A big B-D's mutual fund business kept the midsize fund firm inflows lead last month, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on January 2026 mutual fund and ETF flows, excluding money-market funds and funds-of-funds. (Other asset management products, like collective trusts and separate accounts, are also not included.) More specifically, this article focuses on the 218 firms (up by two month-over-month from December 2025 and up by seven year-over-year from January 2025) with between 10 and 99 long-term mutual funds or ETFs each.

Edward Jones' Bridge Builder led the pack for a second month in a row, thanks to an estiamted $1.941 billion in net January 2026 inflows, down by $453 million M/M from December 2025 but up by $865 million Y/Y from January 2025. Other big January 2026 inflows winners included:

Neos, $1.863 billion (up by $49 million M/M, up by $1.514 billion Y/Y);

Baird (incl Strategas), $1.862 billion (up by $342 million M/M, up by $683 million Y/Y);

Amplify, $1.199 billion (up by $247 million M/M, up by $971 million Y/Y); and

Sprott, $954 million (up by $587 million M/M, up by $934 million Y/Y).

Bridge Builder also led the way over the last year, thanks to an estimated $15.955 billion in net trailing twelve months inflows as of January 31, 2026. Other big TTM inflows winners included: Neos, $13.828 billion; and Baird, $12.825 billion.

On the flip side, Diamond Hill took the outflows lead last month, thanks to an estimated $689 million in net January 2026 outflows, up by $537 million Y/Y from December 2025 and an $873-million net flows drop Y/Y from January 2025. Other big January 2026 outflows sufferers included:

GQG, $634 million (down by $84 million M/M, a $1.081-billion net flows drop Y/Y);

Harbor, $511 million (down by $113 million M/M, up by $254 million Y/Y);

Brown Advisory, $495 million (down by $454 million M/M, up by $339 million Y/Y); and

Grayscale, $484 million (up by $418 million M/M, up by $188 million Y/Y).

Pacer led the outflows pack over the last year, thanks to an estimated $9.239 billion in net TTM outflows as of January 31, 2026. Other big outflows sufferers included: Harbor, $5.707 billion; and Brown Advisory, $4.693 billion.

As of January 31, 2026, mid-size fund firms held $2.059 trillion in AUM, accounting for 5.6 percent of overall industry long-term AUM (while large firms held 93.6 percent) and up by $188 billion M/M from December 31, 2025 and up by $314 billion Y/Y from January 31, 2025. Those firms ended last month with a combined 6,380 long-term mutual funds and ETFs, accounting for 14.6 percent of the industry's funds and up by 175 M/M and by 456 Y/Y.

As a group, mid-size fund firms brought in $9.663 billion in net January 2026 inflows (accounting for 7.1 percent of all industry long-term inflows). That's up by $11.23 billion M/M and by $467 million Y/Y. 106 mid-size fund firms (49 percent of them) brought in net inflows last month.

As of January 31, 2026, mid-size fund firms brought in $25.563 billion in net TTM inflows. That accounts for 3 percent of industry inflows, and 45 percent of mid-size fund firms netted inflows in that period. 

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