European equities were once again the most popular asset class, with $3bn of inflows, profiting from market buoyancy following Emmanuel Macron’s convincing win in the French presidential elections.
American investors doubled up on European equity ETFs, committing an additional $5.bn in May.
Interestingly, these flows went almost exclusively into unhedged funds, suggesting US investors believe the dollar has little potential to appreciate from here.
EM equities and debt, as well as investment grade corporate bond ETFs, also all saw net inflows in excess of $1bn.
