Where did the smart investor money go in April?

On the face of it, the sell-offs in March looked like a classic ‘risk-off’ shift, familiar to anyone investing during the past three years. But a closer look at fund flows suggests it was more nuanced than previous falls. European equities may have been universally unpopular, but emerging markets drew mixed feelings. Equally, corporate bonds, particularly at the high yield end, retained significant popularity in spite of some improvement in sentiment for government bonds. EPFR data showed that, globally, bond funds fared better than equity funds with the former absorbing a net $4.67bn...