October is proving to be a difficult month for the mutual fund industry, as the latest results from C.I. Fund Management show.

C.I. Mutual Funds Inc. reported net sales of $38 million in October 2001. This is down from more than $340 million in the month a year ago.

This year, C.I.’s sales were well diversified among its domestic and global funds, it says, with net sales leaders including C.I. Global Fund, BPI International Equity Fund, Harbour Fund and Signature Select Canadian Fund.

It also reports that the new C.I. American Value Fund, managed by Steinberg Priest Capital Management, LLC, of New York, is also selling well.

“The rebound in global equity markets from September boosted mutual fund sales,” said Stephen MacPhail, executive vice president and COO of C.I. Fund Management Inc. “The renewed interest in our equity funds is a positive sign, suggesting that longer-term investors are becoming more confident that now is a good time to invest in stocks.”

The firm also recently launched the Landmark Global Opportunities Fund, managed by star manager Derek Webb of Webb Capital Management LLP of San Francisco. It was C.I.’s top-performing hedge fund during the month with a return of 4.8%.