Market month: Fund news and updates

Fund news from Picton Mahoney, CIBC, and Desjardins

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Fund news

IFIC releases June statistics

The Investment Funds Institute of Canada (IFIC) on July 23 announced investment fund net sales and net assets for June 2024.

Mutual fund assets totalled $2.073 trillion at the end of June, up by $14.2 billion, or 0.7%, since May. Mutual fund net redemptions were $1.9 billion in June.

ETF assets totalled $440.5 billion at the end of June, up by $11.3 billion, or 2.6%, since May. ETF net sales were $10.1 billion in June.

June insights

• In the first six months of 2024, mutual fund assets grew by $133.9 billion, or 6.9%.
• Mutual funds experienced positive flows across money market, bond, and specialty categories. Notably, money market mutual funds saw their largest inflows since March 2020, with 72% of all money market funds reporting positive inflows.
• ETF sales were at an all-time high, with positive sales in every asset category.
• Bond funds accounted for over half of ETF net sales, marking the strongest sales month on record for this asset category.

View the full report on the IFIC website.

Picton Mahoney terminates income fund

Picton Mahoney Asset Management on July 19 announced plans to terminate Picton Mahoney Tactical Income Fund (TSX: PMB.UN), effective on or about Aug. 26, 2024. In a release the company said “the manager has determined that it is no longer economically feasible to continue the Fund and that it would be in the best interests of unitholders to terminate the Fund on the Termination Date.”

CIBC offers ETF series of target date bond funds

CIBC Asset Management Inc. on July 16 launched ETF series of the CIBC Investment Grade Bond Funds as shown in the table below. The funds trade on the CBOE CAN Exchange.

Desjardins terminates Wise Fixed Income Portfolio

Desjardins Investments Inc. on July 9 announced that it will close its Wise Fixed Income ETF Portfolio on or around Sept. 12, 2024. In a release, Dejardins said its decision to terminate the portfolio was a result of the low net asset value of the Portfolio and the limited number of unitholders.

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The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

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