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... Investment clients have "massively repositioned" their portfolios toward European equities and government bond exchange-traded-funds, a spokesperson for Europe's biggest asset manager told Bloomberg. The direction of flows reflects a "broader market repositioning" on the back of tariff announcements, the person said.

The comments match flow data provided by Morningstar Direct, which show a general flight from US funds this month. In the first two weeks of April alone, as markets digested President Donald Trump's announcements on tariffs, US-focused funds managed by Amundi, UBS Group AG and State Street Corp. saw a combined 3.9 billion ($4.5 billion) in client outflows, according to Morningstar data based on equity ETFs.

Over the same period, European equity funds managed by BlackRock Inc.'s iShares brand, Amundi and UBS were the biggest gainers, adding a combined 2.4 billion. ...