SIMA stats reveal positives across most asset classes for domestic funds
Investors showed keen interest in Canadian investment funds last month, with net sales recorded for both mutual funds and ETFs.
Newly released stats from the Securities and Investment Management Association (SIMA) reveal both fund types improved on their previous month with gains seen across many asset classes.
For mutual funds, net sales were $5.4 billion in November (up from $4 billion in October), driven by bond funds ($2.9 billion, up from $2.6 billion), and a strong recovery for money market funds ($1.8 billion vs. net redemption of $130 million in October) marking their highest inflows since March.
The only mutual fund asset class to record a negative figure was equities, but at $746 million the net redemptions were well below October’s $1.3 billion pull-back. Net sales for balanced funds were $357 million, down from $1.8 billion in October and specialty funds recorded $1.11 billion (down from $1.14 billion).
Overall, mutual funds had their second-largest monthly net sales of the year.
Mutual fund assets totalled $2.543 trillion at the end of November, up by $23.0 billion or 0.9% since October.
For ETFs, recorded their second-largest monthly net sales not just for the year, but ever. The total of $12.9 billion was up from $9.9 billion in October.
Almost all asset classes saw net sales, with all improving on their prior month totals, except for balanced funds which totalled $1.22 billion (down from $1.27 billion) and speciality at $988 million (down from $1.4 billion).
Gains were led by equity ETFs with net sales of $6.8 billion, building on the $5.3 billion of October, while bond funds posted $3.2 billion, up from $2 billion. As with mutuals, the money market segment of the Canadian ETF landscape rebounded to net sales of $705 million in November following net redemptions of $106 million in October and their highest inflows since April.
ETF assets totalled $700.0 billion at the end of November, up by $17.3 billion or 2.5% since October.
