Following successive all‐time high fundraising, the fund industry showed net redemption of R$21.6 billion in April, the second highest in the series started in 2002, only surpassed by the R$28.9 billion net outflow in October 2008, at the beginning of the international financial crisis. It is worth noting that the industry did not count on the seasonal stimulus coming from the inflow of Government funds, typical early in the year. In addition, unlike previous months, the April’s result was concentrated in only two funds belonging to the Corporate and Government segments, which together accounted for a R$22 billion outflow, not necessarily representing a trend for the next few months.