'American' No.1 in int'l funds, says study

American Funds grabbed the top spot on the list of top 10 international funds during the first quarter, according to Cerulli Associates. The Los Angeles-based firm garnered 20.4% of the market share during the first three months of the year, up from 18.6% in 2006. Last year, the company also made the top of the list. “American Funds’ products are always popular among advisers and broker-dealers, although they are not inclined to roll out new funds,” said Jing Sun, CFA and analyst at Cerulli. On the other hand, Fidelity, the number two company with 8.6% market share, has a legacy of international funds, but it continues expanding its lineup, Ms. Sun noted. Fidelity Diversified International, the Boston firm’s second largest fund, has assets approaching $54 billion—even though it’s closed to new investors. “The fund’s strong long-term performance certainly helped garner flows,” Ms. Sun said.