Mutual fund sales dipped a bit in July even as assets under management (AUM) for the industry continued to grow, according to the latest data from the Investment Funds Institute of Canada (IFIC).

In July, total net sales came in at $4.26 billion, down from $4.77 billion in June. Sales were also down a bit compared to July 2014’s $4.56 billion in overall net sales.

Long-term fund net sales were $3.99 billion in July, and money market funds added another $275.6 million.

Balanced funds accounted for the lion’s share of monthly net sales, with $3.1 billion worth, down from $4.01 billion in June. Bond funds added another $317.5 million in net sales, and equity funds contributed $131.9 million.

Despite the modest decline in net sales, total mutual fund AUM for July were up by 2.1%, or $25.5 billion, from June to $1.24 trillion. Over the previous 12 months, total mutual fund assets have increased by $135.6 billion, or 12.2%, IFIC noted.

Sales data is compiled from IFIC and other sources. Aggregate totals are provided by Investor Economics Inc.