The Investment Funds Institute of Canada (IFIC) has released industry data report for April, and it shows that total mutual fund sales were down sharply compared to the same month last year.

Total net sales for April came to just $1.8 billion, a decline of 67% compared to the $5.5 billion of net sales reported in April of 2015. Net sales were also much lower compared to the previous month, down 60% from the $4.5 billion reported in March.

Balanced, bond and specialty funds

April saw investors abandoning stand-alone mutual funds in favour of funds-of-funds; net redemptions for the former came to $712.9 million while the latter saw net sales of $2.5 billion. Most of this new money went into the balanced, bond, and specialty fund categories.

Equity funds experienced net redemptions of $395.7 million in April. IFIC notes that net sales for this fund category over the last 12 months totalled $1.5 billion, down from net sales of $2.9 billion during the same month last year.

Total mutual fund assets under management

Total mutual fund assets under management increased to $1,241 billion in April, which is 0.5% higher than the $1,234 billion reported in March. Over the last twelve months, total assets under management have increased by 2%.