Money Management Executive
Mutual Funds Net $12 Billion in July
August 30, 2004, 1:00 a.m. EDT 1 Min Read
American Funds continued its high-paced belting of the competition by placing five of its funds in Financial Research Corp.s top 10 list for July, a month that saw the mutual fund industry as a whole rake in inflows of $12 billion.
Buoyed by its lack of involvement in the ongoing scandal, American has had quite a 2004, and July was no exception. The company vacuumed $6 billion into its funds during the month, more than any other firm. For the year, the company has inflows of $55.9 billion, an average of slightly less than $8 billion a month.
For the industry, domestic equity funds racked up $8 billion in inflows while international equity funds took in $4 billion. In the individual contest, American once again took top honors, with the Growth Fund of America taking in $1.5 billion.
Barclays was the only other company to have more than one fund in the months top 10, with its iShares S&P 500 Index and iShares MSCI EAFE Index funds finishing third, and seventh, respectively. Barclays success can be attributed to the recent rise in popularity of exchange-traded funds.
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