Investors seem to favor exchange traded funds (ETFs) and investments with a foreign flair.
Fidelity Investments and JP Morgan Asset Management suffered the largest net outflows from their U.S. mutual funds among their rivals, as State Street Global and American Funds garnered the most inflows, reports Cardiff de Alejo Garcia for Financial News. State Street can thank their ETFs for the increased inflow. It boasted $5.7 billion in inflows into their SPDR Trust ETF which tracks the S&P 500 index.
Investors in particular showed a preference for funds with international assets and increasingly turned against actively managed domestic funds.
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