Nov 7 2008

Massive Sell-off In October

After almost a month, I have finally settled down in the new city, Calgary. The stock market has been absolutely voliatle during the last few months. We just hit a record high sell off in October. A record $8.45 billion have been pulled from Canadian mutual fund market in October. September held the previous record for net outflows with $4.5 billion.  The net outflows/net redemptions in October were reported as follows:

RBC Asset Management Inc. - nearly $2 billion

CIBC Asset Management - nearly $1.4 billion

TD Asset Management - $1.1 billion

IGM Financial (includes Investors Group and Mackenzie Financial) - $489 million

CI Financial Income Fund - $340 million

AGF Management - $232 million

DundeeWealth Management - $171 million

Invesco Trimark - $537 millionFranklin Templeton Investments - $465 million

This is definitely a record month of fear. Personally, I am still hanging on to my own investment strategy, well diversified and invest in ETFs.

 

 

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