European investment funds gained €94bn in net inflows in May 2026, down from €100 billion in April, according to data from the European Fund and Asset Management Association ( Efma), the voice of the European investment management industry.
Ucits gained €79 billion of net inflows during May, compared to €104 billion in April. Long-term Ucits, excluding money market funds, saw net inflows of €70 billion, matching April’s level.
Within long term Ucits, investors preferred bond funds the most, with €35 billion in net inflows, up from €23 billion in April. Equity funds, on the other hand, received €18 billion, down from €28 billion.
Multi-asset funds saw €13 billion in net inflows for a second consecutive month.
Active bonds shine as European fund flows hit records in 2025
Ucits ETFs saw net inflows rising to €39 billion from €38 billion in April.
Inflows into Ucits money market funds slowed to €9 billion, compared to €34 billion in April 2026, contributing to the overall decline in Ucits flows, shared Efama.
Alternative investment funds (AIFs) gained €15 billion in net inflows after losing €4 billion in April.
Total net assets of Ucits and AIFs rose 3.3% month on month to €27.2 trillion.
Savvas Antoniou, research officer at Efama, said: “In May, net sales of long-term Ucits remained robust, as strong global equity market performance provided a favourable backdrop. Nevertheless, lingering uncertainty over geopolitics, monetary policy, and the economic outlook, continued to weigh on investors who stayed cautious in their allocation, contributing to elevated net inflows into bond funds.”