European investors were in a mixed mood over the course of May, even as the COVID-19 pandemic in Europe has continued easing up further. Within this environment, May 2021 was another positive month for the European fund industry since promoters of mutual funds (+€19.9 bn) and ETFs (+€12.7 bn) enjoyed inflows. The overall flow pattern in Europe showed that investors continued to be in risk-on mode in May. In more detail, investors bought further into risky assets such as long-term funds (+€38.4 bn), while money market products (-€5.8 bn) faced estimated net outflows. In line with the general flow pattern,