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Wednesday, July 14, 2010

American Funds' Outflows Surprise a Fund Analyst

News summary by MFWire's editors

Is American Funds suffering such big outflows because investors expected it to be immune to market trouble and recessions? InvestmentNews' Jessica Toonkel Marquez interviewed Morningstar's mutual fund research director, Russell Kinnell, and ponders the recent woes of Capital Group and its mutual funds. Fundsters who follow American Funds may want to take a look.

Marquez reports that American Funds accounts for seven of the ten funds (including the American Funds Washington Mutual Fund, which suffered $2.79 billion in outflows through June 30) with the biggest year-to-date net ouflows in 2010. (According to Morningstar, the Fidelity Equity Income Fund has suffered the most net outflows year-to-date, totaling $4.45 billion.)

"The outflows are surprising because the performance isn't that bad," Kinnel told InvestmentNews. "It's surprising because historically people have stayed with American Funds to their benefit."

Kinnel wonders if American Funds' past success actually hurt this time around.

"People misinterpreted a big part of why they sidestepped the bear market in 2001/2002," Kinnel reportedly said.

On the flip side, Kinnel pointed to the massive inflows raked in so far this year by two Pimco funds. 

Edited by: Neil Anderson, Managing Editor

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