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Canadian mutual funds continued to suffer big net outflows as stock markets around the world sank deeper into the red.
The Investment Fund Institute of Canada (IFIC) reported that investors pulled $8.7 billion from mutual funds in November, the 8th consecutive month of net redemptions.
The sell-off is widespread and investors are pulling money from equities, equities, bonds and specialty mutual funds.
Through 11 months of the year, Canadians have redeemed a total of $35.4 billion in mutual funds.
The sell-off coincides with a slump in global stock markets. The Toronto Stock Exchange is down 8% in 2022.
Meanwhile, investors in Canada put $4.2 billion into exchange-traded funds (ETFs) in November. ETFs have seen net gains this year.
ETFs are becoming increasingly popular with investors because of their lower fees compared to mutual funds, industry analysts say.
However, IFIC data shows that mutual fund assets continue to outpace ETF assets in Canada.
According to IFIC data, the amount held in mutual funds was $1.87 trillion compared to $317.8 billion at the end of November.
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