After 11 straight months of positive flows, Canadian mutual funds suffered outflows of $545.4 million in September, The Globe and Mail reports.
During the streak, investors poured $16 billion into mutual funds, according to The Investment Funds Institute of Canada. But in September, redemptions outpaced gross sales, roughly $9.4 billion to $8.9 billion.
Canadian and foreign common shares funds, according to Globe and Mail data, suffered the most. According to the IFICs Web site, assets under management in Canadian funds are now at $470.5 billion, up 0.5% from August and 15.1% from September 2003.