Net sales for the mutual funds industry were $1.8 billion in August, less than half of July’s $3.9 billion total, yet industry assets continued to climb, according to data published Thursday from the Investment Funds Institute of Canada (IFIC).
August net sales were also down compared with the same month a year ago, when the industry produced $2.7 billion in net sales, IFIC data shows.
Long-term funds generated $1.7 billion in net sales for August 2017, coupled with $127.4 million in money market net sales.
By asset class, balanced and equity fund sales both dropped sharply in August compared with July, whereas bond fund sales held up.
Balanced funds managed just under $1 billion in monthly net sales net sales in August, down from $2.1 billion in July.
Equity funds returned to net redemptions in August, recording $148 million compared in outflows, compared with $622 million in positive net sales for July.
Bond funds were the lone bright sport, with August net sales of $769 million, up slightly from $740 million in July.
Despite the weakening sales picture, IFIC reports that total mutual fund assets under management (AUM) climbed by $8.3 billion in August, or 0.6%, to $1.41 trillion.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Strategic Insight.
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