Both mutual fund and ETF sales surged in July, according to new data from the Investment Funds Institute of Canada (IFIC).
The industry trade group reported that mutual funds recorded $2.5 billion in net sales for July, up from $771 million in June.
A turnaround in equity fund sales powered the net sales improvement. Equity funds generated $460 million in positive net sales in July, after suffering $1.4 billion in net redemptions in June.
Bond fund sales also ticked up in July, coming in at $1.4 billion, up from $1.1 billion in June.
Conversely, balanced fund sales dropped to $314 million from $662 million in June.
ETF sales also jumped in July, IFIC reports. Monthly ETF sales came in at $1.6 billion, up from $331 million in June.
Equity ETF flows also improved in July, but didn’t make it to positive territory. Instead, equity funds recorded a more modest $152 million in redemptions, compared with $902 million of redemptions in June.
At the same time, bond ETFs also saw sales surge to $1.4 billion from $870 million in June. Balanced ETF sales were up slightly to $163 million from $137 million in the previous month.
Both mutual fund and ETF assets under management (AUM) also increased in July.
IFIC reports that mutual fund assets rose by $9.5 billion in July to $1.57 trillion, which represents a 0.6% gain.
ETF assets grew faster, gaining 1.3%, as AUM increased by $2.3 billion to $183.8 billion.