In a context in which investors move away from the Eurozone as they can, the investment fund system in Italy continues to lose. In July there was a capital outflow for a total of 2,437 billion euros, between shares and bonds. This was communicated by Assogestioni recalling that in June the flows had been 2,952 billion and that since January the system has lost 12,463 billion euros.
The bond category slows down, losing 122 million. European government bonds (of all maturities) recorded a total outflow of 1,066 billion. Today bond funds represent 42% of total assets with a value of 181 billion euro. On the other hand, flexible bond funds are appreciated, which saw an increase of 984 million.
Equities recorded negative inflows of 747 million euros, especially in Europe, where they decreased by a value of 313 million.
Both flexible and liquidity funds are doing badly. The former saw negative inflows of 412 million, the latter 739 million. The flight of cash is almost entirely attributable to the euro area. Balanced funds also recorded an outflow of 177 million.
Hedge funds also lose: -214 million in July and -1,526 billion since the beginning of the year.
Since July, for the first time, Italian-law funds have followed a new regulation in line with foreign ones. Thus the funds were taxed on the realized and no longer on the accrued. But the impact of this change will be seen in at least a year. Domestic funds therefore underwent redemptions of 2,059 billion (-16,760 billion since January), while foreign funds, which today represent 60% of the assets invested in open-ended funds, recorded outflows of 378 million (-1,121 billion in June ; +4,297 billion in seven months).
As at 31 July, the Italian Groups manage 76% of the assets, while the remaining 24% belongs to the foreign Groups.
