Total estimated net inflows to mutual funds and ETFs in Europe reached €96.4bn in April, according to data from Lipper.
The Everything Flows, Europe: April 2026 report noted a ‘rebound in risk appetite’ during the month, following the sell-off in March prompted by the outbreak of war in the Middle East.
This manifested in equity funds being the best-selling asset class, with positive net flows of €39.1bn.
Money Market (EUR) was the top-selling individual category, attracting net flows of €34.4bn, up from March’s €3bn.
Equity Global ranked second with positive flows of €19.9bn. Equity US was also in favour with investors, with a net positive €7.45bn coming in.
Lipper noted the increased risk appetite came despite the macro backdrop remaining ‘far from straightforward’.
Fixed income flows reflected this to some degree, as government bond markets continued to digest the prospect of ‘stickier inflation’ and tighter central bank policy.
Flows were still ‘resilient’, Lipper said, with bond funds attracting a positive net €17.6bn in April, with demand split across mutual funds and ETFs.
Bond Emerging Markets Global HC (+€3.5bn) and Bond Global (USD) (+€3.3bn) were the strongest performing Lipper categories, as EM local-currency debt continued to benefit from stronger debt structures than in previous stress periods.
At the firm level, Amundi was the month’s best-selling fund firm with a €15.5bn positive net inflows. The full breakdown of firms can be seen below.
