Edward Jones and Vanguard Win as Pimco and American Funds Suffer
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Wednesday, November 13, 2013

Edward Jones and Vanguard Win as Pimco and American Funds Suffer

October was a good sales month for Vanguard [profile] and for Edward Jones, even as Pimco [profile] and Capital Group [profile] continue to suffer.

According to Morningstar's just-released "U.S. Open-End Asset Flows Update" for October 2013, last month $6.007 billion net flowed into Vanguard's open-end mutual funds, even as $4.682 billion flowed out of Pimco and $1.227 billion out of Capital Group's American Funds. In fact, Vanguard's net inflows accounted more than one-third of all net inflows, $17.750 billion in total, into all long term (i.e. non-money market) mutual funds.

Other big fund family winners for October included Harris Associates' Oakmark [profile] (net inflows of $1.822 billion), New York Life's MainStay [profile] (net inflows of $1.796 billion) and Goldman Sachs [profile] (net inflows of $1.680 billion). Others suffering included BNY Mellon's Dreyfus [profile] (net outflows of $1.058 billion), DoubleLine [profile] (net outflows of $1.006 billion) and Fidelity [profile] (net outflows of $965 million).

On the fund-specific flows side, it was Edward Jones' new proprietary Bridge Builder Bond Fund (sub-advised by J.P. Morgan [profile], Prudential [profile] and Robert W. Baird [profile]) that won out with $2.800 billion in net inflows for October. Two Vanguard funds, a Goldman fund and a Fidelity one rounded out the top five.

On the bottom end, the top fund in terms of net outflows was Bill Gross' flagship, Pimco Total Return (net outflows of $4.441 billion), which until recently was the largest mutual fund in the world. Two Fidelity funds, a J.P. Morgan fund and a GMO [profile] fund were also in the top five last month in terms of outflows.

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