Financial overview of Investment Funds – France 2018Q1
Published on 05/31/2018
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Non-Money Market Funds are net buyers of long term debt securities and net sellers of equities
Non-Money Market Funds: net inflows decreased again in the third quarter (-4 billion) but reached 19 billion over one year. These subscriptions mainly came from resident banks and insurance corporations (respectively +22 billion and +19 billion) whereas non-resident banks located in the euro area recorded outflows (-29 billions). In the first quarter, Non-Money Market Funds were net sellers of equities (-14 billion) while they invested in long term debt securities (+6 billion) and investment fund shares (+5 billion). Over one year, net inflows were also mostly invested in long term debt securities (+20 billion) and assets issued by non-residents (+ 11 billion from Euro Area and +7 billion from the rest of the word) whereas equity holdings declined (-11 billion).
Money Market Funds: Despite negative net inflows over one year (-13 billion), subscriptions amounted to +16 billion in the first quarter 2018, mainly resulting from insurance companies (+9 billion) and non-financial corporations (+7 billion). Net investments were mostly oriented towards short term debt securities (+ 17 billion) issued equally by residents and non-residents (+8 billion).
Investment net transactions
(4 moving quarters)
(4 moving quarters)
Breakdown by category of investor
Non-Money Market Funds
Money Market Funds
Investment funds assets and investors
(EUR billion)
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q1 2018 | 4 moving quarters | Q1 2018 | Q1 2018 | 4 moving quarters | Q1 2018 | Q1 2018 | ||||
| Non money market funds | Total | -4 | 19 | 1,188 | 100% | Total | -4 | 19 | 1,188 | 100% |
| by type of instrument | Debt securities up to 1 year | 2 | 0 | 29 | 2% | Resident | 33 | 57 | 1,049 | 88% |
| Debt securities over 1 year | 6 | 20 | 373 | 31% | Insurance corporations | 12 | 16 | 426 | 36% | |
| Equity | -14 | -11 | 450 | 38% | Households and NPSH | 2 | 1 | 219 | 18% | |
| Investment fund shares | 4 | 10 | 304 | 26% | Non money market funds | 1 | 3 | 153 | 13% | |
| Net deposits and loans and other assets (b) | -2 | 0 | 31 | 3% | General Government | 3 | 8 | 137 | 12% | |
| by geographical area (c) | Resident | -3 | 2 | 540 | 47% | MFIs | 23 | 22 | 67 | 6% |
| Non-Resident euro area | 2 | 11 | 408 | 35% | Non-Financial corporations | 1 | 8 | 41 | 3% | |
| Non-Euro area | -2 | 7 | 208 | 18% | Other financial institutions | -8 | -3 | 6 | 1% | |
| by issuer (c) | Non-Financial corporations and others (d) | -8 | 2 | 561 | 48% | Non-Resident euro area | -32 | -32 | 118 | 10% |
| MFIs | -2 | 4 | 175 | 15% | MFIs | -32 | -29 | 107 | 9% | |
| General Government | 1 | -2 | 108 | 9% | Non MFIs | 1 | -3 | 11 | 1% | |
| Others (e) | 6 | 16 | 313 | 27% | Non-Euro area | -6 | -6 | 21 | 2% | |
| of which non money market funds | 5 | 9 | 241 | 21% |
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q1 2018 | 4 moving quarters | Q1 2018 | Q1 2018 | 4 moving quarters | Q1 2018 | |||||
| Money Market Funds (f) | Total | 16 | -13 | 329 | 100% | Total | 16 | -13 | 329 | 100% |
| by type of instrument | Debt securities up to 1 year | 17 | 14 | 209 | 64% | Resident | 17 | -9 | 277 | 84% |
| Debt securities over 1 year | -1 | -12 | 85 | 26% | Insurance corporations | 9 | 9 | 100 | 30% | |
| Investment fund shares | 0 | 0 | 0 | 0% | Non-Financial corporations | 7 | -18 | 77 | 23% | |
| Net deposits and loans and other assets (b) | 0 | -15 | 35 | 11% | Non money market funds | -1 | 2 | 63 | 19% | |
| by geographical area (c) | Resident | 8 | 8 | 131 | 44% | Households and NPSH | -1 | -2 | 7 | 2% |
| Non-Resident euro area | 2 | -10 | 89 | 30% | General Government | 1 | -2 | 15 | 4% | |
| Non-Euro area | 6 | 4 | 75 | 25% | Credit Institutions | 2 | 2 | 11 | 3% | |
| by issuer (c) | MFIs | 5 | 3 | 216 | 73% | Other financial institutions | 0 | 1 | 5 | 1% |
| Non-Financial corporations and others (d) | 9 | 7 | 48 | 16% | Non-Resident euro area | 1 | -3 | 48 | 15% | |
| Others (e) | 2 | -4 | 29 | 10% | MFIs | 1 | -1 | 43 | 13% | |
| General Government | -1 | -4 | 2 | 1% | Non MFIs | 0 | -3 | 4 | 1% | |
| Non-Euro area | -1 | 0 | 5 | 1% |
Note: Rounding differences mean that an aggregate may not be exactly equal to the sum of its components.
Source: Banque de France
(a) Variation of outstanding amounts for Money Market Funds
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves.
Source: Banque de France
(a) Variation of outstanding amounts for Money Market Funds
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves.
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Financial overview of Investment Funds – France
- Published on 05/31/2018
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Published on Thursday, May 31, 2018