Fidelity's $5.8B April Inflows Biggest in a Decade

Fidelity Investments took in $5.8 billion in April, the biggest influx of cash since January 1996, Dow Jones reports. What drove that influx wasn't the markets or particularly strong performance but the scheduled closing of four major Fidelity funds to new investments by the end of the month -- the Fidelity Contrafund, Fidelity Mid-Cap Stock Fund, Fidelity Growth Company Fund and Fidelity Advisor New Insights Fund.

The largest amount of cash, $661 million, went to Contrafund, followed by $602 million to the Mid-Cap Stock Fund. Other Fidelity funds that sold well during the month were Fidelity Advisor New Insights, Diversified International, Advisor Diversified International, International Discovery and Freedom 2020.

In fact, after a weak year for inflows at Fidelity in 2005, the company has been doing quite well in that area so far this year. Through the end of April, according to data from Financial Research Corp., Fidelity has netted $16.7 billion in inflows. Still, that's a far cry from the $29.4 billion American Funds and the $20.9 billion Vanguard took in during the period.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.