Once again, it was domestic equities that led net inflows among fund types, netting $23.6 billion, while International/Global came in a distant second place after taking in $1.9 billion. Otherwise, the only other positive inflow was noted in the $796 million inflow recorded among Corporate bonds while the other fund categories – Government and Tax-Free – recorded net outflows for the month of $4.1 billion and $1.4 billion, respectively, according to a Financial Research Corporation (FRC) report.
Per Morningstar fund category, it was moderate allocation that took the top prize, accumulating $3.1 billion in the month. This was followed by Large-Cap Value, gaining $3.6 billion in terms of net flows. The rest of the top five was composed of:
- Large-Cap Blend – $2.3 billion
- Small-Cap Growth – $1.6 billion
- Small-Cap Blend – $1.2 billion.
Vanguard Group and Fidelity Investments held the top fund group spots, with $551 billion and $549 billion, respectively. Behind the two sizeable fund families in the total asset race were:
- American Funds – $413 billion
- Franklin Distributors Inc. – $170 billion
- Putnam Investments – $139 billion.
Among September’s best sellers was American Funds at the top, netting a $6.6 billion inflow. This was followed up by Vanguard Group’s $3.2 billion, Fidelity Distributors $2.5 billion, Dodge & Cox $2.5 billion and PIMCO Funds $1.3 billion.
Year-to-date, the top five list showed American Funds on top with $41.7 billion in net flow, followed by:
- Vanguard – $22.9 billion
- PIMCO – $16.7 billion
- Fidelity – $15.9 billion
- Dodge & Cox – $9.6 billion.
American Funds dominated the top selling individual funds for the month. Holding four out of the top five spots in September’s net flows were:
- American Funds Growth Fund – $1.4 billion
- American Inc Fund – $970 million.
- American Funds Cap Inc Bldr – $851 million
- American Funds Wash Mutl Invs – $774 million
Only Dodge & Cox’s Stock Fund managed to break up the American block party, taking in $1.1 billion and holding down second place on the list.