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Tariff turmoil and threats to Fed spark huge bond-fund outflows in April, but investors bought the US equity dip

Fund Flow Index - May 2025

UK investors pulled capital out of bond funds in April 2025 at the fastest rate since the onset of the pandemic in April 2020. Investors withdrew a net £1.24bn from fixed income funds in April, the second consecutive month of strong selling.

Key highlights from this month's FFI:

  • UK investors sold down £1.24bn of bond fund holdings in April – the second-worst month on record
  • Safe-haven money market funds benefitted strongly with the best three months on record for inflows
  • Equity fund inflows nevertheless remained solid at £1.52bn
  • North American equity funds were the biggest beneficiary as investors bought the dip – inflows were £1.51bn
  • Emerging markets and Asia-Pacific suffered significant outflows owing to China exposure