Active funds brought in a third month of inflows in a row, as the Gotham Goliath 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 September 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 on the 730 firms (up by six month-over-month from August 2025 but down by 17 year-over-year from September 2024) that offer actively managed, long-term mutual funds or ETFs.

BlackRock (including iShares) took the lead last month, thanks to an estimated $7.991 billion in net September 2025 active inflows, up by $5.811 billion M/M from August 2025 and up by $5.48 billion Y/Y from September 2024. Other big September 2025 active inflows winners included:

J.P. Morgan (including Six Circles), $6.137 billion (up by $347 million M/M, down by $365 million Y/Y);

Allianz's Pimco, $4.879 billion (down by $1.977 billion M/M, up by $2.129 billion Y/Y);

DFA, $3.115 billion (up by $1.392 billion M/M, up by $1.213 billion Y/Y); and

Goldman Sachs, $1.755 billion (up by $678 million M/M, up by $611 million Y/Y).

On the flip side, T. Rowe Price led the active outflows pack for a second month running, thanks to an estimated $5.585 billion in net September 2025 active outflows, up by $1.813 billion M/M from August 2025 and up by $2.493 billion Y/Y from September 2024. Other big September 2025 active outflows sufferers included:

Vanguard, $5.483 billion (up by $2.481 billion M/M, up by $1.756 billion Y/Y);

Capital Group (home of American Funds), $3.795 billion (up by $755 million M/M, up by $3.463 billion Y/Y);

Voya, $1.97 billion (up by $1.738 billion M/M, down by $4.336 billion Y/Y); and

MassMutual, $1.814 billion (up by $674 million M/M, up by $1.45 billion Y/Y).

Overall, active funds brought in $7.357 billion in net inflows in September 2025, up by $1.383 billion M/M and up by $30.235 billion Y/Y. 46 percent (336) of the active fund families brought in net active inflows in September 2025, up M/M from 45.3 percent and 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. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE