Mutual fund net sales surged in July, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports, based on data from Investor Economics Inc., that industry net sales reached $2.1 billion in July, up from just over $1 billion in June. Year-to-date net sales are now sitting at $19.8 billion, slightly above the total recorded in the same period last year ($19.4 billion).
Long-term net sales were $2.9 billion in the month, while money market funds had net redemptions of $756.2 million.
Bond funds led the net sales in July, with $1.8 billion worth, compared to net sales of $1.2 billion in June. Balanced funds recorded net sales of almost $1.6 billion in the month, up from $1.16 billion in June.
Equity funds remained in net redemptions however, with $861.3 million worth in July, but this was an improvement from $1.55 billion in net redemptions
in June.
IFIC also reported that total mutual fund assets under management (AUM) for July were $802.7 billion, up by almost $4.8 billion, or 0.6%, from $797.9 billion in June.