Mutual fund net sales slowed in September, but ETF sales rose, according to new data from the Investment Funds Institute of Canada (IFIC).<\/p>\n
Last month, overall mutual fund net sales dropped to just $790 million, down from almost $2.4 billion in August, the industry trade group reported.<\/p>\n
Long-term fund sales topped $900 million in September \u2014 led by bond fund net sales, which reached $2.3 billion,\u00a0down slightly from $2.5 billion in August.<\/p>\n
However, equity funds swung to net redemption territory last month, recording $630 million in negative net sales, down from $1.1 billion in positive net sales the previous month.<\/p>\n
Balanced funds remained in net redemptions too, with $1.2 billion worth of redemptions in September, down slightly from $1.4 billion in August.<\/p>\n
So far in 2024, mutual fund net sales remain modestly positive, with long-term net sales through the first nine months of the year, coming in at almost $2.4 billion, and money market funds adding just under $2.1 billion.<\/p>\n
For the same period last year, long-term funds recorded $42.7 billion in net redemptions, while investors sought sanctuary in money market funds \u2014 which had $11.7 billion in positive net sales through the first nine months of 2023.<\/p>\n
Despite the weakness in mutual fund net sales this year, industry assets under management (AUM) continue to climb.<\/p>\n
At the end of September, assets totalled $2.19 trillion, up by $40.5 billion in the month \u2014 assets are up $349 billion over the past 12 months, driven largely by market gains.<\/p>\n
While mutual fund sales struggled in September, ETF net sales gained traction, IFIC also reported.<\/p>\n
Monthly ETF net sales totalled $5.5 billion, up from $4.3 billion in August.<\/p>\n
Equity ETFs led the way with $2.7 billion in monthly net sales, up from $1.75 billion worth in the previous month.<\/p>\n
Bond ETF net sales also climbed to just under $1.5 billion, compared with just under $1.2 billion in August.<\/p>\n
At the same time, specialty ETF net sales dropped from $984 million in August to $283 million in September.<\/p>\n
Through the first nine months of the year, equity ETF net sales are up sharply from last year, with sales totalling $25.5 billion so far this year, compared with $7.1 billion for the same period in 2023.<\/p>\n
All the other asset categories have also generated stronger net sales this year.<\/p>\n
Total long-term net sales reached $45.6 billion in the first nine months of 2024, up from $17.6 billion for the same period last year.<\/p>\n
Only money market ETFs have seen sales decline year over year, with net sales down to $1.56 billion so far this year, compared with $8.2 billion for the same period in 2023.<\/p>\n
As ETF sales outpaced mutual funds in September, markets also boosted ETF assets, with total AUM reaching $478.5 billion at the end of September \u2014 an increase of $14.5 billion in the month.<\/p>\n
ETF assets are also up $132.3 billion over the past 12 months, an increase of 38.2%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Industry assets continue to climb, led by market gains, IFIC reports<\/p>\n","protected":false},"author":147314,"featured_media":481938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2313,2312],"tags":[2368,2801,3129,2861,2639,56678,2349,2341,2860],"yst_prominent_words":[6714,68341,64321,62205,46186,46185,46184,45022,36984,21602,21599,14351,13270,13265,1696,6474,4784],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/495309"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/147314"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=495309"}],"version-history":[{"count":4,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/495309\/revisions"}],"predecessor-version":[{"id":495318,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/495309\/revisions\/495318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/481938"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=495309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=495309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=495309"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=495309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}