Net inflows to funds in Sweden hit SEK5.3bn (€497m) in May, particularly into fixed income and equity funds, although balanced funds saw net redemptions, according to the figures published by the Swedish Investment Fund Association (Fondbolagens förening).
The Association notes that a lot of the shifting of assets between categories of funds is down to allocations made within the premium pension (PPM) system as well as institutional reallocations. May sees the annual distribution of rebates in the PPM system; net inflows to PPM hit SEK6bn (€563m) through the month.
Long term bond funds saw SEK6.9bn of net inflows, while equity fudns saw SEK4.4bn.
Balanced funds saw redemptions of SEK-5.8bn, while hedge funds saw SEK0.5bn in redemptions.
Total assets in Sweden fell by SEK-164bn (€15.4bn) to end May at SEK4.479trn (€420.6bn) - although since the start of the year, total assets have appreciated by some SEK500bn (€47bn).
The first five months of 2019 have seen net inflows of SEK23bn (€2.2bn), mainly into long term bond funds (SEK19.5bn) and equity funds (SEK13.6bn).
The Association notes that with weak development in stock markets globally through May, Swedish investors saw the value of the Stockholm Stock Exchange fall by some 7%. This affected attitude to risk, and hence allocation decisions.