Domestic Equities Still Leading in November Fund Flows

December 23, 2003 ( - Net inflows to stock and bond mutual funds moderated a bit in November with $16.9 billion in new assets, compared to the $23.1 billion the funds took in the month before.

Once again, it was domestic equities that led net inflows among fund types, netting $15.5 billion, while International/Global came in a distant second place, taking in $3.66 billion.  Otherwise, the only other positive inflow was the $1.56 billion recorded among Corporate bonds while the other fund categories – Government and Tax-Free – recorded net outflows for the month of $2.4 billion and $1.3 billion, respectively, according to a Financial Research Corporation (FRC) report. The November report mirrored inflows in October (See   Funds Draw $23 Billion in October Inflows).

Per Morningstar fund category, moderate allocation took the top prize, accumulating $3.52 billion in the month.  This was followed by Small Blend with $1.9 billion in net inflows. The rest of the top five was composed of:

  • Large Blend – $1.8 billion
  • Large-Cap Value – $1.6 billion
  • Foreign Large Value – $1.5 billion.

Fund Families

Vanguard Group and Fidelity Investments held the top fund group spots, with $588 billion and $587 billion, respectively.  Behind the two sizeable fund families in the total asset race were:

  • American Funds – $453 billion
  • Franklin Distributors Inc. – $180 billion
  • PIMCO – $138 billion.

Among October best sellers was American Funds at the top, netting an $8.3 billion inflow.  This was followed up by Vanguard’s $5.5 billion, Fidelity’s $3.3 billion, and Dodge & Cox’s $1.6 billion.

Year-to-date, the top five list showed American Funds on top with $57 billion in net flow, followed by:

  • Vanguard – $32 billion
  • Fidelity – $22 billion
  • PIMCO – $18.2 billion
  • Dodge & Cox – $12.8 billion.

Top Sellers

 American Funds dominated the top selling individual funds for the month.  In the top slots for October were:

  • American Funds Growth Fund – $1.7 billion
  • Vanguard Total Stock Index – $1 billion
  • American Funds EuroPac Growth – $943 million
  • American Funds Balanced – $936 million
  • Dodge & Cox’s Stock Fund – $878 million.