Net inflows of SEK4.8bn in September took Sweden’s investment fund industry assets to a new total high of SEK3.874trn (€406.6bn), according to data from the Swedish Investment Fund Association.
Equity funds accounted for net inflows of SEK4.9bn, although balanced and money market funds experienced net outflows of SEK0.2bn and SEK1.2bn respectively. Bond funds saw net inflows of SEK1bn.
Total sales on a year to date basis hit SEK68.1bn, the Association noted, of which some SEK25.1bn cam via net inflows to equity funds.
As is often the case, the rise in net inflows to higher risk assets came in a month when the local stock market made strong gains. the Stockholm Stock Exchange gained almost 6%, excluding dividends, in September.
Johanna Kull, Financial Savings economist at the Association said: “The strong development of the equity market in September made active fund investors buy equity funds again, after three months of net withdrawals. They mostly bought Sweden and global funds, whereas they continued to shift from North America to European funds. The large inflows in equity funds together with the strong performance of most of the world’s equity markets, made total fund assets in Sweden rise to a new all-time high level.”
Looking at the bond fund data, the Association noted that almost the entire net inflow of SEK1bn in the month went to corporate bond funds. So far this year, SEK17.7bn has been invested in bond funds overall on a net basis, of which SEK13.4bn has gone to corporate bond funds.
Total investment fund assets reported by the Association have risen by SEK307bn (€32.2bn) since the end of 2016.