
Muted flows conceal large reallocations from active to passive in equity and bond funds Asset Class View Money Market funds took November’s largest share of flows (£4.9bn) in a partial reversal of October’s ‘risk on’ environment. This was followed by Mixed Assets, with £3.7bn. Both equities and bonds were in positive territory, netting £1.5bn and £1.3bn, respectively. Active v Passive Looking beyond the headline figures, passive equity funds took in £31.5bn, and bonds £10.5bn, leaving their active peers deep in negative territory. While mutual funds dominate passive flows, ETFs continue to edge into the space, with equity ETFs claiming 7%