The Gotham Giant kept the inflows lead last month, even as the largest fund firms' inflows rose overall, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on July 2025 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 72 firms with at least 100 long-term mutual funds or ETFs each (down month-over-month from 73 in June 2025).

BlackRock (including iShares) led the inflows pack for a third month in a row, thanks to an estimated $22.339 billion in net July 2025 inflows, down by $15.724 billion M/M form June 2025 and down by $11.28 billion year-over-year from July 2024. Other big July 2025 inflows winners included:

State Street's SSIM, $20.608 billion (up by $9.571 billion M/M, up by $5.317 billion Y/Y);

Fidelity, $10.9 billion (up by $2.514 billion M/M, up by $4.651 billion Y/Y);

Vanguard, $9.374 billion (up by $5.934 billion M/M, down by $8.069 billion Y/Y); and

J.P. Morgan (including Six Circles), $5.818 billion (up by $1.397 billion M/M, up by $962 million Y/Y).

BlackRock also leads the inflows pack for the trailing twelve months ending on July 31, 2025, thanks to an estimated $288.44 billion in net inflows. Other big TTM inflows winners included: Vanguard, $210.783 billion; and SSIM, $97.517 billion.

On the flip side, T. Rowe Price took the outflows lead last month, thanks to an estimated $5.298 billion in net July 2025 outflows, down by $267 million M/M from June 2025 but up by $1.736 billion Y/Y from July 2024. Other big July 2025 outflows sufferers included:

Capital Group (home of American Funds), $3.477 billion (down by $3.978 billion M/M, up by $1.4 billion Y/Y);

Sun Life's MFS, $3.43 billion (up by $2.039 billion M/M, up by $2.17 billion Y/Y);

Rafferty's Direxion, $2.621 billion (up by $1.944 billion M/M, a $6.311-billion net flows drop Y/Y); and

Macquarie (including Delaware), $2.273 billion (up by $1.059 billion M/M, up by $1.154 billion Y/Y).

Cap Group leads the outflows pack for the year ending on July 31, 2025, thanks to an estimated $67.4 billion in net outflows. Other big TTM outflows sufferers included: T. Rowe Price, $54.724 billion; and Franklin Templeton (including Royce), $45.816 billion.

As a group, large fund firms brought in $66.854 billion in net July 2025 inflows, accounting for 89 percent of overall net industry inflows. That's up by $16.987 billion M/M.

Large fund firms ended July 2025 with $30.734 trillion in AUM (93.4 percent of industry AUM) across 35,923 funds (82.8 percent of industry funds). They accounted for 9.4 percent of all fund firms.

For the 12 months ending on July 31, 2025, large fund firms brought in $631.131 billion in net inflows. They accounted for 94.8 percent of overall TTM inflows.

Across the whole industry, the 767 fund firms tracked by the M* team (down by 1 M/M, down by 28 Y/Y) brought in $75.085 billion in net July 2025 inflows, up by $25.149 billion M/M but down by $7.851 billion Y/Y. As of July 31, 2025, the industry held $32.911 trillion in AUM (up by $175 billion M/M, up by $3.464 trillion Y/Y) across 43,382 funds (up by 152 M/M, up by 280 Y/Y).

For the 12 months ending on July 31, 2025, the industry brought in $665.781 billion in net inflows.

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

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