Mutual fund sales in April were stronger this year than they were in the same month in 2014, according to the latest data from the Investment Funds Institute of Canada (IFIC).
Total industry net sales for April came in at $5.5 billion, down from $9.3 billion in March. In large part, the decline took place because March 2 was the last day investors were allowed to make contributions to their RRSPs for the 2014 taxation year. Compared with a year ago, net sales were stronger by 15% as $4.8 billion worth was recorded in April 2014.
IFIC reports that long-term funds recorded net sales of $5.6 billion in April and money market funds had net redemptions of $159.8 million.
On a sectoral basis, balanced funds led the way in April with net sales of $4.9 billion. This was down notably from the $7.4 billion in net sales for the category in March.
Bond funds also saw their net sales drop from the previous month, coming at just $140.4 million, down from $1.4 billion in March.
Equity funds managed net sales of $302.9 million in April compared with net sales of $888.3 million in March.
IFIC also reports that total mutual fund assets under management (AUM) finished the month at $1.2 trillion, down $3 billion, or 0.2%, from the previous month.
The sales numbers that IFIC published are based on data that Toronto-based industry research firm Investor Economics Inc. collected.