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Canadians Pulled $8.7 Billion From Mutual Funds In November

Canadian mutual funds continue to suffer big net outflows as stock markets around the world sink further into the red.

The Investment Funds Institute of Canada (IFIC) reported that investors pulled $8.7 billion from mutual funds in November, the eighth consecutive month of net redemptions.

The selling was widespread, with investors taking money out of balanced, equity, bond, and specialty mutual funds.

Through 11 months of the year, Canadians redeemed a total of $35.4 billion from mutual funds.

The selling coincides with a downturn in global stock markets. The Toronto Stock Exchange is down 8% in 2022.

At the same time, investors in Canada put a net $4.2 billion into exchange-traded funds (ETFs) in November. ETFs have seen net inflows this year.

ETFs have become more popular with investors because of their lower fees compared to mutual funds, say industry analysts.

However, IFIC data shows that mutual fund assets continue to be larger than money in ETFs within Canada.

The amount held in mutual funds at the end of November totalled $1.87 trillion compared to $317.8 billion placed in ETFs, according to IFIC data.