Investors in South Africa keep putting money into actively managed funds, even when they don't perform well. A study looked at 52 equity mutual funds from 2006 to 2019 to see how fund flow and performance are related. They found that investors tend to give more money to funds that did well or poorly recently, rather than looking at past performance. Factors like fund size, risk, and market conditions also affect how much money goes into a fund. This shows that external factors drive changes in fund flows in South Africa.