In June, investors put in $10.8 billion, by comparison. The surge in July was driven by the apparent attractiveness of taxable bond funds, with investors doubling inflows to these products from the previous month, at $23.6 billion in July.

Meanwhile, US stock fund outflows stood at $8.2 billion in July, slightly down from the $8.5 billion of outflows in June. However, Morningstar said that if ETF inflows were included in the figure, then outflows from US stock funds would be just $700 million – indicating these investments proved popular last month.

Diversified emerging market equity funds brought in over $1.3 billion in July, but with momentum slowing over the year, said Morningstar.

PIMCO bumped Vanguard off the top spot of the monthly leader board, raking in nearly $6.6 billion in new money in July, thanks to its Total Return fund which attracted $2.1 billion in investment. However, the firm’s American Funds family continued its 37-month streak of consecutive outflows, with nearly $4.2 billion leaving these funds.