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Bernard Delbecque, EFAMA

Equity funds avoid sell-off from investors in July despite market fears, says EFAMA

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European UCITS registered net outflows in July of EUR14 billion, compared to net outflows of EUR 29 billion in June, according to the latest Investment Fund Industry Fact Sheet from The European Fund and Asset Management Association (EFAMA).

This reduction in the level of net outflows is on account of reduced net outflows from money market funds and an increase in the net sales of bond funds.
 
Long-term UCITS (UCITS excluding money market funds) enjoyed an increase in net inflows in July to EUR 11 billion, up from EUR 7 billion in June.
 
Bond funds enjoyed a jump in net inflows to EUR 6 billion from breakeven point in June.
 
Balanced funds continued to record net sales, albeit at a reduced level of EUR3 billion compared to EUR 6 billion in the previous month.
 
Equity funds experienced reduced net outflows during the month of EUR1 billion, compared to EUR 3 billion in June.
 
Money market funds continued to record large net outflows in July.  Net withdrawals amounted to EUR 25 billion during the month, compared to outflows of EUR 36 billion in June.
 
Total non-UCITS net sales reduced from EUR 8 billion in June to record net inflows of EUR 6 billion in July.
 
Special funds (funds reserved to institutional investors) saw net inflows remain steady in July attracting inflows of EUR 6 billion.  However, real estate funds registered a drop in net inflows from EUR 3 billion in June to breakeven point in July.
 
Total assets of UCITS amounted to EUR 5,780 billion at end July 2011, an increase of 0.1 per cent since end June.  
 
Total assets of non-UCITS increased by 0.9 per cent in July to stand at EUR 2,105 billion.
     
Bernard Delbecque (pictured), Director of Economics and Research at EFAMA, says: “Negative surprises regarding the pace of global economic growth prompted caution amongst investors and flows into bond funds. Despite these developments and the decline in stock prices, equity funds managed to avoid a sell-off from investors in July.”

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