Where did June's smart money go?

Investors remained unconvinced by the machinations of European policymakers and continue to withdraw money from eurozone equity and bond markets. In many cases, they are simply parking it in short-term money market funds while they wait for the picture to become clearer. But they are not completely risk averse – emerging market equity and bond markets have started to build momentum again in recent weeks. Global fund flow data from EPFR Global showed that European equity and bond funds were still substantially out of favour with investors. However, there were signs that some managers thou...