June 25, 2002 — Investors slowed their purchases of mutual funds last month.
Stock and bond funds took in $15.25 billion in May, compared to $21.25 billion in April, according to Financial Research Corp.
Funds that buy undervalued stocks garnered the most interest from investors in May.
Funds that invest in large-cap and small-cap value stocks ranked No. 1 and 2 in inflows last month. Large-cap value funds attracted $2.8 billion, and small-cap value funds $2.8 billion. Mid-cap value funds ranked fifth, taking in $2.2 billion, the Boston-based fund tracker said.
American Funds led the 25 largest fund complexes with $4.7 billion in inflows in May, topping Vanguard Group, which netted $3.16 billion and PIMCO Funds, which attracted $2.24 billion.
The PIMCO Funds:Total Return Fund/A (PTTAX) was the best selling fund in May, capturing $1.35 billion. That placed it ahead of the American Balanced Fund/A (ABALX), which netted, $970 million, and the Growth Fund of America/A (AGTHX), which took in $869 million.