Assets managed by national investment funds grew 12% by the end of July

According to APFIPP – Portuguese Association of Investment, Pension and Asset Funds, the national market for Collective Investment Funds (money investment funds), on July 31, 2025, registered a growth higher than the European one.

The value of assets managed by Securities Investment Trusts (CISs) reached €23,358.3 million, a 2.9% increase compared to the previous month. Since the beginning of the year, there has been a 12.1% increase. Over the last 12 months, the increase is 17.9%.

In July, subscriptions reached €794.5 million, while redemptions reached €374.8 million, resulting in a net subscription balance of €419.8 million. Since the beginning of the year, the cumulative balance of subscriptions minus redemptions is positive, totaling €2,187.8 million.

The category of Funds with the largest volume of assets under management is the PPR Funds, with 4,753.9 million euros, followed by the Euro Bond Funds, with 3,347.3 million euros, and the Euro Short Term Funds, with 2,712.6 million euros.

In July, the category that grew the most in percentage terms was Multi-Asset Alternative Investment Funds, with 16.6% (23.0 million euros), while Short-Term Euro Funds recorded the greatest growth in absolute terms, with 123.0 million euros (4.8%).

Since the beginning of the year, the category that grew the most in percentage terms was also that of Multi-Asset Alternative Investment Funds, with 307.4% (121.4 million euros), and Short-Term Euro Funds showed the greatest growth in absolute values, with 639.0 million euros (30.8%).

The association also provided data on the categories that recorded the largest balance of subscriptions minus redemptions. In July, Euro Short-Term Funds led this ranking, with €118.0 million, followed by Euro Money Market Funds, with €112.7 million, and Euro Bond Funds, with €106.5 million.

Since the beginning of the year, the category with the largest net balance of subscriptions and redemptions is that of Euro Short-Term Funds, with 604.2 million euros, followed by Euro Money Market Funds, with 539.2 million euros, and Euro Bond Funds, with 533.5 million euros.

In July 2025, no new Securities OICs were launched, nor were any existing ones liquidated. However, there was one merger by incorporation, and the number of Securities OICs included in this publication reached 200, one less than in the previous month.

The management company with the largest volume of assets under management is Caixa Gestão de Ativos, with €7,130.1 million, representing a 30.5% market share. It is followed by IM Gestão de Ativos, with €5,427.3 million and a 23.2% market share, and Santander Asset Management, with €3,869.3 million, representing a 16.6% market share.

According to APFIPP, the company that grew the most in July, in percentage terms, was Octanova, SCR, with 71.8% (0.5 million euros), while in absolute values, the largest increase belongs to IM Gestão de Ativos, with 177.4 million euros (3.4%).

Since the beginning of the year, 3 Comma Capital SCR is the Management Company that has recorded the highest percentage growth in managed volumes, with 1,413.5% (27.2 million euros), while in absolute values, the largest increase belongs to IM Gestão de Ativos, with 673.0 million euros (14.2%).

The association led by João Pratas reports that the Management Company that recorded the largest balance of subscriptions minus redemptions in the month in question was IM Gestão de Ativos, with 140.1 million euros, followed by GNB – Gestão de Ativos, with 47.4 million euros, and Santander Asset Management, with 44.4 million euros.

Since the beginning of the year, IM Gestão de Ativos is the Management Company that has recorded the largest volume of positive net subscriptions, totaling 551.3 million euros, followed by Caixa Gestão de Ativos, with 265.3 million euros, and GNB – Gestão de Ativos, with 246.3 million euros.

Assets managed by European Investment Funds grew 0.2% until May

As of May 31, 2025, total assets managed by European Investment Funds reached €23.515 billion, representing a 2.8% increase compared to the previous month. Since the end of 2024, there has been a 0.2% increase.

The data comes from APFIPP – Portuguese Association of Investment, Pension and Asset Funds.

In May, Collective Investment Undertakings in Transferable Securities (Investment Funds) managed €15.391 billion, 3.5% more than at the end of April and 0.6% more than at the end of 2024.

Alternative Investment Funds (Alternative Investment Funds) represented €8.124 billion, a monthly increase of 1.4%. Since the beginning of the year, this type of Fund has decreased by 0.6%.

In the same month, net subscriptions totaled €21.9 billion. Investment funds saw net inflows of €55.8 billion, while investment funds saw a negative net subscription balance of €33.9 billion.

Since the beginning of the year, the accumulated balance of net subscriptions is also positive, amounting to 297.9 billion euros (322.4 billion euros in UCITS and -24.5 billion euros in OIAs).

Looking at markets, Luxembourg registered the largest volume of assets under management, with €5,765.4 billion, representing 24.5% of the total. Ireland registered the largest balance of net subscriptions in May 2025, with €25.1 billion.