IFIC’s monthly statistics show $1.55 billion of mutual funds were redeemed in September.
The redemptions mark a significant change from $1.64 billion in sales for the same month last year, and from net sales of $299 million in August 2018, the report said.
Net sales of mutual funds were approximately $14 billion for the year to date, compared to almost $39 billion for the same period last year.
Bond funds had the highest net redemptions in September, at $1 billion. Net redemptions for balanced funds were $349 million, while equity fund net redemptions were $277 million. Specialty funds had net sales of $266 million.
For the year to date, bond funds have seen net redemptions of $741 million, while net sales for balanced funds were $7.2 billion and equity funds had net sales of $4.3 billion.
Net sales of $2.4 billion so far this year in specialty funds exceed the approximately $2 billion at this time last year.
The combined assets of the mutual fund industry were $1.52 trillion in September, a drop of $13.3 billion, or 0.9%, from August. Last year at this time, total assets were almost $1.43 trillion.
Read the monthly statistics here.