Inflows to Gold and Silver funds were at their highest level since October 2012, a further sign investors are starting to look for safe havens. Inflows into bond funds (+€3.5bn) surpassed those into equities (+€3.2bn).
EM sell-off continues
On the other side of the spectrum, the asset class considered most risky, emerging markets stocks, suffered substantial outflows. Investors withdrew €2.5bn from emerging markets equity funds, the 20th consecutive week of outflows. The redemptions were consistent with fund selector sentiment about emerging markets, which is on a record low. US equities inflows (+€4.9bn) though were substantially higher than those in European fund selectors’ favourite asset class, European equities (+€0.1bn)