In keeping with the expectations regarding interest rates and inflation, there was an increase in equity fund subscriptions matched by bond fund redemptions. Investors continue to show an appetite for sustainable investment funds: in the first half of the year, Italian funds whose mission includes pursuing environmental, social and governance (ESG) objectives recorded new subscriptions, while the rest of the funds registered outflows.
Italian funds, including alternative funds, have low liquidity and leverage risks on average, something which should limit the consequences of possible further market turbulence. The collection and allocation of savings will benefit from investment in new technologies.