The Gotham Giant kept the inflows lead last month, and 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 August 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 74 firms (up by two month-over-month from July 2025) with at least 100 long-term mutual funds or ETFs each.

BlackRock (including iShares) led the inflows pack for a fourth consecutive month, thanks to an estimated $31.842 billion in net August 2025 inflows, up by $9.503 billion M/M from July 2025 and up by $14.793 billion year-over-year from August 2024. Other big August 2025 inflows winners included:

Vanguard, $18.304 billion (up by $8.93 billion M/M, up by $4.13 billion Y/Y);

Allianz's Pimco, $7.036 billion (up by $2.005 billion M/M, up by $6.586 billion Y/Y);

Fidelity, $6.354 billion (down by $4.546 billion M/M, up by $617 million Y/Y); and

J.P. Morgan (including Six Circles), $6.068 billion (up by $250 million M/M, up by $44 million Y/Y).

BlackRock also leads the inflows pack for the trailing twleve months ending on August 31, 2025, thanks to an estimated $303.285 billion in net inflows. Other big TTM inflows winners included: Vanguard, $213.995 billion; and State Street's SSIM (fka SSGA), $105.803 billion.

On the flip side, T. Rowe Price led the outflows pack for a second month in a row, thanks to an estimated $3.975 billion in net August 2025 outflows, down by $1.323 billion M/M from July 2025 and down by $2.229 billion Y/Y from August 2024. Other big August 2025 outflows sufferers included:

Rafferty's Direxion, $3.605 billion (up by $984 million M/M, a $3.657-billion net flows drop Y/Y);

Capital Group (home of American Funds), $3.04 billion (down by $437 million M/M, down by $1.047 billion Y/Y);

ProShares and ProFunds, $1.992 billion (up by $1.513 billion M/M, up by $1.894 billion Y/Y); and

Jackson, $1.917 billion (down by $207 million M/M, down by $416 million Y/Y).

Cap Group leads the outflows pack for the year ending on August 31, 2025, thanks to an estimated $65.889 billion in net outflows. Other big TTM outflows sufferers included: T. Rowe, $52.498 billion; and Franklin Templeton (including Royce)< $41.777 billion.

As a group, large fund firms brought in $70.671 billion in net August 2025 inflows, accounting for 92.3 percent of overall net industry inflows. That's up by $3.817 billion M/M.

Large fund firms ended August 2025 with $31.454 trillion in AUM (93.4 percent of industry AUM) across 36,110 funds (83.1 percent of industry funds). They accounted for 9.7 percent of all fund firms.

For the 12 months ending on August 31, 2025, large fund firms brought in $671.379 billion in net inflows. They accounted for 94.5 percent of overall TTM inflows.

Across the whole industry, the 760 fund firms tracked by the M* team (down by 7 M/M, down by 31 Y/Y) brought in $76.536 billion in net August 2025 inflows, up by $1.451 billion M/M and up by $50.437 billion Y/Y. As of August 31, 2025, the industry held $33.688 trillion in AUM (up by $777 billion M/M, up by $3.695 trillion Y/Y) across 43,466 long-term funds and ETFs (up by 84 M/M, up by 575 Y/Y).

For the 12 months ending on August 31, 2025, the industry brought in $710.462 billion in net inflows.

*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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