Canadians continued to invest heavily in balanced mutual funds in August.
The Investment Funds Institute of Canada says net sales of balanced funds, which hold a variety of assets, totalled $3.44 billion last month compared with $1.66 billion in August 2013.
In total, net mutual fund sales amounted to $4.13 billion in August compared with $939.6 million in the same month last year.
Bond fund net sales in August totalled $214.7 million compared with $1.4 billion in net redemptions a year ago.
Equity fund net redemptions in August totalled $84.7 million compared with net sales of $558.9 million a year ago.
Overall, net sales of long-term funds totalled $4.09 billion in August compared with $1.04 billion in August 2013.
Net sales of short-term money market funds totalled $35.8 million last month compared with $102.6 million in net redemptions last year.
Mutual fund assets under management in August totalled $1.130 trillion, up from $999.2 billion a year ago.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.