In line with the general global trend regarding fund flows, the South African fund industry enjoyed estimated net inflows of $4.3 bn over the course of the first half of 2020. These inflows were kind of a surprise since the outbreak of the coronavirus pandemic and the global lockdowns of economies led to a massive drawdown on the equity markets during Q1 2020. This was countered, however, by very large cushioning packages of governments and quantitative easing programs of central banks around the globe. Nevertheless, the first half of 2020 was a tough time for the South African fund industry