{"id":1112,"date":"2023-12-22T11:19:10","date_gmt":"2023-12-22T11:19:10","guid":{"rendered":"https:\/\/financeify.ca\/?p=1112"},"modified":"2023-12-22T11:19:10","modified_gmt":"2023-12-22T11:19:10","slug":"fund-sales-in-june-reached-their-highest-level-in-seven-years","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2023\/12\/22\/fund-sales-in-june-reached-their-highest-level-in-seven-years\/","title":{"rendered":"Fund sales in June reached their highest level in seven years"},"content":{"rendered":"

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(July 15, 2005) Canada’s mutual fund industry reported $1.8 billion in net new sales in June, the most since 1998. IFIC data suggests investors continue to choose long-term investments. At the same time, industry competition and consolidation of clone funds are starting to impact sales. <\/p>\n

Total assets under management increased 1.3% since May to an all-time high of $526.8 billion. This is also the eighth time in the last 10 months that assets have increased. Gross sales for the month, including money market funds, were $13.7 billion. <\/p>\n

\u201cVirtually all of the sales, across the industry, were in the long-term categories,\u201d says Rudy Luukko, editor-in-chief of Morningstar Canada mutual funds. He says investors continue to avoid global equity funds in favor of Canadian balanced funds, bond funds, dividend funds and income mutual funds. <\/p>\n

\u201cLong-term, domestic and income-oriented were the core characteristics of all the best-selling funds,\u201d Luukko says. Meanwhile, global equity funds suffered nearly $208 million in net redemptions last month, making the category the biggest laggard. <\/p>\n

On an individual basis, the RBC Monthly Income Fund earned nearly $219 million in June, making it one of the best-selling funds, while both Fidelity Northstar and Fidelity International Portfolio benefited on paper from the company’s efforts to eliminate a range of RSP clone funds. . In June, the funds reported $504 million and $334 million in net new sales, respectively, primarily as a result of how transfers from RSP clones were reported. <\/p>\n

\u201cOver the next few months, this pattern will repeat itself across the industry,\u201d Luukko says. On June 24, Fidelity liquidated 17 clone funds, affecting nearly $1.2 billion in assets. <\/p>\n

Meanwhile, changes in competition and strategic managers affected sales of the third- and fourth-place bestsellers. <\/p>\n

Synergy Tactical Asset Allocation and Synergy Canadian Class funds recorded new net sales of $241 million and $231 million, respectively, as parent CI Investments removed the Fidelity Canadian Asset Allocation and Fidelity True North funds from its spin-off Clarica fund portfolios in favor of two Synergy funds . <\/p>\n

In all, Fidelity suffered net losses of $615 during the month, losing $362 million from CI and another $178 million from similar changes by TD. Luukko says both moves resulted from the firm’s specific decisions to use in-house asset managers “rather than condemning Fidelity’s attributes as an investment manager.” <\/p>\n

After Fidelity funds, AIC Diversified Canada had a difficult month with net redemptions of $190 million, and the TD Dividend Growth fund lost almost $185 million. <\/p>\n

Overall, CI was the top performer with net new sales of $519, including funds transferred from Fidelity, TD was second with net new sales of $474 million, and RBC Investments was third with $431.<\/p>\n

Fidelity is among the laggards, followed by AIC with net redemptions of $380 million and AGF with net redemptions of $169 million for the month. <\/p>\n

Filed by Kate McCaffery, Advisor.ca, kate.mccaffery@advisor.rogers.com <\/i><\/p>\n

(15\/07\/05)<\/i><\/p>\n

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(July 15, 2005) Canada’s mutual fund industry reported $1.8 billion in net new sales in June, the most since 1998. IFIC data suggests investors continue to choose long-term investments. At the same time, industry competition and consolidation of clone funds are starting to impact sales. 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