Net sales of the Canadian mutual fund industry sales returned to positive territory in July, according to data published Tuesday from the Investment Funds Institute of Canada (IFIC).
The industry recorded net sales of $772 million, reversing June’s net redemptions of $466 million. Net sales of long-term funds were $941 million in July, while net redemptions of money markets were $169 million.
Balanced funds led the sales turnaround in July, with net sales of $519 million, compared with almost $1 billion in net redemptions in June.
The equity and bond categories were also in positive territory. Equity funds produced net sales of $45 million, down from $283 million in June, while bond funds produced net sales of $33 million in net sales, compared with net redepmtions of $481 million in June.
Industry net sales are down substantially in 2018, IFIC’s data shows. The industry recorded year-to-date net sales of 15.2, billion through the first seven months of the year, compared with net sales of $35.2 billion for the same period last year.
Industry assets kept rising on the strength of market gains in July. The combined assets of Canada’s mutual fund industry totalled $1.53 trillion. Assets increased by $13.1 billion or 0.9% compared to June.