Net flows into mutual funds were positive in October, according to preliminary figures from Financial Research Corp. The overall positive flow of $13.3 billion was across all categories, in sharp contrast to outflows of $20.5 billion from all categories of funds in September.
Intermediate-term bond funds, however, led all other categories for the third consecutive month, suggesting that investors retain a conservative bias. Those funds garnered net flows of $3.1 billion.
Stock funds did better overall than in September. Large-cap value funds were in second place with net flows of $2.1 billion, the only stock category in the top five. Trailing close behind were domestic hybrid, short-term bond and intermediate government funds, all with $2.0 billion in net flows. Equities claimed five of the top 10 fund categories, in contrast to September, when no equity fund category placed in the top 10.
Vanguard Group resumed its perch in top spot for fund group sales after a month in which PIMCO Funds ranked number one with $751 million. Vanguard had previously been number one for seven months and leads all other fund groups with $30.4 billion in net sales for the year, nearly twice its nearest competitor, Fidelity Investments, and approximately 30% of the industry total.