Active funds brought in a second consecutive month of inflows last month, as a West Coast fixed income giant took the lead, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on August 2025 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like CITs and separate accounts, are also excluded*.) More specifically, this article focuses on the 724 firms (down by five month-over-month from July 2025 and down by 23 year-over-year from August 2024) that offer actively managed, long-term mutual funds or ETFs.

Allianz's Pimco took the lead, thanks to an estimated $6.856 billion in net August 2025 active inflows, up by $1.786 billion M/M from July 2025 and up by $6.537 billion Y/Y from August 2024. Other big August 2025 active inflows winners included:

J.P. Morgan (including Six Circles), $5.79 billion (down by $30 million M/M, up by $832 million Y/Y);

BlackRock (including iShares), $2.18 billion (down by $806 million M/M, up by $1.87 billion Y/Y);

Baird (including Strategas), $2.174 billion (up by $716 million M/M, up by $1.271 billion Y/Y); and

Tidal (which includes YieldMax and many other ETF brands advised by tidal), $1.818 billion (down by $3.078 billion M/M, up by $1.82 billion Y/Y).

On the flip side, T. Rowe Price took the active outflows lead last month, thanks to an estimated $3.772 billion in net August 2025 active outflows, down by $1.405 billion M/M from July 2025 and down by $2.092 billion Y/Y from August 2024. Other big August 2025 active outflows sufferers included:

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

Vanguard, $3.002 billion (down by $4.947 billion M/M, down by $1.778 billion Y/Y);

Invesco, $2.89 billion (down by $1.232 billion M/M, up by $994 million Y/Y); and

Macquarie (including Delaware), $1.758 billion (down by $515 million M/M, up by $526 million Y/Y).

Overall, active funds brought in $5.974 billion in net inflows in August 2025, up by $2.33 billion M/M and up by $28.852 billion Y/Y. 45.3 percent (328) of the active fund families brought in net active inflows in August 2025, down M/M from 48 percent but up Y/Y from 44.6 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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