April 24, 2003 -- Investors returned to stock mutual funds in March after shunning them the month before, while bond funds continued to rake in money, Financial Research Corp. reported.
Domestic stock funds netted about $2 billion last month after hemorrhaging $6.6 billion in February, the Boston-based fund tracker said.
Bond funds took in about $10.5 billion in March, led by corporate bond funds, which saw inflows of $7.6 billion. Government bond funds took in $2.8 billion.
The Vanguard Group was the top-selling fund complex last month, garnering $3.2 billion, and the Vanguard Total Stock Market Index/Inv (VTSMX), with inflows of an estimated $1.6 billion, was the best selling fund.
Among fund companies, Vanguard was trailed by American Funds, which took in $2.8 billion; Pacific Management Investment Co., known as PIMCO, which saw inflows of $2.3 billion; Fidelity Investments, which attracted $1.2 billion; and Dodge & Cox Funds, which attracted $958 million.
The second-best selling fund was PIMCO Funds:Low Duration Fund/A (PTLAX), which netted $771 million. It was followed PIMCO Funds:Total Return Fund/A (PTTAX), which took in $621 million. Fourth place was held by Dodge & Cox Stock Fund (DODGX), which netted $617 million. It was followed by Capital Income Builder Fund/A (CAIBX), which took in $607 million.
At the losing end of the spectrum, Putnam Investments suffered outflows of $1.3 billion last month, increasing its year-to-date outflows to $4 billion.
Earlier, Financial Research had reported that First American Core Bond/A (FAFIX) was the second-best selling fund. The company later corrected the rankings.