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Mutual fund sales ticked up in July, although they were well down from the same month last year, according to data released by the Investment Funds Institute of Canada (IFIC) on Friday.

Overall industry net sales were $2.6 billion in July, up from $1.5 billion in June, but down from $4.3 billion in July 2015, IFIC reports.

Through the first seven months of 2016, industry net sales are running at less than half the previous year’s total. So far this year, net sales total $19.2 billion, compared with $45.2 billion in the same period last year.

Long-term funds accounted for all of the net sales in July, while money market funds had $2 million in net redemptions.

By asset class, balanced funds continued to generate the bulk of the net sales in July, with $2.2 billion worth in the month, up from $1.7 billion in June.

Bond funds’ monthly net sales also ticked up to $1.1 billion, from $783 million in June. However, equity funds recording $641 million in net redemptions for July, an improvement from June’s $768 million in net redemptions.

Total mutual fund assets under management (AUM) increased by about 2.9% in July to $1.3 trillion, IFIC says, an increase of $37 billion.

Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Toronto-based Investor Economics Inc.

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