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Good question! Let us, at this stage, take stock of the Iranian war for the Paris Stock Exchange. The major French equity indices (CAC 40, SBF 120) have not returned to their levels before the outbreak of hostilities on February 28, but they are not far from it. The same goes for the CAC Small of small stocks when the mid-value indices CAC Mid & Small and CAC Mid 60 show slight progressions.
So much for the “market effect”, but what did the investors do? Did they bet money on the funds of smidcaps (we talk about collection), or did they withdraw it (discollection)? Data compiled by the Portzamparc research office on 135 funds smidcaps with a cumulative outstanding amount of 22 billion euros provide some answers.
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Under the sign of resilience
After a marked outflow of around 1.50 billion euros between summer 2024 and spring 2025, this indicator recovered: from May 2025 to February 2026, collection became generally positive again to the tune of around 1.20 billion euros, particularly in February (+ 270 million euros, which constituted “ the best level in almost a year»). La barre était donc haut placée.
And then? Limited outflows were noted in March (-55 million euros) and in April (-26 million). A wait-and-see attitude dominates: the positive trend is on hold for the moment, but no massive outflow of investment funds smidcaps French is not to be deplored.
