Industry flows slipped a bit last month overall, but they were still up more than threefold year-over-year, 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.

Long-term mutual funds and ETFs brought in a combined $135.95 billion in net inflows in January 2026, down by $13.283 billion month-over-month from December 2025 but up by $96.03 billion year-over-year from January 2025. As of January 31, 2026, per M*'s data, 774 fund firms (up by two M/M, down by 26 Y/Y) had:

a combined $36.469 trillion in AUM (up by $1.033 trillion M/M, up by $5.034 trillion Y/Y),

across 43,581 ETFs and long-term mutual funds (up by 132 M/M, up by 302 Y/Y).

That translates into an average of $175.645 million in net January 2026 inflows per fund firm and $3.119 million in inflows per fund. At the end of the month, the average fund firm had 56.31 funds and ETFs, with $47.118 billion in combined AUM.

395 fund firms brought in net inflows in January 2026. The median firm brought in negligible inflows and had 5 funds with about $366 million in AUM.

For the trailing twelve months ending on January 31, 2026, ETFs and long-term mutual funds brought in an estimated $864.947 billion in net inflows. That's equivalent to an average of $1.118 billion in net TTM inflows per firm and $19.847 million in net TTM inflows per fund. Yet the median firm suffered negligible TTM outflows, and 384 firms in total netted TTM inflows. 

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