Mutual fund net sales gained a bit of ground in September, according to the Investment Funds Institute of Canada (IFIC).
IFIC reports (based on its own data and numbers from Investor Economics Inc.) that overall industry net sales totaled $1.46 billion in the month, up from only about $940 million in August. Still, sales are down from $1.7 billion in the same month last year. Year-to-date net sales are now at $33.3 billion.
Long-term fund net sales were a bit stronger at $1.52 billion, up from $1.0 billion in August. Again, this is down from $2.2 billion in September 2012.
Money market funds had net redemptions of $62.4 million in September, pushing year-to-date net redemptions to $2.9 billion.
By asset class, balanced funds led the way once again with net sales of $1.68 billion in September, more or less unchanged from August. The gains came in equity funds, which saw sales rise to $910.3 million in September, compared to net sales of $558.9 million in August.
Bond funds remained in net redemptions in September, totalling $1.36 billion, more or less unchanged from net redemptions of $1.40 billion in August.
IFIC also reported that total mutual fund assets under management (AUM) were $940.4 billion, up by about 1.6% to $926.0 billion from the previous month.