The Investment Funds Institute of Canada (IFIC) published sales figures and asset totals for funds in Canada in September showing continued redemptions of mutual funds and a decline in exchange traded fund (ETF) assets despite net sales being recorded during the month.
Mutual fund assets totalled $1.756-trillion at the end of September 2022, a decrease of $71.9-billion or 3.9 per cent compared to August 2022 when net assets were $1.828-trillion. In September 2021, net assets were just under $1.991-trillion.
The fund industry reported net redemptions of $8.965-billion in September 2022, up considerably from the $3.105-billion in net redemptions reported the previous month. Comparatively speaking, in September 2021 the funds were enjoying net sales of close to $8-billion. Year-to-date net redemptions have reached $18.639-billion, compared to $99.034-billion in net sales reported year-to-date at the same time last year.
ETFs meanwhile reported a decline in assets, despite increasing net sales. ETF assets totalled $287.6-billion at the end of September 2022, a decrease of $11.1-billion or 3.7 per cent compared to August 2022 net assets of $298.7-billion. A year ago, ETF net assets sat at $318.3-billion.
ETF net sales of $1.849-billion were reported for September 2022, down from year ago net sales of $2.847-billion, but up from the $1.475 reported in August 2022. Year-to-date net sales are less than half of what they were in 2021: As of September, year-to-date ETF sales were $20.868-billion compared to $43.552-billion recorded at the end of September 2021.