Mutual Fund Sales Up in June

par Andrew Rickard | July 21 2014 07:24AM

The Investment Funds Institute of Canada (IFIC) says that mutual funds sales and assets under management increased last month compared to both the previous month and the previous year.

Total net sales for June 2014 were $5.09 billion, a gain compared to net sales of $5.01 billion in May and significantly higher than the $2.21 billion in net sales recorded in June of 2013. As for mutual fund assets under management for June 2014, they were $1,100 billion, up from $1,082 billion in the previous month for an increase of 1.7%. Since June last year, total mutual fund assets have increased by $193 billion or 21.3%.

Measured by broad asset class, net sales of balanced funds increased to $4.48 billion in June compared to $4.27 billion in May, and were up to $30.4 billion compared to $25.8 billion during the first six months of 2013.

Bond funds sales in June 2014 totalled $1.17 billion, a significant increase from $323.6 million last month. Year to date, net sales for bond funds were down to $1.26 billion in contrast to net sales of $3.01 billion in the same period last year.

Investors sold off equity funds in June, redeeming $415.6 million compared to the $335.1 million in net sales recorded in May. Net sales of equity funds totalled $5.10 billion year to date, up from the $558.0 million in net sales made during the first half of 2013.