A B-D's subadvised fund family regained the lead last month among midsized fund firms as the group's net flows returned to positive territory, 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 funds and funds of funds. (Other asset management products, like CITs and separate accounts, are also not included.) More specifically, this article focuses on the 213 firms (up by one month-over-month from June 2025 and year-over-year from July 2024) with between 10 and 99 long-term mutual funds or ETFs each.

Edward Jones' Bridge Builder took the pole position last month, thanks to an estimated $1.91 billion in net July 2025 inflows, up by $868 million M/M from June 2025 and up by $867 million Y/Y from July 2024. Other big July 2025 inflows winners included:

Baird (including Strategas), $1.458 billion (up by $196 million M/M, up by $64 million Y/Y);

KraneShares, $1.091 billion (up by $1.101 billion M/M, up by $1.436 billion Y/Y);

Horizon, $944 million (up by $896 million M/M, up by $912 million Y/Y); and

FPA, $867 million (up by $736 million M/M, up by $873 million Y/Y).

Yet Baird led the way for the trailing twelve months ended on July 31, 2025, thanks to an estimated $15.696 billion in net inflows. Other big TTM inflows winners included: Bridge Builder, $15.299 billion; and First Eagle, $6.433 billion.

On the flip side, Pacer took the outflows lead last month, thanks to an estimated $1.049 billion in net July 2025 outflows, up by $135 million M/M from June 2025 and a $1.555-billion net flows drop Y/Y from July 2024. Other big July 2025 outflows sufferers included:

Baron, $814 million (up by $658 million M/M, up by $168 million Y/Y);

Artisan, $716 million (up by $283 million Y/Y);

GQG, $702 million (a $723-million net flows drop M/M, a $1.516-billion net flows drop Y/Y); and

FMI, $601 million (up by $192 million M/M, up by $586 million Y/Y).

Pacer also led the outflows pack for the last year, thanks to an estimated $5.545 billion in net TTM outflows as of July 31. Other big outflows sufferers included: Grayscale, $4.705 billion; and Baron, $3.726 billion.

As a group, mid-size fund firms brought in $4.603 billion in net July 2025 inflows, accounting for 6.1 percent of overall industry inflows. That's up by $5.81 billion M/M and up by $5.387 billion Y/Y.

On July 31, 2025, mid-size fund firms accounted for 27.8 percent of all fund firms, holding a combined $1.873 trillion in AUM (up by $54 billion M/M, up by $44 billion Y/Y) across 6,049 funds (down by 7 M/M, down by 21 Y/Y). Mid-size firms now account for 5.7 percent of industry AUM and 13.9 percent of industry funds.

For the 12 months ending on July 31, 2025, mid-size firms brought in an estimated $35.499 billion in net inflows. They accounted for 5.3 percent of overall industry inflows for that period.

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. 

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