At the headline level, the weight of Europe’s long-term fund inflows in July was, again, close to the preceding month’s, edging up a little to €38bn (or €45bn, including ETFs). But for the first time in several months, there was a significant shift in the staple ingredients selected by investors — namely that the mixed asset class rose into first position thanks to sales of €16bn, while fixed income funds deflated into second place, taking €11bn. Of the three core asset classes, equities were left holding the proverbial wooden spoon yet again. The improved inflows of €7bn may come as a surprise, considering the strong headwinds against which the markets were leaning in July. And with another boost from ETF sales proportionally favouring equities above all, the gap between equity and bond fund sales fell to just €2bn.