“Liberation Day” and after: A remarkable period of volatility for global fund flows

The Trump administration’s tariff announcements in the first week of April triggered the worst turmoil in global markets since the pandemic.

As EPFR’s data and charts show, fund flows were lively, too – and sometimes in unexpected ways.

In developed markets, investors reacted by initially fleeing US equity funds – and then appeared to be “buying the dip.” Meanwhile, developed market bond funds did not benefit from the turmoil and tumbled over the course of the week as well.

In emerging markets, it appears investors saw the market selloff as an opportunity to deploy money to Asian equity and bond funds. Chinese ETF purchases were likely a factor.

Download our latest chart pack for a data-driven look at how investors reacted to the tariff turmoil: