Spain’s investment funds market experienced robust growth in July 2024, with total assets under management surpassing €376.5 billion, an increase of €28.4 billion since the beginning of the year, according to preliminary data from the Asociación de Instituciones de Inversión Colectiva y Fondos de Pensiones (INVERCO).
The market’s expansion was driven by net subscriptions, which amounted to €14.8 billion year-to-date. In July alone, net subscriptions contributed €2.1 billion to the overall growth. Fixed-income funds saw the most significant increase, adding €2.1 billion in assets, propelled by both positive returns and strong investor inflows.
Monetary funds led the way in percentage growth, expanding by 3.9% in July and an impressive 82.6% year-to-date, largely due to favorable returns and continued investor interest. Mixed fixed-income and target-return funds also contributed to the sector’s growth, adding €655 million in assets combined.
However, not all categories experienced gains. International equity funds saw the largest decline, with assets falling by €684 million, primarily due to market-driven portfolio adjustments. Global funds also recorded asset decreases, influenced by both negative returns and investor redemptions.
Despite mixed performances across different fund categories, the overall market remained resilient, with an average return of 0.1% in July. The positive performance was broad-based, excluding international equity and global funds, with Spanish equity funds posting a 2.1% return for the month and 10% for the year so far.
