Investment funds in Spain have grown by €2.06bn in July to €270.55bn in assets under management, 5.1% up against the December 2018's figure.
Both global equity and fixed income were the investment categories leading the growth in the month, with €3.57bn and €2.66bn more respectively, according to Inverco's monthly report.
Conversely, global funds and mixed fixed income strategies lost €3.05 and €1.40 respectively in July.
Fixed income, global equity, and mixed equity funds increased the most over the seven months to July, accumulating €4bn in assets under management collectively during this period, which represents a 17% increase YoY.
Absolute return funds' assets under management were down by 15.4% versus the December 2018 figure, with a loss of €2.21bn on the year so far.
NET SUBSCRIPTIONS AND REDEMPTIONS
Although the Spanish fund industry received €72m of net new money in July, it has lost €314m so far in the year.
While net subscriptions of global equity funds and fixed income funds have gone up by almost €3bn and €2.44 respectively, global funds and mixed fixed income products experienced net redemptions of €3.3bn and €1.7bn respectively. These two categories alongside absolute return funds have suffered the sharpest losses during the year, amounting to almost €6bn of net redemptions between the three.