It was not surprising to witness that the European fund industry enjoyed inflows over the course of the first half of 2023. Nevertheless, these inflows occurred in an unstable market environment in which some asset classes showed positive results, while others performed negatively. The market sentiment was still driven by hopes that central banks, especially the U.S. Federal Reserve, may have reached the last phase of their fight against high inflation rates and may, therefore, start to keep interest rates at least stable quite soon. Some investors already expect that there might be room for decreasing interest rates later this