We had a net inflow of $9B in July, the first in six months - with $27B of foreign investment more than offsetting $17B of Canadian investment abroad…

… which was driven entirely by a record $17B allocated to foreign bonds…

… specifically U.S. government paper, which attracted $13B of new money in July.

It was a huge month for foreign inflows, which reversed $22B of net divestment through the first half of 2025 thanks to a $12B increase in equity market allocation…

… and $27B of investment into government paper, more than making up for a $16B outflow from corporate debt.