Performance of investment funds 2022May
Published on 19 July 2022
The annual performance of non-money market funds becomes negative in May
The annual performance of non-money market funds falls into negative area in May (-0.8% after 0.8% in April) for the first time since October 2020. This overall decline is part of a general downward trend of financial markets. Bond funds are the most affected. Their annual performance is -6.4%, compared to -4.4% for mixed funds and -1.6% for equity funds.
The annual performance of money market funds goes up slightly following increasing short-term rates (-0.46% compared to -0.48% in April).
The annual performance of money market funds goes up slightly following increasing short-term rates (-0.46% compared to -0.48% in April).
Performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
| 2021 | April 2022 | May 2022 | April 2022 | May 2022 | May 2022 | |
| Annual performance | Monthly performance | Net asset value | ||||
| NON MONEY MARKET FUNDS | 10.1 | 0.8 | -0.8 | -1.5 | -0.8 | 1,476 |
| Equity funds (b) | 21.2 | 0.9 | -1.6 | -2.3 | -0.9 | 360 |
| of which: ETF (c) | 26.1 | 5.6 | 4.2 | -0.6 | -0.1 | 38 |
| Bond funds (b) | -0.6 | -5.0 | -6.4 | -1.6 | -1.5 | 282 |
| Mixed Funds (b) | 7.3 | -2.9 | -4.4 | -2.2 | -1.0 | 315 |
| Other funds (d) | 10.7 | 5.0 | 3.9 | -0.4 | -0.3 | 518 |
| of which employees' savings funds | 11.8 | 1.1 | -0.5 | -0.7 | -0.5 | 161 |
| MONEY MARKET FUNDS (e) | -0.48 | -0.48 | -0.46 | -0.04 | -0.05 | 339 |
Source: Banque de France
(a) Annual performance net of management fees but before deduction of entry and exit fees commissions (cf. methodology).
(b) Except employees' savings funds (which are included in "Others funds")
(c) Exchange Trade Fund
(d) Employee savings funds (including money market employee savings funds), real estate funds, Private equity funds, formula-based funds, hedge funds
(e) Excluding money market employee savings funds (outstanding of 21.5 billion at end-September 2020).
(b) Except employees' savings funds (which are included in "Others funds")
(c) Exchange Trade Fund
(d) Employee savings funds (including money market employee savings funds), real estate funds, Private equity funds, formula-based funds, hedge funds
(e) Excluding money market employee savings funds (outstanding of 21.5 billion at end-September 2020).
Annual performance of equity, bond and mixed funds
In percent
Annual Performance of Non-MMF funds and employees' saving funds (a)![]()
In percent
Annual Performance of equity funds (a)![]()
In percent
Annual Performance of bonds funds (a)![]()
In percent
Annual Performance of MMF funds (a)![]()
In percent
Source: Banque de France, Barclays, Europerformance
(a) Annual performance net of management fees but before deduction of entry and exit fees commissions (cf. methodology).
Additional information
The different categories of funds under review are defined by the Autorité des Marchés Financiers (AMF - French Financial Markets Authority). The classification of each fund is based on its real risk exposure. The definition of the exposure and the risk thresholds for each category are developed in AMF Instructions 2011-19, 2011-20 and 2011-21.
The Stoxx 600 index comprises 600 companies residing in 18 European countries.
The Barclays index comprises sovereign and quasi-sovereign bonds, corporate bonds and asset-backed securities. It includes securities denominated in 24 currencies, issued from developed and emerging markets. The rating of the securities is "investment grade" with residual maturity over one year.
The performance of the indices is measured by total return (price change and coupons/dividends reinvested). The yield spreads between these indices and the performance of UCITs in France reflect differences in composition and management orientation, in particular the split between highly liquid sovereign bonds issued by major advanced countries, less liquid sovereign bonds or bonds with a higher risk/return profile and bonds issued by private issuers.
Due to the Banque de France's overhaul of mutual fund statistics, the statistics commented here have evolved. First, the improvement in the data collection process results in better coverage and better identification of fund categories since January 2022. These changes, which are treated as reclassifications, mainly result in breaks in the series of stocks. In addition, some data not yet integrated into the new process have been estimated. These include certain valuation rates for which reference indices have been used. These estimates may therefore affect flows due to reconciliation between transactions, stocks, valuations and reclassifications.
The Stoxx 600 index comprises 600 companies residing in 18 European countries.
The Barclays index comprises sovereign and quasi-sovereign bonds, corporate bonds and asset-backed securities. It includes securities denominated in 24 currencies, issued from developed and emerging markets. The rating of the securities is "investment grade" with residual maturity over one year.
The performance of the indices is measured by total return (price change and coupons/dividends reinvested). The yield spreads between these indices and the performance of UCITs in France reflect differences in composition and management orientation, in particular the split between highly liquid sovereign bonds issued by major advanced countries, less liquid sovereign bonds or bonds with a higher risk/return profile and bonds issued by private issuers.
Due to the Banque de France's overhaul of mutual fund statistics, the statistics commented here have evolved. First, the improvement in the data collection process results in better coverage and better identification of fund categories since January 2022. These changes, which are treated as reclassifications, mainly result in breaks in the series of stocks. In addition, some data not yet integrated into the new process have been estimated. These include certain valuation rates for which reference indices have been used. These estimates may therefore affect flows due to reconciliation between transactions, stocks, valuations and reclassifications.
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Updated on 18 July 2022