NU Online News Service, Sept. 25, 2003, 3:19 p.m. EDT – Stock and bond mutual funds brought in a total of $11 billion more cash in August than they lost, down from a net inflow of $13 billion in August 2002, the Financial Research Corp., Boston, estimates.
Domestic equity funds led with a positive net flow of $18 billion, compared with a net outflow of more than $1 billion a year earlier. International and global funds were next, taking in $4 billion, compared with a net outflow of almost $2 billion in August 2002.
American Funds topped all mutual fund groups for the month with almost $5 billion of net inflows, up from $3 billion.
American Funds’ Growth Fund of America was the sales leader. FRC estimates it took in more than $1 billion for the month, compared with just under $500 million a year earlier.