American Funds was No. 1 in sales among U.S. mutual funds for September, research from the firm Financial Research Corp. shows. For the industry overall, investors dumped more money into funds than they did in August.
American took in $6.1 billion in September, marking a slight downturn from the same month last year but an increase from the companys August sales of $5.5 billion.
On the other end, Putnam Investments had a rough month, as investors drew out $1.5 billion from its funds. Another firm making headlines of the wrong kind, Amvescap fund subsidiary AIM Distributors, suffered $1.7 billion in outflows.
FRCs data showed that after inflows of $13.5 billion in August, funds took in $21.5 billion in September. In a shift, funds that focus on U.S. equities took center stage over those focused on international stocks, the firm said.