May 2003 was the worst month for Fidelity Investments, at least when it comes to bond and stock funds, according to Reuters.
Financial Research Corp. data for May shows that Fidelity investors suctioned $2 billion out of the companys stock and bond funds, marking its first month of net outflows since October 2002. Fidelity contends that it last had outflows in August 2003, prompting an FRC analyst to assume they just calculate data differently.
Spokesman Vincent Loporchio said the company has seen inflows so far in June, however. Another Boston firm, Putnam Investments, suffered an outflow of $2.3 billion, making it the unfortunate frontrunner of a sad statistical category: it leads all firms with $12.7 billion in outflows since the beginning of 2004.
Fidelity, despite its marred May, has raked in $15.4 billion since the beginning of the year, according to FRC.