Mutual fund industry net sales slipped to $1.55 billion in May, as investors fled from equity funds, according to the latest data from the Investment Funds Institute of Canada.
IFIC reports, based on data collected by Investor Economics, that overall net sales were down from $1.9 billion in April.
Long-term funds generated net sales of $1.75 billion in the month, and money market funds produced net redemptions of $200.8 million.
On the long-term side, balanced funds led the net sales in May, with $1.8 billion worth. However, this was down from $2.24 billion in net sales for April. Bond fund sales rose to $1.2 billion in May, up from
$744.8 million in April.
Equity funds saw net redemptions spike to $1.6 billion, which was more than double April’s total of $732.0 million.
IFIC also reported that total mutual fund assets under management for May came in at $789.1 billion, down from $810.0 billion. The $20.9 billion decline in AUM represents a 2.6% slide.