American Funds Leads in Net Inflows Again
American Funds, managed by Los Angeles-based Capital Group Cos., led the mutual fund industry in net new investments for the 16th consecutive month in July, taking in almost $6 billion to its stock and bond funds, according to estimates by Financial Research Corp.
American accounted for nearly half of the industry’s $12.2 billion in net new cash flow, Financial Research said Thursday. Its Growth Fund of America was the bestseller, collecting $1.5 billion.
The firm was followed by Vanguard Group, whose net inflows totaled $3.8 billion, and Fidelity Investments, which received $1.7 billion.
Overall, flows into stock and bond funds were down $3.2 billion from $15.5 billion in June.
Fourteen of the 25 largest money managers had net outflows, led by Putnam Investments, a unit of Marsh & McLennan Cos., and Janus Capital Group Inc. Both companies had an increase in outflows last year after authorities found their executives had permitted or failed to stop improper trading.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
