A total net inflow of .373 million went into German open-ended funds in June 2004. This reverses the downward trend of previous months, being significantly higher than last month´s total of .83 million.
However, it is worth noting that June has also seen an increased inflow into the German openended funds in each of the last two years. Overall, the cash flowing into the funds in 2004 has been very much lower than in each of the previous two years and this month´s total is 78% lower than June 2003´s total and almost 73% lower than June 2002’s.
So far this year there has been a distinct trend for the funds that are invested either
Europe-wide or globally to see further inflows of capital, with significant outflows
from those funds that are principally interested in Germany. This trend was less marked in June, although it still appears that investors are favouring the more geographically diversified funds. Interestingly, this means that the funds with the highest inflows of new capital are also generally those that are most exposed to the office sector.