Once again, it was domestic equities that led net inflows among fund types, netting $18.1 billion, while corporate bond funds held onto a distant second place after taking in $4.4 billion. Otherwise, all other fund categories – Government, Tax-Free, and Corporate – recorded net outflows for the month of $6.8 billion, $2.6 billion and $1.8 billion, respectively, according to a Financial Research Corporation (FRC) report.
Per Morningstar fund category, it was moderate allocation that took the top prize, accumulating $3.5 billion in the month. This was followed by foreign stock, gaining $2.8 billion in terms of net flows. The rest of the top five was composed of:
- Large-Cap Value – $2.6 billion
- Small-Cap Blend – $1.8 billion
- Large-Cap Blend – $1.6 billion.
Fidelity Investments and Vanguard Group held the top fund group spots, with $547 billion and $546 billion, respectively. Behind the two sizeable fund families in the total asset race were:
- American Funds – $408 billion
- Franklin Distributors Inc. – $168 billion
- PIMCO Funds – $131 billion.
Among August’s best sellers was American Funds at the top, netting a $4.8 billion inflow. This was followed up by Dodge & Cox’s $1 billion, Vanguard Group’s $756 million, T. Rowe Price Investment Services $668 million and Oakmark Funds $439 million.
Year-to-date, the top five list showed American Funds on top with $35.1 billion in net flow, followed by:
- Vanguard – $19.7 billion
- PIMCO – $15 billion
- Fidelity – $13.1 billion
- Dodge & Cox – $8 billion.
American Funds dominated the top selling individual funds for the month. Holding four out of the top five spots in August’s net flows were:
- American Funds Growth Fund – $1.2 billion
- American Funds Cap Inc Bldr – $781 million
- American Funds Balanced Fund – $750 million
- American Inc Fund – $722 million.
Only Dodge & Cox’s Stock Fund managed to break up the American block party, taking in $737 million and holding down fourth place on the list.