October 2020 was another positive month for the European fund industry since the promoters of mutual funds (+€69.2 bn) enjoyed inflows. Meanwhile, the market environment turned negative as the second wave of the COVID-19 pandemic hit major markets in Europe and investors feared a second coronavirus lockdown-induced economic downturn. Despite these fears, investors bought into risk assets as long-term funds enjoyed estimated net inflows of €51.9 bn while money market products had estimated inflows of €17.8 bn. As a result, long-term mutual funds posted overall net inflows for the month. Equity funds (+€30.4 bn) were the best-selling asset type overall