Mutual fund sales ticked down a bit in July, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports that overall net sales came in at $4.56 billion in July, down from $5.1 billion in June. Long-term funds recorded net sales of $4.77 billion, and money market funds had net redemptions of $211.0 million, during the month.
Balanced funds continued to lead the way in July, with $4.27 billion in monthly net sales. This is down a bit from $4.48 billion in June. Bond fund sales almost held up during the month, as net sales totaled $1.13 billion in July, compared with $1.17 billion last month.
However, equity funds suffered higher net redemptions in July. Equity net redemptions reached $713.5 million in July, up from $415.6 million in June.
IFIC also reports that total mutual fund assets under management (AUM) were up by $8.7 billion, or 0.8%, in the month to $1.1 trillion in July. Over the past 12 months, total mutual fund assets are up by about 20%, or $183.8 billion.
IFIC’s data is based on aggregated totals provided by research firm, Investor Economics.