Mutual funds and ETFS plummet in March
Canada’s mutual fund industry took it on the chin in March as market volatility pushed down assets almost $160 billion or 10 per cent compared to February.
The Investment Funds Institute of Canada (IFIC) says mutual funds recorded net redemptions of $14.1 billion in March. Hardest hit were long-term funds, down more than $18 million and balanced funds with assets down more than $11 million.
In total, mutual funds recorded net redemptions of $14.1 billion in March.
ETF fared slightly better, with net sales of $3 billion in March despite $20 billion in a drop in assets. ETF assets totalled $190.3 billion at the end of March.
Mutual fund data is adjusted to remove double counting arising from mutual funds that invest in other mutual funds. However, ETF data is not adjusted to remove double counting.