Net sales of mutual funds rose in November, but fell short of their total in the same month last year, according to the figures released on Tuesday by the Investment Funds Institute of Canada (IFIC).
The industry trade group reports that total net sales came in at $3.76 billion for November, up from $3.1 billion in October. Yet, net sales fell short of last November’s total of $4.3 billion.
Long-term fund net sales reached $3.83 billion in November 2015, but money market funds saw net redemptions of $67.4 million in the month.
Balanced funds led November sales, with monthly net sales of $3.0 billion, up from $2.2 billion worth in October.
Bond funds had net sales of $737.5 million during the month, up from $143.3 million in net redemptions in October.
Net sales of equity funds, however, dropped to just $8.7 million in November, down from $1.03 billion in October.
Total mutual fund assets under management (AUM) totalled $1.23 trillion at the end up November. That’s up $9 billion, or 0.73%, from October. Year-to-date, industry AUM increased by $92.9 billion or 7.5%.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Investor Economics Inc.