Within a market environment in which all major equity and bond indices face negative returns year to date, it is somewhat surprising that European investors pulled money out of bond funds while (passive) equity funds are still enjoying estimated net inflows. Given the current economic and geopolitical situation, it is also not surprising that European investors favor mixed-assets, or so-called multi-asset funds, as they expect that these funds might be able to weather the rough market conditions in the same way they did other rough market periods in the past. But those investors might face a nasty surprise, as the