Fidelity Investments experienced outflows in its long-term mutual funds in October — the first time the fund behemoth has seen net outflows in months.
Fidelity had $19 million in net outflows last month, according to data from Morningstar. That’s far less than the $1.96 billion in outflows in March but ends a streak of six consecutive months of positive inflows.
The hardest-hit funds for the month were Fidelity Magellan, with outflows of $380 million; Fidelity Equity Income, $234 million; and Fidelity Spartan 500 Index, $226 million.
However, year-to-date Oct. 31, Fidelity had net inflows of $17.1 billion.
Among the largest five fund groups, American Funds from Capital Research & Management Co. remains the only one to experience outflows year-to-date.
In October, investors pulled $1.91 billion out of American’s funds, bringing the estimated outflows for 2009 to $21 billion.
David Hoffman is a reporter at InvestmentNews, a sister publication of Pensions & Investments.