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American Funds Best in Sales in July: FRC

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Aug. 26, 2003 — American Funds, the third largest fund complex by assets, topped all fund companies in July with net inflows of $5.7 billion, according to data released by the Financial Research Corp.

The two largest fund families, Vanguard and Fidelity, had net inflows of $844 million, and $1.4 billion, respectively, for the month. Fidelity was the second-best selling fund complex in July.

Domestic equity funds attracted $19.5 billion in new money in July, while certain categories of bond funds suffered defections. In aggregate, stock and bond funds attracted $12.9 billion in net inflows in July, FRC said.

Large-cap value-oriented equity funds received the largest inflows among all investment styles — $2.7 billion for the month. Year to date, short-term bond portfolios lead the pack, having taken in $12.4 billion through the end of July.

Growth Fund of America/A (AGTHX), part of the American Funds family, continued to be the top selling fund, taking in $1.3 billion in July, and $5.9 billion year to date through July.

Three other American funds were among the top five best selling funds. The second-best seller in July, Capital Income Builder Fund/A (CAIBX), took in $990 million, while Income Fund of America/A (AMECX), took in $867 million, and American Balanced Fund/A (ABALX) saw inflows of $720 million. Rounding out the top five was Dodge & Cox Stock Fund (DODGX), which took in $714 million in July.