Canada’s mutual fund industry recorded net redemptions of $3.6 billion in October and year-to-date net sales of $10.4 billion, the Investment Funds Institute of Canada announced Tuesday.
Industry net assets fell by $63.1 billion to $1.46 trillion, down 4% compared to September.
Long-term funds net redemptions were $4 billion in October and year-to-date net sales were $9.2 billion. Year-to-date long-term fund net sales were 78% lower than year-to-date, 2017.
Bond funds net redemptions were $1.9 billion in October, followed closely by balanced funds with net redemptions of $1.8 billion, and equity funds with net redemptions of $1.2 billion.
Year-to-date bond fund net redemptions were $2.7 billion. Equity fund net sales year-to-date were $3.1 billion, 49.5% lower than year-to-date, 2017.
The only bright spot in October for long-term funds was the specialty fund category, which recorded net sales of $917 million.
Money market fund net sales were $402 million in October and year-to-date net sales were $1.2 billion. Year-to-date money market fund net sales were 301% higher than year-to-date, 2017.