The assets managed by investment funds in Spain came close in September to the all-time high recorded before the crisis. According to Inverco, the figure stands at 254,901 million euros after nearly a year and a half of increases. The growth in assets has combined the influx of new capital with the appreciation of managed assets. Thus, fund assets have normalized. However, this statement would be too simplistic and does not fully reflect the reality. Consequently, we must examine the differences in fund structures from then until now. These differences go beyond the point in the cycle for both periods, as the exceptional nature of the current moment—under a prolonged and highly expansive monetary policy—must be taken into account. Fixed-income funds, which accounted for 40% of assets in 2006, barely reach 23% today. Marginally, the weight of equity funds has also decreased, now standing at 25%…
