Funds: “Some people are getting cold feet”

Despite U.S. President Trump’s 15-point plan, there is no sign that the war with Iran is coming to an end. This is having an impact on the fund market, with many investors selling equity funds. There is bad news for real estate funds.

March 26, 2026. FRANKFURT (Deutsche Börse). Fund trading is extremely busy due to market turbulence. Anja Deisenroth-Boström of Baader Bank reports “endless trading volume,” while Frank Wöllnitz of ICF Bank notes “widespread high” trading volume. According to Deisenroth-Boström, funds with international stocks are selling particularly well.

Gold and silver are also major topics. Prices are fluctuating sharply. “The swings in mining funds are in some cases even higher,” notes Wöllnitz. The price of a troy ounce of gold (XC0009655157) had fallen to $4,200 at the start of the week after reaching an all-time high of $5,570 in January. The price of silver (XC0009653103) has nearly halved from its record high of just under $122.

This is apparently too much for many: Baader Bank clients are divesting themselves of gold mining funds such as the Franklin Gold and Precious Metals (LU0496367763). The price fell 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 the Stabilitas Silver+White Metals fund, which holds shares of companies in the silver sector (LU0265803667). The price fell from nearly 150 euros at the end of February to below 100 euros per share; it now stands at 108 euros.

Equity Funds: Many Are Pulling the Plug

When it comes to equity funds, Deisenroth-Boström reports high turnover for the internationally invested DWS Top Dividende (DE0009848119), Carmignac Investissement (FR0010148981), and Deka-Globale Aktien LowRisk (LU0851807387). In the European equity sector, the Nuremberg-based Euroland (DE0008471228) and Allianz Adifonds (DE0008471038) are seeing buying activity, while the DWS Concept Platow (LU1865032954), CT (Lux) European Smaller Companies (LU1864952335), and Jupiter JGF European Growth (LU0260085492).

Trading in Asian stocks is relatively quiet. “Investors are tending to hold back here,” observes the Baader trader. There is a tendency to sell Chinese stocks, such as the Baring Hong Kong China (IE0000829238). Instead, investors are turning to broadly diversified Asian funds, such as AGIF Allianz Oriental Income (LU1173936821) and JPMorgan Pacific Equity Fund (LU0052474979). All three have posted gains since the start of the year—unlike many funds holding European stocks.