Investment Companies Daily: May Open-ended fund flows, PINT March NAV, UKW buybacks, RTW/IBT Apogee acquired, JEDT final results

Research evidence excerpt

Investment Companies Daily: May Open-ended fund flows, PINT March NAV, UKW buybacks, RTW/IBT Apogee acquired, JEDT final results

sset class, inflows to global funds were offset by net outflows for many other Fidelity EmergingPacific MarketsHorizon 7.07.1

listed equity fund categories including Global Large Cap Growth Equity (- Biotech Growth 7.7

£0.8bn), Europe ex UK Equity (-£0.7bn), Global Emerging Markets (-£0.6bn) -30 -25 -20 -15 -10 -5 0 5 10 15

and US Large Cap Blend Equity (-£0.4bn). Within the Global Large Cap Source: LSEG Datastream

Growth category the largest outflow was from Fundsmith Equity Fund (- Largest movers over the last month (%)

£0.5bn) and this fund has lost £7.8bn due to outflows over the LTM. Just SDCL Energy Efficiency Income -24.0

outside the five largest outflows sit UK Equity Income (-£0.3bn) and UK Small abrdn Property Income -11.9

Cap Equity (-£0.2bn). On the inflows side, GBP Allocation 60-80% equity Fidelity China Special -8.9

Ground Rents Income Fund -8.2

(£1.3bn), GBP Money Market - Short Term (+£0.9bn), Global Government Scottish Mortgage -7.8

Bonds - GBP Hedged (+£0.3bn) all saw net inflows. Other Bonds (£0.4bn) Pacific Horizon 11.8

represents principally asset backed lending funds. JPMorgan Asia Growth & Income 12.5

HgCapital Trust 14.6

• Active vs passive: In May 2026, actively managed funds had net outflows (- BakerMajedieSteelInvestmentsResources 15.015.1

£1.1bn) and passive index tracking funds had net inflows (£4.1bn). On an LTM

-30 -25 -20 -15 -10 -5 0 5 10 15 20

basis, the active funds have had significant outflows (-£31.2bn) and the passive Source: LSEG Datastream

funds have seen net outflows too (-£22.2bn). Within this data set, active funds

have a 67.4% market share and passive 32.6%. This open-ended fund data set