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Global market turmoil drives weakest start to financial year in five years for managed fund flows

Fund Flow Index - Q4 2023

Australian investors started the financial year in a sombre mood. Managed equity funds saw inflows of just A$705m during the seasonally important start to the financial year.  This was the weakest Q3 on Calastone’s five-year record, with inflows down 81 per cent year-on-year and down 89 per cent compared to July to September 2021. All the buying was focused in July, which saw inflows of A$844m, as the stock market rallied modestly during the month, yet by August, buying had turned to selling and outflows continued through to the end the quarter.

Key highlights from this quarter's FFI:

  • Equity funds saw just A$705m of inflows in Q3, down 81% year-on-year, the worst Q3 on Calastone’s five-year record
  • Funds investing in domestic equities funds saw inflows of A$306m, while overseas-focused funds saw outflows of -A$77m
  • Infrastructure funds attracted the most inflows in Q3, attracting A$470m
  • Fixed income funds saw large inflows before buying petered out in September as bond markets faltered
  • Property funds saw their worst quarter on Calastone’s record
  • Mixed asset funds fall firmly out of investor favour, losing A$288m over the quarter