Mutual fund net sales surged to $4.3 billion in May from $2.7 billion in April and from $2.3 billion in May 2016, according to the latest data from the Investment Funds Institute of Canada (IFIC).
Through the first five months of the year, total industry net sales were $26 billion compared with $15.1 billion in the same period last year.
Long-term funds generated $4.5 billion in net sales in May whereas money market funds had net redemptions of $217.5 million.
By asset class, balanced funds drove the sales surge in May as monthly net sales came in at $3.2 billion, compared with net sales of $1.6 billion in April. Equity funds also enjoyed stronger sales in May, with net sales totalling $152 million for the month, up from just $7 million in April.
In contrast, bond funds’ net sales slumped in May, declining to $887 million from $1.27 billion the previous month.
Total mutual fund assets under management (AUM) finished the month at $1.43 trillion, up by $9 billion, or 0.6%, from the previous month.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Strategic Insight.
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