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High yields and safe havens prove irresistible to investors as switch from equities to fixed income intensifies

Fund Flow Index - July 2023

Investors withdrew £662m from equity funds in June, the largest outflow since the market convulsions of September 2022. June was one of the top ten worst months for equity fund outflows on Calastone’s record.

Key highlights from this month's FFI:

  • Investors swapped equity, mixed assets and property funds for fixed income and money markets in June
  • June outflows: Equities £662m, Mixed assets £384m, Property £79m – total £1.12bn
  • June inflows: Fixed income £880m, Money markets £503m – total £1.38bn
  • The last year has shown a strong switch from equities as investors look for safety and yield
  • Among equity funds, global and emerging markets saw inflows, but UK, North America and ESG suffered strong outflows
  • Technology funds benefited from AI hype