FRANKFURT (DEUTSCHE-BOERSE AG) - Despite U.S. President Trump's 15-point plan, an end to the Iran conflict remains elusive. This is leaving its mark on fund trading, with a wave of equity fund liquidations. Meanwhile, the news remains grim for real estate funds.

March 27, 2026. FRANKFURT (Deutsche Börse). Market turbulence has triggered a surge in activity across fund trading desks. Anja Deisenroth-Boström of Baader Bank reports "endless turnover," while Frank Wöllnitz of ICF Bank notes "broadly elevated" trading volumes. According to Deisenroth-Boström, international equity funds are bearing the brunt of the selling pressure.

Gold and silver are also dominating the narrative, with prices experiencing sharp volatility. "The swings in mining funds are in some cases even more pronounced," Wöllnitz observes. Spot gold (XC0009655157) retreated to 4,200 US dollars earlier this week, down from its January all-time high of 5,570 US dollars. Silver (XC0009653103) has nearly halved in value compared to its record high of just under 122 US dollars.

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For many investors, the correction has gone too far: Baader Bank clients are divesting from gold mining funds such as Franklin Gold and Precious Metals (LU0496367763). Its price plummeted from nearly 30 euros in early March to 19 euros per share. Also on the sell lists: HANSAgold (DE000A0NEKK1), which also invests in physical gold. ICF trader Wöllnitz points to the extreme price reactions of Stabilitas Silber+Weißmetalle (LU0265803667), which holds silver industry equities. The price dropped from nearly 150 euros at the end of February to below 100 euros per share, currently trading at 108 euros.

Equity Funds: Many pulling the plug

In the equity fund space, Deisenroth-Boström reports high turnover for international vehicles such as DWS Top Dividende (DE0009848119), Carmignac Investissement (FR0010148981), and Deka-Globale Aktien LowRisk (LU0851807387). In the European segment, Nürnberger Euroland (DE0008471228) and Allianz Adifonds (DE0008471038) are seeing inflows, while DWS Concept Platow (LU1865032954), CT (Lux) European Smaller Companies (LU1864952335), and Jupiter JGF European Growth (LU0260085492) are facing outflows.

Trading in Asian equities remains relatively subdued. "Investors are showing more restraint here," the Baader trader notes. There is a slight bias toward selling Chinese equities, for instance via Baring Hong Kong China (IE0000829238). Instead, investors are opting for diversified Asia funds like AGIF Allianz Oriental Income (LU1173936821) and JPMorgan Pacific Equity Fund (LU0052474979). All three have posted gains since the start of the year - in contrast to many European equity funds.

New Methodology, New Top Ten

The ranking of fund providers by German business volume, according to BVI investment statistics, saw significant shifts at the end of 2025 compared to the previous year. This follows a more precise tracking of all funds and ETFs in German portfolios. The biggest loser is DWS, while BlackRock and Amundi emerged as the primary gainers. DWS remains the market leader (344 billion euros), followed by BlackRock (268 billion euros) and Union Investment (264 billion euros). Rounding out the list are Deka (211 billion euros), Allianz Global Investors (143 billion euros), Amundi (129 billion euros), Universal Investment (64 billion euros), Flossbach von Storch (49 billion euros), Hansainvest (25 billion euros), and UBS (21 billion euros).

More at: fondsprofessionell.de

Krone Money Market Funds as an Alternative

Money market funds are also seeing significant rotation. "Turnover is high, with buyers outnumbering sellers," Deisenroth-Boström notes. High volumes are being recorded not only in Euro-denominated funds but also in those denominated in Norwegian Krone or US Dollars. Examples include the Nordea-1 Norwegian Kroner Reserve Fund (LU0078812822) seeing inflows, and the UBS (Lux) Money Market Fd USD (LU0006277684) seeing outflows.

Real Estate Funds: The Crisis Persists

Furthermore, the real estate fund sector has delivered fresh negative news, resulting in high exchange-traded volumes. A second fund, Fokus Wohnen Deutschland (DE000A12BSB8), has suspended share redemptions. The freeze, effective since February 26, is slated to last 36 months. This is the second open-ended real estate fund to halt redemptions, following Wertgrund Wohnselect D (DE000A1CUAY0) in January.

"The financial regulator BaFin is now also warning of the risks associated with open-ended real estate funds," Wöllnitz notes. On the exchange, Fokus Wohnen saw a steep decline. Deka-ImmobilienEuropa (DE0009809566) also lost significant ground. "Turnover is massive," Wöllnitz explains, though he notes some opportunistic buying. Meanwhile, some real estate funds remain relatively stable, such as HausInvest (DE0009807016).

Finanztip Recommends Selling

Consumer portal Finanztip has long advised against real estate funds and is now urging investors to seriously consider selling. "In the current situation, we advise you to sell your shares via the exchange," it states. While losses are possible, "Be aware: if the redemption price is devalued over the coming year, your loss could be even greater," explains Finanztip expert Timo Halbe.

More at: finanztip.de

By Anna-Maria Borse, March 26, 2026, © Deutsche Börse AG

(Deutsche Börse AG is solely responsible for the content of this column. The articles do not constitute an invitation to buy or sell securities or other assets.)