• As of 2Q22, thematic fund assets were down approximately 31%, nearly erasing all the growth since the end of 2020 ($79 billion).
• Yet, net flows remain positive in 2022, collecting more than $10 billion during the first two quarters.
• ESG and Trend/Situational have been impacted the least, while Disruption and Specialty have witnessed the largest declines, especially due to their concentrated bets on technology and other sub-sectors.

Thematic Fund Assets by FUSE Type, 2015 – 2Q22 ($Billion)

Source: Morningstar, FUSE Research Network