The Swedish Investment Fund Association (Fondbolagens förening) has reported some SEK3.9bn (€360m) went into funds on a net basis through June, predominantly in equity and bond funds, while balanced funds experienced net withdrawals.
However, the Association also notes that a significant portion of money being switched between and within fund sectors through the month can be explained by switches in the Premium Pension (PPM) system.
Equity funds experienced net inflows of SEK7.8bn (€730m), while bond funds saw SEK3.9bn (€360m) come in. Net withdrawals from balanced funds hit SEK5.2bn (€480m) and from hedge funds they hit SEK1.8bn (€170m).
June was a positive month for equity markets globally, with the Stockholm market up 6.8% including dividends - it is up 21% since the start of the year - and this would have been a factor in the inflows to equity funds.
Net inflows in the first six months of 2019 hid SEK28bn (€2.6bn), with long term bond funds accounting for the majority of this (SEK23.7bn, €2.2bn), followed by equity funds (SEK22.2bn, €2bn). Balanced funds saw SEK6.7bn (€620m)of withdrawals on a net basis over the period.
Total investment fund industry assets incresed by some SEK152bn (€14bn) through the month to end June at SEK4.631trn (€431bn). Some 59% of assets are invested in equity funds.