Oct. 30, 2003 — Investors continued to move out of bond funds and into stock funds last month, according to Financial Research Corp.
Bond funds suffered outflows of $4.7 billion in September, marking the third consecutive month their sales have dropped off, FRC said. Meanwhile, domestic stock funds attracted $23.6 billion and international and global funds netted $1.9 billion.
For the sixth straight month, American Funds and its Growth Fund of America/A (AGTHX) were the best selling fund complex and individual fund, taking in $6.6 billion and $1.4 billion, respectively.
Continuing a recent trend, three of American’s other offerings were among the five best selling funds. Third place was held by Income Fund of America/A (AMECX), which took in $970 million. It was followed by Capital Income Builder Fund/A (CAIBX), which netted $851 million, and Washington Mutual Investors Fund/A (AWSHX), which saw inflows of $774 million.
The second best selling fund with inflows of about $1.1 billion was Dodge & Cox Stock Fund (DODGX).