Today, EFAMA has published its latest International Quarterly Statistical Release for Q3 2025.

Thomas Tilley, Senior Economist at EFAMA, commented on the Q3 2025 figures: “US investors fled equity funds in Q3 despite strong stock market performance, as concerns grew over potential corrections in technology stock valuations. In contrast, European equity funds recorded an increase in net inflows during the quarter.”

We show the following main developments in the worldwide investment fund industry for Q3 2025:

• Net assets of worldwide investment funds increased by 4.8% in euro terms.

  • The third quarter of 2025 saw an increase of 4.8% in net assets of worldwide investment funds to EUR 78 trillion. Measured in U.S. dollars, worldwide investment fund net assets rose by 5%, due to a slight depreciation of the US dollar vis-à-vis the euro, to USD 91.1 trillion. 

  • Measured in local currency, net assets in the two largest fund markets, the United States and Europe, increased by 5.4% and 4.1%, respectively.

     

• Net sales of global long-term funds decreased in Q3 2025 but remained positive.

  • Worldwide long-term funds attracted net inflows of EUR 351 billion, a decline from EUR 387 billion in Q2 2025. Europe led with net sales of EUR 237 billion, primarily driven by Ireland, which registered net inflows of EUR 111 billion. The United States saw net outflows of EUR 23 billion. The rest of the Americas registered net inflows of EUR 58 billion, with Canada contributing EUR 38 billion. China recorded net inflows of EUR 35 billion, down from EUR 128 billion in Q2 2025. Japan and the Republic of Korea recorded net inflows of EUR 8 billion and EUR 24 billion, respectively.

  • Equity fund flows turned negative, with net outflows of EUR 103 billion, compared to net inflows of EUR 67 billion in Q2 2025. The United States accounted for the bulk of net outflows (EUR 227 billion), compared to net outflows of EUR 2 billion in Q2 2025. Europe still saw net inflows (EUR 64 billion), mainly due to solid net sales in Ireland (EUR 55 billion). 

  • Bond funds attracted the strongest net inflows (EUR 363 billion), up from EUR 273 billion in Q2 2025. The United States recorded the largest net inflows at EUR 212 billion, followed by Europe (EUR 113 billion), driven by strong inflows in Ireland (EUR 43 billion) and Luxembourg (EUR 42 billion). China saw net inflows of EUR 2 billion, significantly down from EUR 102 billion in Q2 2025.

  • Multi-asset funds saw net inflows of EUR 10 billion, reversing the Q2 net outflows of EUR 9 billion. Europe accounted for the bulk of these, with net outflows of EUR 26 billion. The United States and China saw net outflows of EUR 25 billion and EUR 8 billion, respectively.

  • Global ETFs (equity, bond and other ETFs combined) attracted EUR 486 billion in net inflows during Q3 2025, an increase from EUR 358 billion in the previous quarter. The strongest net inflows were recorded in the United States (EUR 313 billion), followed by Europe (EUR 91 billion, with Ireland and Luxembourg contributing EUR 69 billion and EUR 18 billion, respectively), China (EUR 47 billion), and Canada (EUR 23 billion).

     

• Net inflows into worldwide money market funds (MMFs) rose.

  • Worldwide MMFs registered net inflows of EUR 351 billion, up from EUR 241 billion in Q2 2025.

  • Net flows in Q3 were largely driven by the United States, which saw net sales of EUR 251 billion.

  • In Europe, net inflows reached EUR 39 billion, primarily driven by Ireland (EUR 31 billion) and Luxembourg (EUR 13 billion).

  • China recorded net inflows of EUR 58 billion, down from EUR 110 billion in Q2 2025.

- ENDS –

About the EFAMA Quarterly International Statistical Releases:

The EFAMA Worldwide Investment Fund Assets and Flows quarterly release focuses on net assets and net sales of worldwide investment funds, whilst also presenting a commentary on the trends in the industry during the quarter. The report contains data on the largest domiciles of investment funds around the globe and the position of Europe in the worldwide context. The report contains statistics from the following 45 countries: Argentina, Brazil, Canada, Chile, Costa Rica, Mexico, United States, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, Australia, China, India, Japan, Republic of Korea, Pakistan, Philippines, Chinese Taipei (Taiwan), and South Africa.

For further information, please contact: 

Hayley McEwen

Head of communications and member development