Growth Fund of America has lost its status as the largest U.S. equity mutual fund, a position it held for six years, as investors are turning away from Los Angeles-based parent Capital Group Cos. and its tradition of picking stocks.
Capital Group Cos., the third- largest manager of U.S. mutual funds, urged 800,000 customers to change account passwords and other information to protect themselves from risk caused by the Heartbleed computer bug.
When John Bichelmeyer’s mutual fund fell 48 percent in 2008, he decided his portfolio needed an upgrade. The Buffalo Emerging Opportunities Fund would still invest in small companies with the potential to become big ones. What it wouldn’t do is invest in businesses that were burning cash, or in biotechnology firms whose prospects were difficult to gauge, Bloomberg Markets magazine will report in its April issue.