Mutual fund sales gained a bit of ground in June, according to the latest data from the Investment Funds Institute of Canada (IFIC).
Monthly net sales came in at $5.2 billion in June, up from $4.3 billion in May and much higher than last June’s $1.5 billion worth of net sales.
Long-term funds attracted $5.3 billion in June and money market funds had net redemptions of $192.7 million.
Overall industry net sales through the first half of 2017 were almost double what they were a year ago, IFIC’s data show. Year-to-date net sales for the first half of 2017 were $31.1 billion, up from $16.6 billion for the same period last year.
Once again it was balanced funds leading the way in June, with net sales of $3.14 billion. Bond funds saw net sales of $1.5 billion and equity funds recorded $412 million in net sales.
In the first half of 2017, balanced funds generated $18.2 billion in net sales, bond funds had $7.6 billion worth and equity funds managed $4.4 billion in net sales.
Finally, IFIC reports that total mutual fund assets under management finished June at $1.4 trillion, down by $14 billion, or 1%, from the previous month.
The numbers IFIC reported are based on research from Strategic Insight, which compiles data from IFIC and other sources.