Industry Overview - July 2015

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Industry Overview - July 2015
IFIC INDUSTRY OVERVIEW
July 2015
Data for the report was comprised of data from the following companies who report to IFIC:
AEGON Fund Management
AGF Investments Inc.
ATB Investment Management Inc.
3
BlackRock Asset Management Canada Limited
BMO Financial Group
Bridgehouse Asset Managers
Brickburn Funds Inc.
Bullion Management Group Inc.
Caldwell Investment Management Ltd.
Canoe Financial
Capital International Asset Management (Canada), Inc.
CIBC Asset Management
Counsel Portfolio Services Inc.
Educators Financial Group Inc.
Fidelity Investments Canada ULC
2
Fiera Capital
Fonds Desjardins
Franklin Templeton
Gestion Férique
HSBC Global Asset Management (Canada) Limited
IA Clarington Investments
Investors Group Inc.
Mackenzie Financial Corporation
Manulife Mutual Funds
MD Management Limited
OceanRock Investments
National Bank Securities
NexGen Financial Limited Partnership
Norrep Funds
Northwest & Ethical Investments L.P.
PIMCO Canada Corp.
RBC Global Asset Management
Russell Investment Group
Scotia Global Asset Management
Sentry Investments
Standard Life Mutual Funds Ltd.
Stone & Co. Limited
TD Asset Management
Tradex Management Inc.
and from the following companies providing data to, or estimated by, Investor Economics1:
A.P.M.
Acker Finley
Aston Hill Asset Management
Barreau du Quebec
Beutel Goodman
BlackRock Asset Management
Canada Limited
BluMont Capital
Brigata
Capital International
Castlerock Investments
CC&L Managed Portfolios
Chou Associates
CI Investments
Cormel
Creststreet Asset Management
Dimensional Fund Advisors
Canada
EdgePoint
Excel Funds Management Inc.
First Asset
FMOQ
Friedberg
Front Street Capital
1
frontierAlt Fund Management
Galileo Funds
Gatehouse Capital
GBC
Goodwood
Highstreet
I.A. Michael
ING Direct Asset Management
Integra Capital
Invesco Trimark
JovFunds
Leith Wheeler
Lincluden
Matrix Asset Management Inc.
Middlefield
Montrusco Bolton
OceanRock Investments
PenderFund Capital Mgmt.
PIMCO Canada
Pro-Financial
Prosperata
QE Funds
Quebec Professionals
REA
Redwood
Ridgewood Capital Asset
Management
ROI Fund
Fiera Capital
SEI Investments Canada
Sprott
Steadyhand
3
Sun Life Global Investments
Universal Savings Fund Mgmt.
Value Partners
Vertex One Asset Management
Webb Asset Management
Investor Economics provides the aggregated totals used in this file. Data is compiled from IFIC and other sources to comprehensively
reflect the size and activity of the Canadian Retail Mutual Fund Industry.
2
Fiera Capital began reporting in July 2014
3
BlackRock Asset Management Canada Limited began reporting in February 2015
Table of Contents
Table of Contents ........................................................................................................................................ 3
Highlights ..................................................................................................................................................... 4
Top Line Metrics .......................................................................................................................................... 5
Glossary of Terms ....................................................................................................................................... 6
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IFIC Industry Overview | July 2015
Highlights
Overall Results for July 2015
»
Industry net sales for July 2015 were $4.26 billion and year-to-date net sales were $45.2 billion.
»
Long-term funds’ net sales were $3.99 billion and year-to-date net sales were $45.9 billion.
»
Money Market funds’ net sales were $275.6 million and year-to-date net redemptions were $735 million.
Results by Broad Asset Class for July 2015

Balanced funds’ net sales in July 2015 totalled $3.10 billion compared to net sales of $4.01 billion last
month. Year-to-date net sales for balanced funds totalled $36.7 billion compared to net sales of $34.7 billion
for the same period last year.

Bond funds’ net sales in July 2015 totalled $317.5 million compared to net sales of $325.1 million last
month. Year-to-date net sales for bond funds totalled $2.69 billion compared to net sales of $2.38 billion for
the same period last year.

Equity funds’ net sales in July 2015 totalled $131.9 million compared to net sales of $163.9 million last
month. Year-to-date net sales for equity funds totalled $4.15 billion compared to net sales of $4.38 billion
for the same period last year.
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IFIC Industry Overview | July 2015
Top Line Metrics
Net Assets
Jul 2015
Net Sales
Jun 2015
Beginning of
Jul 2014
Year
Jul 2015
Jun 2015
YTD
YTD 2014
Last 12
Months
12 Months
ending
Jul 2014
Stand-Alone vs. Fund-of-Funds
Stand-Alone Funds
858.4
846.3
811.0
799.3
649.5
749.8
1,158.7
10,447.8
12,244.7
11,740.9
12,268.2
Fund-of-Funds
385.4
372.0
329.9
308.9
3,613.1
4,024.5
3,397.8
34,718.1
29,617.9
49,146.9
40,626.6
131.9
163.9
-713.5
4,146.9
4,383.7
4,066.6
8,544.4
3,095.3
4,005.0
4,267.0
36,686.3
34,705.4
52,431.0
46,864.9
Broad Asset Classes
$Millions
$Billions
Stand-Alone vs. Fund-of-Funds
Jul 2014
Broad Asset Classes
Equity Funds
404.3
395.9
374.2
367.3
Balanced Funds
638.8
623.8
575.2
545.6
Bond Funds
151.8
149.7
144.2
140.9
317.5
325.1
1,125.5
2,686.4
2,384.1
3,148.6
-3,515.2
Specialty Funds
24.3
24.6
22.6
28.7
442.3
301.2
88.5
2,381.2
2,638.6
3,368.1
3,815.7
Long-Term Funds Total
1219.2
1193.9
1116.2
1082.5
3,987.0
4,795.4
4,767.6
45,900.9
44,111.8
63,014.4
55,709.9
Short-Term Funds
24.6
24.4
24.7
25.8
275.6
-21.0
-211.0
-735.0
-2,249.1
-2,126.6
-2,815.0
Total Industry
1243.8
1218.3
1141.0
1108.2
4,262.6
4,774.3
4,556.6
45,165.9
41,862.7
60,887.8
52,894.8
Total mutual fund assets under management (AUM) for July 2015 were $1,244 billion, compared to $1,218 billion in
the previous month; an increase of $25.5 billion, or 2.1%. Since July 2014, total mutual fund assets have increased
by $135.6 billion or 12.2%.
Total net sales for July were $4.26 billion, and were down compared to net sales of $4.77 billion for the previous
month, and were slightly down compared to net sales of $4.56 billion last July.
Long-term fund net sales totalled $3.99 billion in July, and over the last 12 months ending July 2015 totalled $63.0
billion.
Money Market fund net sales in July were $275.6 million. Over the last 12 months, Money Market fund net
redemptions totalled $2.13 billion.
Balanced funds’ net sales in July 2015 totalled $3.10 billion compared to net sales of $4.01 billion last month.
Bond funds’ net sales in July 2015 totalled $317.5 million compared to net sales of $325.1 million last month.
Equity funds’ net sales in July 2015 totalled $131.9 million compared to net sales of $163.9 million last month.
page 5 of 8
IFIC Industry Overview | July 2015
Glossary of Terms
Asset Class
Refers to a broadly defined set of assets, grouped together by similar characteristics within CIFSC
categories. An example of an asset class is Domestic Equity, which comprises the CIFSC categories of
Canadian Equity, Canadian Focused and Canadian Small Cap (including others).
CIFSC Categories
Refers to a one or more of the investment fund categories established and maintained by the Canadian
Investment Funds Standards Committee based on established criteria as defined from time to time.
Definitions for each of the CIFSC Categories, and a list of funds included within each category, can be
viewed at www.cifsc.org.
Long-term funds
All funds excluding money market funds
Short-term funds
Money Market funds
Net sales
Shown in this report do not include reinvested distributions and are calculated as:
x = gross sales – redemptions + transfers in – transfers out.
% Change
The total percentage change over the period specified. For example, the year-over-year (% change) is the
answer to the following equation:
x = 100 x [(Current Assets/ Assets previous year same month) – 1]
Cumulative (as used in Long-Term Funds Overview)
The total net sales or market effect amount over the period specified.
Fund-of-Fund (Fund Wrap)
A mutual fund product or program that is set up to purchase other mutual funds rather than invest directly in
underlying securities. It is usually marketed as a ‘total solution’ product. Both the fund selection and the
asset allocation decisions are often made by the fund manager however these decisions can be made by
the investor depending on the level of customization available in the program. The investor may own the
underlying funds directly or may only own the ‘top’ fund.
page 6 of 8
IFIC Industry Overview | July 2015
ABC
Fund-of-Fund
(Top Fund)
ABC
Mutual Fund A
(Underlying Fund)
ABC
Mutual Fund B
(Underlying Fund)
ABC
Mutual Fund C
(Underlying Fund)
Proprietary Fund-of-Fund
Fund-of-funds that are only invested in underlying mutual funds offered by the same fund company as the
top fund. Example, an ABC fund-of-fund invested in ABC underlying funds only.
3rd Party Fund-of-Fund
Fund-of-funds that invest in underlying mutual funds offered by a different fund company than the top fund.
Example, an ABC fund-of-fund invested in XYZ underlying funds.
Proprietary & 3rd Party Fund-of-Fund (Mixed Fund-of-Fund)
Fund-of-funds that invest in underlying mutual funds offered by both the same company as the top fund and
also by fund companies that are different from the top fund. Example, an ABC fund-of-fund invested in ABC
underlying funds and XYZ underlying funds.
page 7 of 8
IFIC Industry Overview | July 2015
IFIC Statistics Department
Alykhan Surani,
Manager, Research & Statistics
email: [email protected]
ph : (416) 309 2312
Tamar Modzmanashvili,
Senior Analyst, Research & Statistics
email : Tmod[email protected]
ph : (416) 309 2302
page 8 of 8
IFIC Industry Overview | July 2015

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