Mutual fund net sales rose in November, finishing just shy of $500 million, the Investment Funds Institute of Canada said Thursday.
Long-term funds continued to generate net sales in November, while money market funds remained stuck with net redemptions.
Overall mutual fund net sales reached $468.9 million in the month, pushing year-to-date net sales to $20.1 billion, IFIC reports.
Once again, long-term funds led the way, totaling net sales of $1.2 billion in the month, whereas money market funds suffered net redemptions of $710.3 million.
Year-to-date, long term net sales totaled $26 billion, and money market redemptions were $5.84 billion.
Overall net sales were up notably from $282.5 million for the previous month, but they were significantly below last November’s net sales of $2.51 billion.
Bond funds were the top selling asset class in November, with net sales totaling $1.67 billion, compared to net sales of $1.5 billion last month. This was offset by equity fund net redemptions of $1.70 billion, up from $1.52 billion last month. Balanced fund net sales in November totaled $1.04 billion, compared to net sales of $566.9 million last month.
Total mutual fund assets under management at the end of the month were $772.6 billion, compared to $773.7 billion in the previous month; a decrease of $1.05 billion, or just 0.1%.
Since the beginning of the year, total mutual fund assets have decreased by just 0.75%, from $778.5 billion.