FOR IMMEDIATE RELEASE
Today, EFAMA has published its latest International Quarterly Statistical Release for Q4 2025.
Hailin Yang, Senior Data Analyst at EFAMA, commented on the Q4 2025 figures: “Global fund flows surged to a record high during the fourth quarter of 2025, supported by strong performance in both equity and bond markets. Several equity indices finished the year near record highs, while interest rate cuts by major central banks enhanced the attractiveness of bond funds.”
We show the following main developments in the worldwide investment fund industry for Q4 2025:
Net assets of worldwide investment funds increased by 3.5% in euro terms.
The fourth quarter of 2025 saw an increase of 3.5% in the net assets of worldwide investment funds to EUR 80.3 trillion. Measured in US dollar terms, net assets also rose by 3.5%, reflecting relatively stable exchange rate developments between the euro and the U.S. dollar over the quarter.
Measured in local currency, net assets in the two largest fund markets, the United States and Europe, increased by 3% and 2.8%, respectively.
Net sales of long-term funds surged to a record high in the fourth quarter of 2025 due to strong net inflows into equity funds and bond funds.
Worldwide long-term funds attracted net inflows of EUR 909 billion in Q4 2025, compared to EUR 352 billion in Q3 2025. The United States led with net sales of EUR 407 billion, followed by Europe with EUR 220 billion. Canada also saw strong net sales of EUR 111 billion.
Equity funds registered strong net inflows of EUR 348 billion in Q4 2025, compared to net outflows of EUR 110 billion in the previous quarter. The United States recorded the highest net sales at EUR 169 billion. Europe saw net inflows of EUR 55 billion, with Ireland contributing EUR 47 billion. Canada and China followed, recording net inflows of EUR 49 billion and EUR 32 billion, respectively.
Bond funds continued to attract robust net inflows, totalling EUR 333 billion in Q4 2025, compared to EUR 363 billion in the previous quarter. The United States recorded the largest inflows at EUR 208 billion, followed by Europe with EUR 88 billion, thanks to strong inflows from Ireland (EUR 38 billion) and Luxembourg (EUR 32 billion).
Multi-asset funds experienced significant net inflows of EUR 121 billion in Q4 2025, up from EUR 8 billion in Q3 2025. Europe recorded strong net inflows of EUR 66 billion, followed by Canada with EUR 41 billion.
Global ETFs (equity, bond, and other ETFs combined) attracted EUR 699 billion in net inflows during Q4 2025, an increase from EUR 486 billion in the previous quarter. The strongest net inflows were recorded in the United States (EUR 481 billion), followed by Europe (EUR 94 billion, with Ireland and Luxembourg contributing EUR 61 billion and EUR 29 billion, respectively), China (EUR 64 billion), and Canada (EUR 31 billion).
Net inflows into worldwide money market funds (MMFs) rose.
Worldwide MMFs registered strong net inflows of EUR 401 billion in Q4 2025, up from EUR 351 billion in Q3 2025.
Net flows in Q4 2025 were largely driven by the United States, which saw very strong net sales of EUR 370 billion, up from EUR 251 billion in Q3 2025.
In Europe, net inflows reached EUR 17 billion in Q4 2025. Ireland and Luxembourg recorded net inflows of EUR 19 billion and EUR 12 billion, respectively, while France registered net outflows of EUR 21 billion.
China recorded net inflows of EUR 19 billion in Q4 2025, down from EUR 58 billion in Q3 2025.
Highlights of developments in 2025:
Worldwide regulated open-end fund assets grew from EUR 76.3 trillion at the end of 2024 to EUR 80.3 trillion at the end of 2025, marking a 5.3% increase.
Worldwide investment funds recorded net inflows of EUR 3,183 billion in 2025, down from EUR 3,578 billion in 2024.
Long-term funds registered net inflows of EUR 2,044 billion, down from EUR 2,165 billion in 2024. Bond funds remained the top-selling category, attracting net inflows of EUR 1,183 billion, compared to EUR 1,257 billion in 2024. Equity funds recorded net inflows of EUR 455 billion in 2025, about half the level seen in 2024 (EUR 893 billion). Multi-asset funds returned to positive territory, registering net inflows of EUR 84 billion, compared to net outflows of EUR 200 billion in 2024.
MMFs registered net inflows of EUR 1,140 billion in 2024, down from EUR 1,414 billion recorded in 2024.
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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.
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