Net sales of Canada’s mutual fund industry dipped in November to $2.2 billion from $2.4 billion in October, according to data released on Thursday from the Investment Funds Institute of Canada (IFIC).
Last month’s net sales were also below of the $2.4 billion in net sales recorded in November 2016.
Long-term funds generated net sales of $2.1 billion in in November, IFIC reports, and money market funds added another $79 million in net assets.
Sales surged for both balanced and equity funds, but bond funds dipped into net redemptions. Net sales of balanced funds more than doubled in November to $1.5 billion, up from $682 million in October. Equity fund nets sales rose to $940 million from $624 million. Bond funds recorded $477.7 million in net redemptions during the month. This represented a sharp reversal from October’s net sales of $1.2 billion.
Total mutual fund assets under management rose by 1.1% in November to $1.48 trillion, IFIC reports. Assets increased by $15.9 billion from October, and rose by $145.5 billion over the previous 12 months, which represents a 10.9% gain.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Strategic Insight.