Fund sales positive in October
Sales of mutual funds and exchange-traded funds (ETFs) picked up in October 2020, relative to September’s sales numbers, according to the latest numbers from the Investment Funds Institute of Canada (IFIC). Total assets, however, declined month over month, but were higher year-over-year, relative to October 2019 numbers.
Mutual fund assets totaled $1.64-trillion at the end of October 2020, down $24.1-billion compared to the $1.67-trillion reported in September, but up compared to the $1.59-trillion reported in October 2019.
Net sales for mutual funds reached $3.39-billion during the month, up notably relative to the $33-million in net redemptions recorded in September 2020 and up compared to October 2019 net sales of $1.32-billion in October 2019. Equity fund declines tapered off in October – the equity fund category reported only $3-million in net redemptions compared to the $1.64-billion in net redemptions recorded in September 2020. Balanced funds and bond funds posted net sales of $1.17-billion and $178-billion respectively.
Total ETF assets, meanwhile, declined slightly month-over-month but rose year-over-year. ETF net assets were $232.1-billion in October 2020, down from $234.6-billion in September 2020 but up compared to $192.3-billion reported in October 2019. All ETF categories posted net sales during the month, with equity ETFs driving total net sales to $1.94-billion in October 2020, up compared to September net sales of $699-million but down considerably relatively to net sales of $3.85-billion in October 2019.