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Equity fund sales surge as Baillie Gifford takes top spot

Equity fund sales surge as Baillie Gifford takes top spot

Investor appetite for equity funds showed a significant surge in the latest long-term fund flows, with new money into stock strategies driving a seventh consecutive month of overall positive flows.

According to Lipper’s fund report for July, which covers long-term fund sales across Europe, €19.1 billion (£17.7 billion) was invested in equity funds over the course of the month. This is in contrast to the €0.3 billion withdrawn in the June data.

Meanwhile, bond funds added €17.1 billion, representing a further cooling off from earlier highs. It had already dropped from €26.5 billion to €21.6 billion over May and June.

Elsewhere, mixed asset funds saw net inflows of €10.3 billion, while Alternative Ucits added €5.3 billion and commodity funds added €0.3 billion. This meant that funds as a whole experienced positive net inflows of €51.1 billion for the month.

At a sector level, global equity funds proved most popular, with €5.4 billion added. That was ahead of global bonds (+€3.6 billion) and euro-denominated short-term bond funds, which saw €3.3 billion of net new money.

On the other hand, money market funds were hit the hardest, and €1.9 billion was withdrawn from US dollar-denominated high yield bond funds.

Amundi achieved the greatest level of net sales, largely driven by inflows into its money market products. The French group added €13.5 billion over the month, putting it ahead of both BlackRock (+€6.7 billion) and BNY Mellon (+€6.1 billion).

Meanwhile, the single best-selling fund was the Baillie Gifford Long Term Global Growth Investments fund. The UK-domiciled fund, which is managed by Citywire AA-rated Mark Urquhart, added €2.6 billion in assets over the month.

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