American Funds Leads in Net Inflows Again
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American Funds, managed by Los Angeles-based Capital Group Cos., led the mutual fund industry in net new investments for the 16th consecutive month in July, taking in almost $6 billion to its stock and bond funds, according to estimates by Financial Research Corp.
American accounted for nearly half of the industry’s $12.2 billion in net new cash flow, Financial Research said Thursday. Its Growth Fund of America was the bestseller, collecting $1.5 billion.
The firm was followed by Vanguard Group, whose net inflows totaled $3.8 billion, and Fidelity Investments, which received $1.7 billion.
Overall, flows into stock and bond funds were down $3.2 billion from $15.5 billion in June.
Fourteen of the 25 largest money managers had net outflows, led by Putnam Investments, a unit of Marsh & McLennan Cos., and Janus Capital Group Inc. Both companies had an increase in outflows last year after authorities found their executives had permitted or failed to stop improper trading.
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