Over the whole three-month period, net buying of funds focused on Australian equities held up better than most other geographical flavours of equity funds, as inflows dropped by just 6%. Global funds saw inflows drop 21%, while regionally-focused funds saw inflows fall by 40% which included emerging market funds that struggled due to a stronger US dollar. Real estate funds struggled too as inflows fell to $115 million in June, their lowest level in 11 months, and more than 36% lower than the average since July last year. However, fixed income saw a 42% quarter-on-quarter jump in net flows for Q2. Ross Fox, Calastone head of Australia and New Zealand, said it appeared nerves about the delta variant of COVID-19 initially caused Australian investors to cut back on buying overseas-focused funds in Q2.