Data to the end of November suggests that Swedish total industry assets hit SEK3,480bn (€358bn) by month’s end – the highest ever total AUM recorded for the local fund market.
This came despite net outflows from all fund categories combined of SEK4.2bn through the month.
Equity funds saw net outflows of SEK2.7bn, money market funds outflows of SEK1.8bn, and bond funds outflows of SEK1.3bn. Hedge funds saw outflows of SEK0.5bn and other funds outflows of 0.2bn.
Balanced funds went against the trend, with net inflows of SEK2.2bn through the month. Total net inflows across all fund categories for the year to the end of November were SEK9bn (€927m), the Swedish Investment Fund Association reports.
Fredrik Pettersson, chief analyst, said: “After a couple of months with stable net inflows into equity funds, the trend was reversed in November. Money was mainly withdrawn from emerging market funds. Outflows from money market funds continues, as a result of extreme interest rates. Notably, the total fund assets continued to rise, despite the month’s net outflow, and reached a new all-time high level.”
In another trend noted by the Association, the data suggests that index funds now account for 8% of total fund assets, and over 14% of net assets in equity funds.