Lipper has released its monthly look at fund flow trends in Europe, and as ever, it throws up some intriguing results.

August saw bond funds again dominate inflows, pulling in a net 20.8 billion euros and just a tad down on July’s record.¬†Stocks funds continued to suffer, as British equity products led the laggards with close to 2 billion euros withdrawn by clients over the month. North American equity funds and their German counterparts also saw big outflows.

Looking regionally, the Italian fund sector continues to show some surprising strength. Net funds sales there topped the table for the second month running. You can see Lipper’s heat map of sales and AuM below:

Now I plainly lack the analytical acumen of the Lipper experts like Ed Moisson, but inspired by their efforts I’ve been running some numbers for fund flows over the year to date, trying to dig a little deeper than the headline figures. There’s no detailed data yet available for September so forgive me for looking back at the eight months to end August, where there is something of a confirmation that investors are losing some of their timidity.

I looked worldwide, but restricted the search to primary equity funds which were at least one year old at the beginning of 2012. The focus was on finding out the fund sectors which saw the most money coming in and going out relative to their total assets under management.