Swedish investors withdraw money in June

Swedish investors withdrew some SEK11bn (€1.15bn) on a net basis from funds through June, predominantly from equity funds, data published by the Swedish Investment Fund Association show.

The total value of fund assets also fell through the month, by some SEK41bn, leaving total industry assets at SEK3.211trn (€338.3bn).

Withdrawals through the month centred on equity funds (SEK8.2bn on a net basis) and money market funds (SEK4.6bn). Balanced funds saw net outflows of SEK1.3bn. Bond funds, however, saw net sales of SEK3bn.

The relatively poor month took total first half net inflows to just SEK0.2bn (€21m) across all categories of funds.

(Source: Swedish Investment Fund Association)

A key factor in the performance of June was the response to the Brexit referendum in the UK, the Association suggested.

Swedish fund market flows are also sensitive to the short term performance of the local stock market – given the weight of Sweden equity funds as a share of total assets. In June, the value of the Stockholm Stock Exchange fell by some 3.6% including dividends. All equity fund categories recorded net withdrawals through the month, apart from North America funds. Sweden and European equity funds experienced the biggest withdrawals on a net basis.

Uncertainty in markets and the impact on investor appetite for risk has impacted the growth in total assets. From the start of 2016 to the end of June, total fund assets actually decreased by some SEK35bn (€3.7bn)

Net sales of investment funds in 2016, SEK billion 

(Source: Swedish Investment Fund Association)

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