The Low-Cost Leviathan led the large fund firm for a second month running as the group's net flows rose, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on February 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 73 firms (the same as in January 2026 but down by one year-over-year from February 2025) with at least 100 long-term mutual funds or ETFs each.

Vanguard kept the lead last month, thanks to an estimated $54.842 billion in net February 2026 inflows, down by $990 million month-over-month from January 2026 but up by $37.45 billion Y/Y from February 2025. Other big February 2026 inflows winners included:

BlackRock (including iShares), $41.01 billion (up by $21.827 billion M/M, up by $25.106 billion Y/Y);

Fidelity, $13.043 billion (up by $1.552 billion M/M, up by $7.971 billion Y/Y);

Pimco, $8.066 billion (up by $551 million M/M, up by $4.706 billion Y/Y); and

Schwab, $7.201 billion (up by $1.158 billion M/M, up by $4.23 billion Y/Y).

BlackRock led the way over the last year, thanks to an estimated $399.338 billion in net trailing twelve months inflows as of February 28, 2026. Other big TTM inflows winners included: Vanguard, $309.277 billion; and SSIM, $82.364 billion.

On the flip side, T. Rowe Price took the outflows lead last month, thanks to an estimated $3.857 billion in net February 2026 outflows, down by $1.855 billion M/M from January 2026 but up by $691 million Y/Y from February 2025. Other big February 2026 outflows sufferers included:

MFS, $3.765 billion (up by $436 million M/M, up by $2.668 billion Y/Y);

Jackson, $1.857 billion (down by $207 million M/M, down by $111 million Y/Y);

SSIM, $1.324 billion (a $10.147-billion net flows drop M/M, a $21.926-billion net flows drop Y/Y); and

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

T. Rowe also led the outflows pack over the last year, thanks to an estimated $64.432 billion in net TTM outflows as of February 28, 2026. Other big outflows sufferers included: Capital Group (home of American Funds), $62.76 billion; and MFS, $25.685 billion.

Large fund firms brought in a combined $143.445 billion in net inflows in February 2026, up by $18.073 billion M/M and up by $71.516 billion Y/Y. As of February 28, 2026, per M*'s data, the 73 large fund firms had:

a combined $34.556 trillion in AUM (up by $423 billion M/M, up by $5.429 trillion Y/Y),

across 35,587 ETFs and long-term mutual funds (up by 21 M/M, down by 158 Y/Y).

Those firms accounted for 9.4 of all fund firms, 82 percent of the industry's funds, 93.4 percent of the industry's AUM, and 95.6 percent of overall industry inflows. 40 large firms (54.8 percent of them) brought in net inflows in February.

As of February 28, 2026, large fund firms brought in $935.694 billion in net TTM inflows. That accounts for 99.2 percent of industry inflows, and 49.3 percent of large fund firms brought in inflows in that period.

**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 institutional separate accounts are commonly used alternatives to traditional mutual funds. 

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