Investors are pouring more money into stock mutual funds in the U.S. than they have in 13 years, attracted by a market near record highs and stung by bond losses that would deepen if interest rates keep rising.
In a year of record withdrawals from taxable bond funds, no category has been harder hit than the biggest broad market strategies managed by firms from Pacific Investment Management Co. to JPMorgan Chase & Co.
Capital Group Cos., the investment firm that created the forerunner to MSCI indexes used as a benchmark for $7.5 trillion in assets, said the regional indexes should be revised to reflect the growing globalization of companies.
U.S. Secretary of State John Kerry arrived in Kabul today to press Afghan President Hamid Karzai to conclude a security accord that would maintain a limited U.S. military force in Afghanistan after 2014.
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.
U.S. and Afghan officials led by Secretary of State John Kerry and President Hamid Karzai met in Kabul yesterday in an effort to conclude an accord that would keep a limited U.S. military force in Afghanistan after 2014.
Capital Group Cos., the $1.2 trillion firm that ran the world’s largest stock mutual fund before being overtaken by low-cost indexing competitors, said the advantages of active stock picking have been drowned out in the debate over how individuals should invest.