The Financial Research Corp. has released its data on fund flows for the month of July and the top dog from June has been unseated.

July's top five selling fund complexes are, in order, AmericanFunds, State Street Global Advisors, Vanguard, T. Rowe Price, and Dodge & Cox. In June, Vanguard was tops, followed by American and surprise newcomer BNY Hamilton, which in July dropped to seventh place.

The top five in terms of year-to-date fund inflows have not changed. Vanguard leads the way with American, BGI, Dodge & Cox, and T. Rowe following in order.

It looks like Jeremy Grantham's gloom-and-doom outlook was back in vogue last month. His firm, Grantham, Mayo, and Van Otterloo (GMO), reentered the top 20 best selling funds list at number 17. GMO fell out of the top 20 in June.

The total inflows for the month of July surpassed those from June. Investors poured $26.7 billion into mutual fund in July, compared to $23.3 billion in June. 

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