A SoCal colossus kept the lead last month among active fund firms, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on February 2026 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds.* More specifically, this article focuses on the 724 firms (up by 4 month-over-month from January 2026 but down by 6 year-over-year from February 2025) that offer actively managed, long-term mutual funds or ETFs.

Allianz's Pimco led the pack for a second month running, thanks to an estimated $8.103 billion in net February 2026 active inflows, up by $703 million M/M from January 2026 and up by $4.814 billion Y/Y from February 2025. Other big February 2026 active inflows winners included:

J.P. Morgan Asset Management (including Six Circles), $6.594 billion (up by $4.816 billion M/M, down by $916 million Y/Y);

American Century (including Avantis), $5.092 billion (up by $2.173 billion M/M, up by $4.721 billion Y/Y);

DFA, $4.445 billion (up by $1.122 billion M/M, up by $1.581 billion Y/Y); and

BlackRock (including iShares), $4.111 billion (up by $134 million M/M, up by $1.37 billion Y/Y).

On the flip side, MFS took the outflows lead last month, thanks to an estimated $3.765 billion in net February 2026 active outflows, up by $436 million M/M from January 2026 and up by $2.668 billion Y/Y from February 2025. Other big February 2026 active outflows sufferers included:

T. Rowe Price, $2.84 billion (down by $2.758 billion M/M, down by $56 million Y/Y);

Jackson, $1.43 billion (up by $25 million M/M, up by $468 million Y/Y);

Nomura, $1.284 billion (down by $878 million M/M, up by $484 million Y/Y); and

AMG (including Parnassus, Harding Loevner, Third Avenue, and Tweedy Browne), $1.098 billion (up by $69 million M/M, up by $110 million Y/Y).

Overall, active funds netted $33.688 billion in net inflows in February 2026, their second month of net inflows in a row. Active fund flows rose by $13.989 billion M/M and by $31.403 billion Y/Y. 51.2 percent (372) of the active fund families brought in net active inflows last month, up M/M from 50.3 percent and up Y/Y from 49 percent.

Active funds accounted for 22.4 percent of total industry inflows last month. 92.8 percent of all fund firms offered at least some active funds as of February 28, 2026.

*Other asset management products, like collective trusts and separate accounts, are also excluded. 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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