Despite Mutual Fund Gains, Outflows Drag On Pioneer

If running a mutual fund were merely a matter of racking up good returns, Pioneer Investments would be flying high; most of its U.S. mutual funds have significantly out-performed peers in recent years. But things aren't always so clear-cut, and when the Boston company is measured by the yardstick that matters most -- net inflows or outflows of investor dollars -- its high standing looks a bit wobbly.