Investor concerns regarding declining earnings and the possible effects of a trade war between the U.S. and China materialized in Europe’s August fund flows. Nevertheless, August was the sixth month that long-term mutual funds posted net inflows this year. Taking the current interest rate environment into account, it was surprising that bond funds (+€30.3 bn) were once again the best-selling asset type in the segment of long-term mutual funds, followed by mixed-assets funds (+€1.5 bn) and commodity funds (+€0.9 bn). All other asset types faced outflows: equity funds (-€20.0 bn), alternative UCITS funds (-€3.3 bn), “other” funds (-€0.5 bn), and