Canada’s mutual funds industry suffered net redemptions in September, while industry net assets retreated, the Investment Funds Institute of Canada (IFIC) announced Tuesday.
Industry assets totalled $1.52 trillion, down by $13.3 billion or 0.9%, compared to August 2018.
Long-term fund net redemptions were $1.4 billion in September and year-to-date net sales were $13.1 billion. Year-to-date long-term fund net sales were 66.3% lower than year-to-date, 2017.
Net sales for all of the major asset categories were in the red last month, led by the bond fund category.
Bond fund net redemptions were $1 billion in September and year-to-date net redemptions were $741 million. Year-to-date bond fund net sales were 107.5% lower than year-to-date, 2017.
Balanced fund net redemptions were $349 million in September and year-to-date net sales were $7.2 billion. Year-to-date balanced fund net sales were 66.8% lower than year-to-date, 2017.
Equity fund net redemptions were $277 million in September and year-to-date net sales were $4.3 billion. Year-to-date equity fund net sales were 21.3% lower than year-to-date, 2017.
Money market fund net redemptions were $168 million in September and year-to-date net sales were $821 million. Year-to-date money market fund net sales were 345% higher than year-to-date, 2017.