Mutual fund sales in Canada recorded net redemptions of $3.6 billion in October, bringing the combined assets of Canada’s mutual fund industry to $1.46 trillion, according to statistics from the Investment Funds Institute of Canada (IFIC).
The biggest year-over-year hit came from bond funds with net redemptions of $1.9 billion in October and year-to-date bond fund net sales 124% lower than the same time last year.
Next came long-term fund net redemptions which totalled $4 billion in October with year-to-date long-term fund net sales 78% lower than the same time last year.
Balanced funds also had problems with net redemptions of $1.8 billion in October with year-to-date balanced fund net sales 75.7% lower this time last year.
Shoring up overall sales were money market funds with net sales of $402 million in October and year-to-date net sales 301% higher than year-to-date, 2017.