Active inflows returned last month for the first time since February, with a familiar money center bank's asset management arm leading the way, according to the latest data from the folks at a publicly traded investment research company.

Mary Callahan Erdoes J.P. Morgan CEO of Asset and Wealth Management

This article draws from Morningstar Direct data on July 2025 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. (The data also excludes other asset management products, like CITs and separate accounts*.) More specifically, this article focuses on the 729 firms (down by one month-over-month from June 2025 and down by 21 year-over-year from July 2024) that offer actively managed, long-term mutual funds or ETFs.

J.P. Morgan (including Six Circles) led the pack for a second month in a row, thanks to an estimated $5.82 billion in net July 2025 active inflows, up by $1.293 billion M/M from June 2025 but down by $890 million Y/Y from July 2024. Other big July 2025 active inflows winners included:

Allianz's Pimco, $5.07 billion (up by $3.108 billion M/M, up by $4.936 billion Y/Y);

Tidal (which includes YieldMax and many other ETF brands advised by Tidal), $4.896 billion (up by $2.497 billion M/M);

BlackRock (including iShares), $2.986 billion (up by $1.383 billion M/M, up by $2.548 billion Y/Y); and

Janus Henderson, $2.519 billion (up by $1.815 billion M/M, up by $1.773 billion Y/Y).

On the flip side, Vanguard took the active outflows lead, thanks to an estimated $7.949 billion in net July 2025 active outflows, up by $3.587 billion M/M from June 2025 and up by $1.085 billion Y/Y from July 2024. Other big July 2025 active outflows sufferers included:

T. Rowe Price, $5.177 billion (down by $93 million M/M, up by $1.709 billion Y/Y);

Invesco, $4.122 billion (up by $2.05 billion M/M, up by $2.125 billion Y/Y);

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

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

Overall, active funds brought in $3.644 billion in net inflows in July 2025, up by $23.393 billion M/M and up by $15.409 billion Y/Y. 48 percent (350) of the active fund families brought in net active inflows in July 2025, up M/M from 41.1 percent and up Y/Y from 47.1 percent.

*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 separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. 

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