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Bernard Delbecque, Senior Director for Economics and Research at EFAMA, commented on the Q1 2025 figures: "Despite the value of fund assets declining, UCITS recorded solid net inflows across all categories throughout the quarter. The fact that bond funds remained the highest selling category indicates that there was still a fair amount of investor caution, however, mounting concerns over looming US tariff increases did not deter investors from buying equity and multi-asset funds."

The main developments in Q1 2025 are as follows:

• Net assets of UCITS and AIFs declined by 1.1% in Q1 2025, reaching EUR 23.2 trillion.

• UCITS and AIFs attracted EUR 217 billion in net inflows, down slightly from EUR 238 billion in Q4 2024. UCITS accounted for EUR 213 billion of these inflows, while AIFs registered EUR 4 billion, a notable decrease from EUR 21 billion in the previous quarter.

• Long-term funds recorded strong net inflows of EUR 179 billion. All long-term fund categories experienced net inflows. Bond funds remained the top-selling category, attracting EUR 75 billion, though down from EUR 91 billion in Q4. Equity funds experienced solid net inflows of EUR 64 billion, up from EUR 60 billion in Q4. Multi-asset funds rebounded, attracting net inflows of EUR 20 billion, compared to EUR 7 billion in the previous quarter.

• ETF sales continued to grow in Q1 2025, with UCITS ETFs recording net inflows of EUR 100 billion.

• Long-term SFDR Article 9 funds saw their sixth consecutive quarter of negative net sales, with net outflows of EUR 7.9 billion. In contrast, long-term SFDR Article 8 funds attracted EUR 42.6 billion in new money.

• European households registered strong fund acquisition in Q4 2024, with net purchases reaching EUR 79 billion, up from EUR 62 billion in Q3. This marked the second-highest quarterly level since Q2 2021, driven primarily by households in Germany, Spain, and Italy.