Sales of balanced and bond mutual funds were down in July, while net redemptions were up for equity funds, reports the Investment Funds Institute of Canada.
A net $4.27 billion in balanced funds were sold in July, down slightly from $4.48 billion in June. There were $1.13 billion worth of bond funds sold in July, which isn’t much less than the $1.17 billion sold last month.
Equity fund investors redeemed $713.5 million in July, up significantly from $415.6 million in June. However, year-to-date net sales for equity funds are strong. The industry sold $4.38 billion (net), almost a threefold increase from the $1.49 billion (net) sold during the same period last year.
Total mutual fund assets reached $1.11 trillion in July, IFIC says. That’s an uptick of 10.9%, $109 billion, year-to-date.
In July, net sales across the industry were $4.56 billion. Though net sales of long-term funds were $4.77 billion, investors redeemed $211 million in money market funds.