y/Y. Those firms ended last month with a combined 1,365 long-term mutual funds and ETFs, accounting for 3.1 percent of the industry's funds and up by 12 M/M but down by 125 Y/Y.

As a group, small fund firms brought in $914 million in net January 2026 inflows (accounting for 0.7 percent of all industry long-term inflows). That's up by $3.243 billion M/M and by $751 million Y/Y. 248 small fund firms (51.3 percent of them) brought in small inflows last month.

As of January 31, 2026, small fund firms suffered $7.802 billion in net TTM outflows. 51.8 percent of small firms brought in net inflows in that period. 

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