Financial overview of Investment Funds – France 2018Q3

Strong growth in real estate funds, net withdrawal from equity funds
  • 3rd quarter 2018: Non-money market funds record negative outflows for the third consecutive quarter (-5 billion). In terms of investments, non-money market funds sell equities and investment fund shares (-3 billion each) as well as net deposits (-5 billion) to the benefit of debt securities and real estate assets (respectively 3 billion and 2 billion).
    Money market funds record net outflows of EUR 6 billion mainly due to withdrawals by resident ( -7 billion) and non-Euro Zone investors (- 4 billion). In return, they are net sellers of short term debt securities (-9 billion). The sales mainly concern securities issued by monetary and financial institutions (- 17 billion) while securities issued by non-financial corporations were the subject of net acquisitions (+10 billion).

  • Over one year: Non-money market funds record net outflows of EUR 21 billion, mainly due to withdrawals from equity and mixed funds and especially from Euro Zone monetary and financial institutions (-15 billion). The sale of equities accelerates (-28 billion).
    Money market funds record significant outflows as well (-23 billion) particularly toward resident investors (-21 billion). These outflows lead to net sales of assets issued by credit institutions (-23 billion)

  • Focus - Real Estate Funds: In Q3 2018, net assets of real estate funds reach 104 billion. Building investments amount to EUR 60 billion, showing a 10 billion increase over the last 12 months, mainly located in Ile-de-France and more marginally in foreign countries (1.5 billion).
Focus
G3. REAL ESTATE FUNDS - BUILDING BREAKDOWN
A - Stock by region (total: 60 billion)
B - Flows over one year by region (total: 10 billion)
Investment funds assets and investors
(EUR billion)
Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q3 2018 4 moving quarters Q3 2018 Q3 2018 (g) 4 moving quarters Q3 2018
Non money market funds Total -5 -21 1,288 100% Total -5 -21 1,288 100%
by type of instrument Debt securities up to 1 year 1 7 35 3% Resident -5 -4 1,125 87%
Debt securities over 1 year 2 -11 361 28% Insurance corporations -2 -1 480 37%
Equity -3 -28 470 36% Households and NPSH -1 -4 259 20%
Investment fund shares -3 6 319 25% Non money market funds -1 -1 152 12%
Real estate assets 2 6 75 6%
Net deposits and loans and other assets (b) -5 -1 28 2% General Government -1 1 137 11%
by geographical area (c) Resident -1 -5 577 49% MFIs 0 0 46 4%
Non-Resident euro area 2 -14 400 34% Non-Financial corporations 0 2 45 3%
Non-Euro area -3 -7 208 18% Other financial institutions 0 -1 6 1%
by issuer (c) Non-Financial corporations and others (d) -1 -23 580 49% Non-Resident euro area -1 -15 137 11%
MFIs -3 -5 170 14% MFIs -1 -15 126 10%
General Government 2 -2 107 9% Non MFIs 0 0 11 1%
Others (e) -1 5 327 28% Non-Euro area 0 -1 27 2%
of which non money market funds 0 8 252 21%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q3 2018 4 moving quarters Q3 2018 Q3 2018 (g) 4 moving quarters Q3 2018
Money Market Funds (f) Total -6 -23 311 100% Total -6 -23 311 100%
by type of instrument Debt securities up to 1 year -9 -10 189 61% Resident -7 -20 265 85%
Debt securities over 1 year 2 -5 86 28% Insurance corporations -12 -8 98 31%
Investment fund shares -1 -1 0 0% Non-Financial corporations 9 -10 68 22%
Net deposits and loans and other assets (b) 1 -7 36 12% Non money market funds -2 -2 64 21%
by geographical area (c) Resident 0 -1 125 45% Households and NPSH -1 -1 6 2%
Non-Resident euro area -2 -15 83 30% General Government -3 -2 11 3%
Non-Euro area -5 1 68 25% Credit Institutions 3 1 13 4%
by issuer (c) MFIs -17 -23 187 68% Other financial institutions -1 0 5 2%
Non-Financial corporations and others (d) 10 21 63 23% Non-Resident euro area 4 -1 45 14%
Others (e) 0 -9 24 9% MFIs 4 -1 39 13%
General Government 0 -4 1 1% Non MFIs 0 0 5 2%
Non-Euro area -3 0 2 1%
Note: As from this publication, real estate funds are integrated in data; 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
(g) Quarterly holdings data are provisional and will be revised next quarter
More information on: methodology, long series, calendar
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STAT INFO - Q3 2018
Financial overview of Investment Funds

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Financial overview of Investment Funds – France
  • Published on 11/26/2018
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Published on Monday, November 26, 2018