Mutual funds net sales slipped to less than $2 billion in April, down from $3.5 billion in March, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports, based on data provided by Toronto-based research firm, Investor Economics Inc., that industry net sales totaled $1.9 billion in April, pushing year-to-date net sales to $15.1 billion. Although the monthly total was a notable drop from March’s sales result, it was almost double the $1 billion in net sales recorded last April.
Long-term fund net sales were $2.4 billion, and money market funds’ net redemptions were $485.7 million during the month.
By asset class, balanced funds led the monthly net sales in April, with $2.24 billion worth, down from over $3.0 billion in March. Bond funds added another $744.8 million in net sales, down from $1.8 billion in March.
Equity funds were in net redemptions once again, with $732.0 million in redemptions during April. So far this year, net redemptions for equity funds total $3.7 billion, compared to sales of $260.6 million for the same period last year.
IFIC also reported that total mutual fund assets under management for April were $810.0 billion, down from $813.0 billion in March. Over the past 12 months, total mutual fund assets are down by 0.6%.