Mutual funds: June in the red for over 3 billion

Funds in the red also in June for Italian and foreign mutual funds which recorded a negative balance of 3,1 billion euros, helping to reduce assets to 441,206 from 447,977 at the end of May. Assogestioni communicates it today, specifying however that the statistics today do not include a large part of foreign funds managed by intermediaries belonging to foreign groups. The negative figure concerned all product categories in June. Hedge funds recorded outflows of 40 million euros and held assets of 11,3 billion at the end of the month. Flexible funds closed with losses of 256 million, while assets reached 70,5 billion. Balanced products ended the month with redemptions of €273m and assets of €21bn. Equity products recorded an outflow of half a billion euro, while assets stood at 102 billion. Bond funds reached €1 billion in outgoings and assets of €182 billion. According to these provisional data, foreign and Italian funds closed the month with outflows of 1,27 and 1,8 billion respectively. The assets of foreign funds are worth around 60% of the assets used in mutual funds and reach 263 billion euros. At the end of last month, 76% of assets were managed by Italian groups and 24% by foreign groups.