Unlike April, when investors favoured fixed income, allocations to the asset class almost equalled equities in May, with inflows of €19.5bn and €18.2bn, respectively.
US and World large-cap equity took the top spot by sector, with inflows of €20.5bn, while investors pulled €6.8bn from large value stocks.
European inflows
European ETF flows fell to €7.2bn, with equity ETFs receiving just €2.3bn, all of which went to ESG equity strategies with inflows of €2.7bn.
European fixed income flows were over double that of equity flows, gaining €5.1bn throughout May. Government bonds proved to be the most popular with €2.5bn inflows versus €1bn for IG corporate bonds.
Amundi converts bond ETF into Article 8 portfolio
Year-to-date, 2023 was a record year for allocations to fixed income ETF strategies at €27bn, Amundi added.
In contrast, US investors leaned towards equities over fixed income, allocating €17.6bn and €13.9bn respectively.
Regionally, ETFs with exposure to world indices were the most popular with inflows of €2.1bn, while emerging market equities saw their fifth month of inflow growth, gaining €1.2bn, and Japanese equities gained €500m.
In contrast, European equity strategies lost €1.4bn throughout the month.
