October provided another opportunity for the seemingly unstoppable American Funds to top researchers monthly lists tracking net new inflows into large mutual fund providers, Reuters reports.
Of the $13.9 billion accumulated by mutual fund providers last month, American Funds claimed the lions share, or $6.5 billion, a slight jump from $6.1 billion raised by the fund giant in September.
Financial advisers, who are the companys main distribution source, praised the companys funds for maintaining consistent performance during volatile market periods. American Funds flagship fund, the Growth Fund of America, was rewarded with $1.4 billion of inflows in October for eking out an 8.6% positive return this year.
Meanwhile, Putnam Investments emerged as the biggest loser in October, with investors withdrawing $3.2 billion. Putnam became a poster child in a widespread crackdown that began last year by receiving one of the first indictments from regulators. Janus, another company that sustained heavy damage in the scandals, bled $1.5 billion last month.