Mutual fund net assets jumped $38.7 billion in May, totalling $1.58 trillion as at the end of May, according to data from the Investment Funds Institute of Canada (IFIC).
The biggest winner in mutual fund net sales were bonds with $1.8 billion, bringing net assets for the category to $221.3 billion, compared to $217.1 billion in April.
Meanwhile, the bond sector in Canadian ETFs didn’t fare nearly as well. ETF bonds had $56 million in net redemptions in May. However, net sales in equity ETFs picked up the slack, bringing in $1.870 billion, compared to $508 million in April.
Balanced mutual funds drop
The only loser in net sales for mutual funds was in balanced funds, down $740 million, a major change from $1.44-billion drop in April.
Total net sales of mutual funds in May stood at $2.65 billion, compared to $1.25 billion the month before. Mutual fund net assets were $1.58 trillion, up slightly from the previous month.
ETF total net assets take big jump
Total net sales in ETFs were $2.625 billion in May compared with $703 million the previous month.
ETF net assets stood at $211.4 billion, up slightly from the previous month of $204.2 billion.
IFIC’s data is adjusted to remove double-counting of mutual funds that invest in other mutual funds, but the same adjustment is not made for ETFs.
