Investment funds closed July with a net asset value of €476.678 billion, representing a reduction of €2.665 billion, a decrease of 0.6% compared to June, according to provisional data from the Association of Collective Investment Institutions and Pension Funds (Inverco). The decline is attributed to both the slightly negative evolution of financial markets and the flows recorded during the month.
Despite the monthly setback, the year-to-date performance remains positive. Since January, the assets of the funds have increased by €25.567 billion, a rise of 5.7%, reaching the aforementioned total of €476.678 billion. The market impact accounted for 82% of the asset reduction in July, while the remaining 18% was due to outflows.
Fixed income records the largest decline
Regarding categories, fixed income funds recorded the largest asset decline, with a drop of €2.888 billion, while money market funds reduced their assets by about €208 million. Conversely, Target Return funds increased their assets by €439 million and mixed funds by €116 million. Domestic equities added another €75 million.
Funds recorded net redemptions of €475 million in July, although the annual balance remains positive, with net subscriptions of €10.169 billion. International equities attracted the largest inflows of the month, with €783 million, especially in funds with exposure to the United States. They were followed by Global funds, with €487 million, and Target Return funds, with nearly €410 million.
Finally, the average return of the funds was -0.54% in July, although it accumulates a 3.67% in 2026. Domestic equities led the month with a 1.49% return, while international equities fell by 1.35%. Year-to-date, Index funds show the highest return at 13.27%, followed by international equities at 12.44%.
