American Funds has overtaken competitors Vanguard and Fidelity to become the largest mutual fund manager in the country, according to the Los Angeles Times.

The Los Angeles-based shop reported $847 billion worth of bonds and stocks, according to information cited from the Investment Company Institute. Vanguard follows with $795 billion and then Fidelity with $794 billion. This ranking represents a shift from last year's standings, when Fidelity ranked first, with $730 billion, and American Funds, with $692 billion, followed in third.

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