The update roughly met the standing expectation, but offered no fresh upside surprise. The market had just seen quarter-end AUM around $2.47 trillion, and July ended at $2.447 trillion—close to that level rather than a material step-up. There is no reliable published consensus for this monthly AUM release, so the cleanest anchor is the prior month and the recent quarter-end level.
| Metric | July 31, 2026 | June 30, 2026 | Change |
|---|---|---|---|
| Total AUM | $2,447.1B (Total AUM) | $2,470.3B (Total AUM) | -$23.2B, -0.9% |
| Net long-term flows | $8.6B (Press release) | — | Positive |
| Money-market net flows | $22.8B (Press release) | — | Positive |
| Market-return impact | -$59.0B (Press release) | — | Negative |
| FX impact | +$4.6B (Press release) | — | Positive |
| Average total AUM for quarter through July | $2,453.0B (Press release) | — | — |
Flows were the strongest part of the filing. Long-term products attracted $8.6 billion, while money-market products added another $22.8 billion; that more than offset the reported $59 billion market-related reduction in AUM, with foreign exchange contributing $4.6 billion. The underlying message is that client demand remained constructive even though market performance overwhelmed the inflows. (Press release)
The weakness was concentrated in QQQ and equities, not across every business. QQQ AUM fell to $452.8 billion from $490.1 billion, while Fundamental Equities declined to $312.5 billion from $318.1 billion. By contrast, Global Liquidity rose to $233.0 billion from $214.5 billion and China JV increased to $83.4 billion from $79.9 billion. (Total AUM table)
Net read: operationally resilient, but not a positive surprise. The modest AUM decline is understandable given the $59 billion market headwind, and positive flows are encouraging; however, the reported balance still moved below June's $2.470 trillion level, with the largest franchise, QQQ, absorbing the sharpest decline. Relative to what was already known after the strong June quarter-end figure, this is best characterized as mixed rather than incremental good news.
Read the original 8-K on SEC EDGAR ↗