Volatile markets seem to have spooked Canadian investors.
According to mutual fund sales data provided by the Investment Funds Institute of Canada (IFIC), Canadians have sold nearly $7.7 billion in equity mutual funds in the first six months of 2012, up from $2.8 billion in the same period last year.
The exodus from stocks has accelerated over the past year. For the 12-month period ending in July, investors have redeemed more than $15.6 billion in equity funds, an 82% increase from the $8.5 billion sold in the same period in 2011.
The steady equity sell-off has been offset by increased investments in more conservative funds, like balanced funds and bond funds. The IFIC reported more than $17.2 billion in net sales of balanced funds and $12 billion in bond funds in the past six months.
Overall, the industry has continued to grow, with total mutual fund assets under management rising year over year to $802.7 billion from $795.2 billion.
