Latest figures from the European Fund and Asset Management Association (EFAMA) reveal that bond funds were the most popular asset class worldwide in Q3 last year, although down on previous quarter.
The Association’s statistics show that bond funds continued to enjoy net inflows, even though the level was markedly reduced from the previous quarter - €7bn compared to €70bn. Even with such a pronounced drop, bonds were favoured over equity funds which experienced a swing in net flows to register net outflows of €79bn during the same period and which should be compared to net inflows of €16bn in Q2. There was also a turnaround in net sales for balanced/mixed funds to register net outflows of €14bn. And net outflows from long-term funds ran up to €78bn in Europe and €13bn in the US over that quarter.
The latest figures also show that money market funds experienced reduced net outflows during Q3 of €46bn as compared to €59bn in Q2. The US registered increased net withdrawals of €42bn, up from €32bn in the previous quarter. While back in Europe, money market funds experienced reduced net outflows totalling just €5bn, compared to €30bn in the second quarter.
EFAMA also reports that at the end of Q3 assets of equity funds represented 36% and bond funds represented 22% of all investment fund assets worldwide. The asset share of money market funds was 19% and the asset share of balanced/mixed funds was 11%. The 10 largest domiciles in the world market (excluding non-UCITS), work out with a market share as follows: United States (47.9%), Luxembourg (9.2%), France (5.8%), Brazil (5.7%), Australia (5.4%), Ireland (4.1%), Japan (4.0%), Canada (3.5%), United Kingdom (3.2%) and China (1.3%).
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