
Given the generally positive market environment in December 2022, it was not surprising that the European fund industry enjoyed overall estimated inflows over the course of the month. That said, one needs to bear in mind that the geopolitical situation in Europe, the still ongoing COVID-19 pandemic, disrupted delivery chains, and increasing interest rates triggered by high inflation rates are all impacting investor expectations. Nevertheless, the estimated flows at the asset type level may indicate that European investors have shifted their positioning and are now somewhat in risk-on mode as long-term funds enjoyed overall inflows for the month. At the