Net retail sales by equity region, July 2024 – July 2025
UK retail investors pulled £752m from funds in July, reversing June’s £208m inflows, according to the latest data from the Investment Association.
Outflows were driven by £1.8bn of equity outflows across global, UK and North America funds during the month.
This compares with outflows of £912m for equities in June.
UK equity funds saw £718m of outflows as investors took a more cautious stance in anticipation of the upcoming Budget.
European equities saw inflows of £276m as investors looked to diversify away from the US, their fifth consecutive quarter of strong inflows.
Retail investors in the UK put £1bn into money market funds in July, with the Short-Term Money Market sector topping the list of the best-selling Investment Association sectors for the month.
Mixed asset funds continued to see consistent inflows, with continued inflows into 40-85% share strategies.
Fixed income funds were broadly flat with net inflows of £66m in July, down from £157m in June. The strongest inflows were into UK Gilts (£156m) and Mixed Bond funds (£215m).
Funds under management and net sales, July 2025
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Funds Under Management
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Net Retail Sales
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Net Institutional Sales
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July 2025
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£1.55 billion
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£752 million
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-£7.82 billion
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July 2024
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£1.51 billion
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£998 million
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-£1.20 billion
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Source: Investment Association, 4 September 2025
Miranda Seath, director, market insight & fund sectors at the Investment Association, said: “The return to outflows at the start of July highlights the continued pressures faced by investors trying to balance the risks and opportunities of market volatility, geopolitical tension and uncertain trade relationships.
"These factors have driven investors to depart from equities in July, but we have yet to see if this will be a sustained trend or a temporary adjustment as investors continue to ponder their portfolio positioning, remaining firmly in ‘wait and see’ mode.”
