FRC: $20.9 Billion Added to Funds in September

October 30, 2003 ( - Stock and bond mutual funds took in $20.9 billion in new assets in September.

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.

Fund Families

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.

Top Sellers

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.