Mutual fund and ETF sales slipped in September as assets fell by about 2.0%, the Investment Funds Institute of Canada (IFIC) reported on Monday.
The industry trade group’s latest data showed that mutual fund sales declined from $9.6 billion in August to just over $8.0 billion in September.
The major asset classes all saw net sales decline from the previous month. The balanced category continued to lead the way with $4.3 billion in monthly net sales, down from $4.9 billion in August.
Equity funds recorded $1.95 billion in net sales, down from $2.5 billion in August. And bond fund sales slipped to just under $1.6 billion from $1.7 billion.
Sales declined as mutual fund assets dropped to just under the $2.0 trillion mark. Overall, assets under management fell by $42.3 billion to $1.99 trillion in September.
IFIC also reported that ETF sales came in at $2.85 billion in September, down notably from over $5.0 billion in August.
Equity funds were responsible for the drop, as equity ETFs only managed $221 million in monthly net sales, down from $3.4 billion worth in August.
At the same time, bond sales rose from $1.1 billion to $1.74 billion, and balanced sales ticked up to $318 million from $273 million in the previous month.
ETF assets declined by $6.4 billion in September to $318.3 billion, IFIC reported.