The 2025 liquidity stress testing exercise covered 72 Maltese retail investment funds with a combined net asset value (NAV) of €5.9 billion as at June 2025. Results show a broadly resilient sector. Even under adverse scenarios, redemption pressures remained generally contained and in line with previous years. In simulated 10% and 5% redemption shocks, no fund was projected to face outflows above 10% of NAV. Only one fund exceeded 20% outflows under the most severe historical scenario. Still, meeting extreme redemptions would require portfolio liquidation for many funds. More precisely, in the most severe scenario, over half of the funds would record liquidity losses from fire sales, particularly within bond, diversified, and equity strategies, although most liquidity shortfalls would remain below 10% of NAV. The analysis identifies nine funds unable to meet redemptions in at least one scenario, largely due to exposures to foreign target funds (treated as illiquid under stress), or lower-rated corporate bonds. Second-round effects remain modest overall, yet two additional fund-of-funds could face challenges meeting additional redemption requests.