Highlights
- Total estimated net inflows to mutual funds and ETFs reached €96.38bn in April
- Equity funds were the best-selling asset class (+€39.05bn), likely benefiting from the month’s strong rally
- Money Market EUR was the top-selling classification, attracting €34.37bn, up from March’s +€3.04bn
- Equity Global ranked second (+€19.85bn). Equity US was also firmly in favour, gathering €7.45bn, in contrast to the classification’s March redemptions
- Amundi was the month’s best-selling fund management company (+€15.45bn: +€11.45bn MF/+€4.00bn ETF)
Executive Summary
April saw risk appetite rebound, with equity markets recovering strongly after the mid-month ceasefire announcement and supported by robust Q1 earnings, particularly from US technology companies. That improvement in sentiment was clearly visible in fund flows. Equities were the best-selling asset class in April—attracting €39.05bn—with the bulk of demand again coming through ETFs (+€29.18bn), suggesting investors were willing to re-risk portfolios but continued to favour liquid, low-cost, exchange-traded implementation.
At the same time, the macro backdrop remained far from straightforward. Government bond markets continued to digest the prospect of stickier inflation and tighter central bank policy, with yield curves generally bear-flattening as short-end yields rose more sharply than medium- and longer-dated maturities. The UK and US were both heavily exposed to this pressure, given inflation was already above target before the energy shock and weaker growth risks raise questions over fiscal revenues and debt issuance.
Fixed income flows nevertheless remained resilient. Bond funds attracted €17.62bn in April, with demand split across mutual funds (+€9.67bn) and ETFs (+€7.94bn), as investors used bonds for income and diversification despite the upward pressure on yields. At classification level, this was particularly reflected in inflows to Bond Emerging Markets Global HC (+€3.47bn) and Bond Global USD (+€3.28bn), while EM local-currency debt continued to benefit from stronger debt structures than in previous stress periods.
Liquidity demand also remained elevated. Money market funds gathered €30.41bn in April, and Money Market EUR was the strongest fund classification of the month (+€34.37bn). That headline masks a clear currency split, however, with Money Market USD (-€4.62bn) and Money Market GBP (-€2.45bn) both in redemption. In short, April’s flows point to a market adding risk through global, US, technology, and emerging market equity exposures, while still retaining substantial euro liquidity buffers against a more uncertain rates and inflation backdrop.
Asset Type Flows
Asset Type Flows April 2026
Chart 1: Estimated Net Flows by Asset and Product Type – April 2026 (€bn)
Source: LSEG Lipper
Total estimated net inflows to mutual funds and ETFs reached €96.38bn in April, with demand concentrated in equities and money market products.
Equity funds were the best-selling asset class (+€39.05bn), and were in positive territory for the first time since January (+€44.15bn), as the asset class rallied strongly from mid-April. Equity flows were driven overwhelmingly by ETFs (+€29.18bn), while mutual funds gathered a more modest €9.87bn. That split reinforces the structural rotation toward exchange-traded vehicles, particularly for broad equity exposure, even as overall risk appetite improved materially over the month.
Money market funds ranked second (+€30.41bn), with flows remaining overwhelmingly concentrated in mutual funds (+€29.67bn MF/+€0.74bn ETF), underlining that investors continue to use traditional liquidity vehicles for cash management rather than ETFs. Bonds also saw strong inflows (+€17.62bn), with a more balanced mix between mutual funds (+€9.67bn) and ETFs (+€7.94bn), with tracker funds taking the majority of flows (+€11.87bn).
Mixed-assets funds gathered a further €10.07bn, almost entirely through mutual funds, while alternatives saw more muted inflows (+€0.92bn). Commodities (-€0.01bn) were broadly flat overall, although the underlying picture again highlighted diverging vehicle preferences, with ETF inflows more than offset by mutual fund redemptions. Real estate remained the weakest asset class in April, posting outflows of €2.21bn, entirely from mutual funds.
In aggregate, the month’s data point to a clear combination of renewed risk appetite through equities alongside continued demand for liquidity and income-oriented allocations, while the ETF share of long-term asset flows remained strong.
Asset Type Flows Year to Date
Chart 2: Estimated Net Sales by Asset and Product Type, December 31, 2025 – April 28, 2026 (€bn)
Source: LSEG Lipper
Year-to-date flows to European mutual funds and ETFs reached €350.13bn at the end of April, with equities the dominant driver of industry inflows, helped by April’s market rebound. Equity funds gathered €139.64bn overall, including €115.26bn into ETFs, while mutual funds attracted a comparatively modest €24.39bn. The scale of ETF buying again underlines the continued structural migration toward passive and exchange-traded exposure within equities.
Money market products remained the second-best-selling asset class year to date, attracting €90.05bn, almost entirely via mutual funds (+€82.33bn MF/+€7.72bn ETF). Despite strong risk appetite, investors have clearly continued to retain elevated liquidity balances, suggesting that caution around the macro backdrop has not fully dissipated, or (and this doesn’t necessarily contradict the former point) they are sitting on cash, awaiting a more advantageous entry point.
Bond funds also posted robust inflows of €58.56bn, with ETFs accounting for a significant share (+€21.51bn ETF versus +€37.04bn MF). That continued demand for fixed income across both wrappers reflects ongoing appetite for yield and portfolio diversification despite asset class volatility.
Mixed-asset funds gathered €49.99bn, overwhelmingly through mutual funds, reinforcing the appeal of diversified allocation strategies during a volatile opening period for 2026. Alternatives added €9.71bn overall, though the asset class saw ETF redemptions (-€0.28bn) offset by strong mutual fund demand (+€10.00bn). Commodity funds remained positive at €2.86bn, with flows split across both structures. Elsewhere, “other” funds attracted a modest €0.81bn, while real estate continued to lag the broader market, posting net outflows of €1.50bn, entirely from mutual funds.
Overall, the picture remains characterised by exceptionally strong ETF-led equity demand alongside persistent allocations to liquidity and fixed income strategies, highlighting a market still balancing risk participation with defensive positioning.
Fund Flows Active vs Passive Products
Chart 3: Total Net Assets by Product Type, €bn (LHS); Flows by Product Type, year to date, €bn (RHS).
Source: LSEG Lipper
Actively managed mutual funds continued to dominate the European fund industry by assets under management at the end of April, accounting for €13.55trn of total assets, compared with €2.86trn in ETFs and €2.25trn in index-tracking mutual funds. Active mutual funds therefore still represent roughly 73% of industry assets, underlining the extent to which the European market remains structurally centred on traditional active vehicles despite the continued expansion of passive products.
However, the year-to-date flow picture tells a more nuanced story. Across both long-and short-term vehicles, ETFs gathered €144.79bn, with actively managed mutual funds at €168.95bn, while index mutual funds attracted €36.40bn. Crucially, the composition of those flows remains highly uneven across asset types. Within long-term assets alone, ETFs were the dominant vehicle, attracting €137.07bn, compared with €90.33bn for actively managed mutual funds and €32.68bn for index mutual funds. That divergence again highlights the continued structural shift toward exchange-traded implementation for equities and other long-term exposures, particularly among investors seeking low-cost beta.
By contrast, money market demand remained overwhelmingly concentrated in actively managed mutual funds, which gathered €78.62bn, versus just €7.72bn for ETFs and €3.70bn for index mutual funds. In other words, while ETFs dominate long-term allocation flows, especially in the equity space, traditional mutual funds still retain a commanding position in liquidity management.
Fund Flows by Lipper Global Classification
Fund Flows by Lipper Global Classification, April 2026
Chart 4: Ten Best- and Worst Lipper Global Classifications by Estimated Net Sales, April 2026 (€bn)
Source: LSEG Lipper
April’s classification rankings were led by a combination of liquidity products and broad equity exposures. Money Market EUR was the top-selling classification, attracting €34.37bn (+€33.78bn MF/+€0.58bn ETF, up from March’s +€3.04bn, with an unusual skew to ETFs), showing that cash management demand remained extremely strong even as risk appetite improved.
Equity Global ranked second with €19.85bn of inflows: ETFs accounted for €13.50bn of the total, compared with €6.34bn for mutual funds. Equity US was also firmly in favour, gathering €7.45bn, again led by ETFs (+€5.87bn). This contrasts with the classification’s March redemptions (-€2.20bn). US market outperformance, however narrow the base, seems to have lulled its bears into hibernation… for now at least.
The equity upswing was not confined to US or global mandates. Equity Global ex UK attracted €3.97bn (largely from UK investors), Equity Sector Information Technology gathered €3.48bn, and Equity Emerging Markets Global added €3.27bn. That breadth points to a more constructive tone toward risk assets in April, with technology once again drawing investor demand after prior weakness, while emerging market exposure also remained in favour.
Fixed income demand was more selective. Bond Emerging Markets Global HC gathered €3.47bn, while Bond Global USD added €3.28bn, both supported by meaningful ETF participation. Mixed Asset GBP Aggressive – Global also attracted €3.74bn, entirely through mutual funds, reinforcing the continuing role of allocation products within the mutual fund channel.
At the other end of the table, the weakest classification was Money Market USD, which saw redemptions of €4.62bn, almost entirely from mutual funds. Money Market GBP also had outflows of €2.45bn, suggesting that April’s liquidity demand was heavily concentrated in euro-denominated cash products rather than money market funds more broadly. Sector and regional equity outflows were also evident. Equity Sector Healthcare lost €1.83bn, with redemptions across both mutual funds and ETFs, while Equity Europe ex UK, Equity Asia Pacific ex Japan, and Real Estate Switzerland (even as Swiss equities continue to see strong inflows) all posted significant outflows. Protected products and Bond Global EUR also remained under pressure.
April’s data show a market willing to add risk through global, US, technology and emerging market exposures, while reducing selected defensive, regional, and non-euro liquidity positions.
Fund Flows by Lipper Global Classification, Year to Date
Chart 5: Ten Best- and Worst Lipper Global Classifications by Estimated Net Sales, December 31, 2025, to April 28 (€bn)
Source: LSEG Lipper
Flows remained led by money market and broad equity classifications, with the first six rankings unchanged since March.
Money Market EUR comfortably the best-selling Lipper Global Classification (+€81.29bn: +€75.35bn, MF; +€5.94bn, ETFs).
Equity Global ranked second (+€49.73bn: (+€12.26bn MF/+€37.47bn ETF), while Equity Emerging Markets Global also saw strong demand (+€28.76bn), split almost evenly between mutual funds (+€13.98bn) and ETFs (+€14.78bn), while Equity Europe also featured prominently (+€14.17bn). Equity Global Income (+€9.38bn) also attracted investor interest, split fairly evenly between mutual funds and ETFs. This confirms that the equity bid year to date has been broad, global, and heavily implemented through passive and exchange-traded vehicles.
Money Market USD remained in positive territory year to date (+€14.74bn) despite April’s monthly redemptions. Fixed income demand was led by Bond Global USD (+€12.62bn) and Bond Emerging Markets Global LC (+€8.93bn), indicating that investors continued to favour diversified global bond exposure and emerging market local-currency debt—both with a bias to mutual funds, the latter heavily so.
Mixed Asset GBP Aggressive – Global (+€9.13bn), and Mixed Asset USD Flexible – Global (+€8.35bn) completed the leading classifications, pointing to sustained demand for more equity-heavy allocation strategies alongside equity beta.
At the bottom of the rankings, redemptions were concentrated in UK-linked, sector, and more defensive classifications. Bond GBP Corporates saw the largest outflows (-€4.26bn), followed by Equity Europe ex UK (-€4.13bn), Money Market GBP
(-€4.04bn), Target Maturity MA EUR 2030 (-€3.56bn), and Protected products (-€3.56bn). Equity Sector Healthcare also remained under pressure (-€3.48bn), while Equity UK (-€3.10bn) continued to see mutual fund redemptions, despite ETF inflows partially offsetting the weakness.
The year-to-date classification picture remains one of strong demand for euro liquidity, global equities, emerging market exposure, and diversified fixed income. By contrast, UK and sterling-linked classifications have struggled.
Fund Flows by Promoter
Fund Flows by Promoter, April 2026
Chart 6: Ten Best-Selling Fund Promoters in Europe, April 2026 (€bn)
Source: LSEG Lipper
April’s 10 best-selling fund promoters accounted for €64.24bn of net inflows, with Amundi leading the table (+€15.45bn: +€11.45bn MF/+€4.00bn ETF). BlackRock ranked second (+€8.04bn), with flows entirely ETF-led (+€10.54bn offsetting mutual fund redemptions of -€2.51bn).
HSBC followed (+€7.42bn), driven mainly by mutual funds, while Vanguard (+€7.33bn) had about 1/3 of flows from ETFs. BNP Paribas also had a strong month (+€5.96bn), with demand concentrated in mutual funds (+€4.94bn). State Street Investment (+€5.36bn) was the only other promoter attracting more €5bn, supported by ETF buying.
The remainder of the top 10—ABN AMRO, Ostrum Asset Management, Northern Trust, and Société Générale—were almost entirely mutual fund-led. Overall, April’s promoter flows showed a more balanced mix than earlier months, though ETF leadership remained concentrated among the largest passive franchises.
Fund Flows by Promoter, Year to Date
Chart 7: Ten Best-Selling Fund Promoters in Europe, December 31, 2025 – April 28, 2026 (€bn)
Source: LSEG Lipper
The 10 best-selling promoters year to date accounted for €192.22bn of net inflows, with BlackRock retaining a commanding lead, all and more due to ETFs sales (+€39.87bn: -€4.21bn MF/+€44.08bn ETF). Amundi ranked second (+€35.45bn), with a more balanced profile but still a large ETF contribution (+€20.32bn), while Vanguard followed (+€21.77bn), with ETF sales nudging slightly ahead of mutual funds.
DWS sales were marginally favouring mutual funds (+€21.56bn: +€12.19bn MF/+€9.37bn ETF), while UBS Asset Management (+€15.53bn) was overwhelmingly ETF-driven. By contrast, PIMCO (+€14.88bn) and Northern Trust (+€11.47bn) were almost entirely mutual fund-led, underlining that fixed income and institutional allocation demand remain important outside the ETF channel.
State Street Investment (+€11.99bn), BNP Paribas (+€10.90bn), and HSBC (+€8.81bn) completed the rankings. Overall, the promoter table again shows ETF flows concentrated among the largest passive franchises, while mutual fund demand remained broader.
