Domestic equities led the way by taking in $12.2 billion, while corporate bond funds built on a strong March, taking in an additional $8.9 billion for the month, both totals significantly higher than the $2.1 billion and $7.8 billion, respectively, that flowed into the categories in March (See FRC: Funds Net $11.8 Billion March Inflow ). Other inflows were also recorded in international global bond funds and government bond funds, amassing $3.5 billion and $582 million, respectively in April, according to a Financial Research Corporate (FRC) report.
Tax-free bonds funds could not hold on to the positive inflows recorded in March, suffering a net outflow of $437 million. Year-to-date, all categories have registered net inflows: corporate bonds ($32.2 billion), government bonds ($14.0 billion), domestic equity ($9.3 billion), international/global bonds ($5.6 billion) and tax-free ($1.6 billion).
In terms of Morningstar fund categories, high yield bond funds still ruled the roost, accumulating $5.5 billionf for the month. Still, bonds no longer dominatd the flow charts, according to FRC. In terms of net flows, domestic hybrid funds grew by $3.0 billion, followed by:
- Foreign stock – $2.5 billion
- Large Growth – $2.0billion
- Large Blend – $1.9 billion
Falling into the same rank as the previous month, the Vanguard Group and Fidelity Investments were once again head of the class in terms of total assets, with $499 billion and $488 billion, respectively. Behind the two sizeable fund families in the total asset race were:
- American Funds – $349 billion
- Franklin Distributors Inc – $154 billion
- Putnam Investments – $132 billion
However, the order got shuffled in April’s best-sellers list. American Funds held this month’s top stop, recording net flows of $5.1 billion, with last month’s number one, Vanguard Group, falling back to second gaining $3.0 billion. Rounding out the top five in monthly net inflows were:
- PIMCO Funds – $2.6 billion
- Fidelity Distributors – $2.4 billion
- T. Rowe Price Investment Services – $903 million
Year-to-date, the list top five list was similarly rearranged. Even though American Funds held on to the top after $14.0 billion in net flow, Vanguard assumed the number two spot with $10.8 billion, followed very closely behind by March’s number two PIMCO, obtaining $10.7 billion thus far in 2003. Number four and five also switch places to finish out the top five as Fidelity Distributors and Dodge & Cox gained $4.8 billion and $3.4 billion in year-to-date net inflows, respectively.
Dislodging the Vanguard Total Stock Index from the top spot in April’s net flows was American Funds Growth Fund, with $926 million. American Funds also held the next two spots, with the Cap Inc Bldr fund recording $786 million and the Inc Fund posting $631 million. PIMCO’s High Yield and Total Return, collecting $619 million and $618 million, respectively, held the fourth and fifth spots.
Excluded from the report is all data from money market funds.