There was little change in mutual fund sales in May compared with the previous month, according to the latest data from the Investment Funds Institute of Canada (IFIC).
Overall net sales for May came in at $5.25 billion, IFIC reported on Tuesday, which is down slightly from $5.46 billion in April, but up slightly from $5.01 billion in the same month a year ago.
Long-term sales for the month were $5.21 billion and money market funds also managed a modest $48.8 million in monthly net sales. However, money market funds are still in net redemptions for the year, with almost $1 billion worth thus far.
Balanced funds continued to account for the bulk of net sales in May, totalling $4.34 billion, down slightly from $4.9 billion in April. Bond funds contributed $386 million in monthly net sales, up from $140.4 million in April. Conversely, equity funds’ net sales slumped in May, coming in at $113.5 million, down from $302.9 million in April.
Total mutual fund assets under management (AUM) finished the month at $1.23 trillion, up by $15 billion, or 1.2%, from the previous month. Over the past 12 months, total mutual fund AUM has increased by $150 billion, or by 13.9%, IFIC notes.
Sales data is compiled from IFIC and other sources. Aggregate totals are provided by Investor Economics.