The Investment Funds Institute of Canada (IFIC) has published its November 2022 sales and net asset figures showing mutual fund redemptions continuing while exchange-traded funds (ETFs) recorded net sales.
Assets increased for both mutual funds and ETFs during the month. Mutual fund assets totalled $1.870-trillion at the end of November 2022, an increase of $74.1-billion or 4.1 per cent. ETF assets increased by $17.2-billion or 5.7 per cent to finish the month at $317.8-billion.
Virtually every mutual fund category, except money market funds, reported net redemptions during the month. All told, mutual funds recorded net redemptions of $8.65-billion, a continued slide when compared to October 2022 when net redemptions were $8.102-billion and a steep drop when compared to year-ago sales figures – in November 2021, net sales were $7.495-billion. Year-to-date net redemptions are $35.387-billion by the end of November. At the end of November 2021, the industry year-to-date reported net sales of $112.159-billion. March 2022 was the last time the industry reported net mutual fund sales when it then eked out a $922-million gain.
ETFs fared significantly better, reporting net sales of $4.193-billion, an increase month-over-month, but a decline when compared to year-ago sales numbers. In October 2022 net sales were $3.354-billion; in November 2021 net sales were $5.121-billion. Year-to-date net sales were just $28.415-billion. At the end of 2021 year-to-date net sales were $53.072-billion.
