July 1, 2003 — The stock market’s recent rally continued to encourage investors to put money into stock funds last month, according to Financial Research Corp.
Domestic equity funds took in a net $13.1 billion in May, adding to the $12.2 billion they attracted in April. Bond funds received about $7 billion in new money in May, down from $8.8 billion the month before.
American Funds topped all fund companies with net inflows of an estimated $5.2 billion in May. It’s Growth Fund of America/A (AGTHX) led all funds with inflows of $963 million.
Trailing American Funds were Vanguard Group, which attracted $3.7 billion; Fidelity Investments ($3 billion); Pacific Investment Management Co., known as PIMCO ($2.2 billion) and Dodge & Cox ($1.2 billion). At the other end of the spectrum, MFS Investment Management funds suffered outflows of $314 million, Boston-based FRC said.
Two other American funds, Capital Income Builder Fund/A (CAIBX), which netted $843 million in new money, and Income Fund of America/A (AMECX), which took in $736 million, were the second and third-best selling funds in May. They were followed by Dodge & Cox Stock Fund (DODGX), which attracted $705 million, and PIMCO Funds:Total Return Fund/A (PTTAX), which saw inflows of $691 million.