Mutual fund net sales picked up a bit in May, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports that industry net sales topped $5.0 billion last month, up a bit from $4.6 billion in April and $3.8 billion in net sales in May 2013. For the year-to-date, net sales are now up to $32.2 billion.
Long-term funds generated net sales of $5.34 billion in May, and money market funds had net redemptions of $334.5 million.
By asset class, balanced funds led the way in May, with net sales of $4.3 billion, which was up from $3.9 billion in April. Balanced funds have also accounted for the lion’s share of the net sales in 2014, with sales totalling $26.0 billion so far this year.
Equities edged out bond funds with net sales of $335.1 million in May, up from just $78.3 million in April. Bond funds recorded net sales of $323.6 million during May, up a bit from $305.5 million in April.
Through the first five months of 2014, net sales for equity funds totalled $5.5 billion, up from $685.8 million for the same period last year. Bond funds have only generated $92.4 million in net sales so far this year, compared to net sales of $3.5 billion for the same period last year.
IFIC also reports that total mutual fund assets under management reached $1.08 trillion in May, up from $1.07 trillion in April. Total AUM was up by a total of $11 billion in May, or 1%. And, over the past 12 months, total mutual fund assets have increased by $161.5 billion, or 17.5%.
The mutual fund sales data is compiled from IFIC and other sources. Research firm, Investor Economics, provides the aggregated totals.