Financial overview of Investment Funds – France 2019Q1

Non-money market funds sell securities mainly issued by non-financial corporations and non-resident issuers
  • First quarter 2019: Non-money market funds mainly sell shares (-11 billion) and securities issued by non-residents (-9 billion) and non-financial corporations (-13 billion). As in previous quarters, negative net subscriptions (-10 billion, see table p.2) are largely due to cross-border mergers (-8 billion).

    Money market funds record inflows of EUR 20 billion, mainly from resident investors.


  • Over one year: non-money market funds outflows reach EUR 43 billion, resulting mainly from equity and mixed funds (respectively EUR -34 billion and EUR -8 billion, see G1). These negative flows are partly the result of cross-border fund mergers (-32 billion). On the assets side, net sales of securities consist in, equities (-30 billion) and long-term debt securities (-18 billion). These sales also involve securities issued by non-financial corporations (-45 billion) and by non-residents (-44 billion). On the investor side, outflows come from both residents and non-residents (respectively -13 billion and -29 billion, see table p.2).

    MMFs also record outflows over 12 months (-7 billion, see table p.2 and G1), which result in net sales of securities issued by credit institutions (-31 billion), partially offset by the purchase of securities issued by non-financial corporations (+24 billion).

G1. Net subscriptions by type of funds (cumulative flows over 4 quarters - Billion €)
A - Equity funds
B - Bond funds
C - Mixed funds
D - Real estate funds
E - Employees' Savings funds
F - Money Market Funds
Investment funds assets and investors
(EUR billion)
Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q1 2019 4 moving quarters Q1 2019 Q1 2019 (g) 4 moving quarters Q1 2019
Non money market funds Total -10 -43 1,252 100% Total -10 -43 1,252 100%
by type of instrument Debt securities up to 1 year 0 4 33 3% Resident -11 -13 1,105 88%
Debt securities over 1 year 3 -18 361 29% Insurance corporations -4 -2 475 38%
Equity -11 -30 440 35% Households and NPSH -3 -3 249 20%
Investment fund shares -2 -3 312 25% Non money market funds -4 -10 144 12%
Real estate assets -1 2 76 6%
Net deposits and loans and other assets (b) 1 2 30 2% General Government 1 7 141 11%
by geographical area (c) Resident 0 -4 561 49% MFIs -1 -4 44 4%
Non-Resident euro area -3 -21 388 34% Non-Financial corporations 0 -1 45 4%
Non-Euro area -6 -23 196 17% Other financial institutions 0 -1 7 1%
by issuer (c) Non-Financial corporations and others (d) -13 -45 545 48% Non-Resident euro area 1 -28 121 10%
MFIs 1 0 167 15% MFIs 1 -27 111 9%
General Government 0 3 112 10% Non MFIs 0 0 11 1%
Others (e) 2 -6 321 28% Non-Euro area 0 -2 25 2%
of which non money market funds -2 -6 244 21%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q1 2019 4 moving quarters Q1 2019 Q1 2019 (g) 4 moving quarters Q1 2019
Money Market Funds (f) Total 20 -8 321 100% Total 20 -7 321 100%
by type of instrument Debt securities up to 1 year 32 -8 201 63% Resident 20 -6 271 84%
Debt securities over 1 year -3 -6 79 25% Insurance corporations 19 4 104 32%
Investment fund shares 1 3 3 1% Non-Financial corporations 1 -5 72 22%
Net deposits and loans and other assets (b) -10 3 38 12% Non money market funds 0 3 66 21%
by geographical area (c) Resident 21 -1 130 46% Households and NPSH 1 -1 6 2%
Non-Resident euro area 9 -1 87 31% General Government 1 -3 11 4%
Non-Euro area 1 -8 66 23% Credit Institutions -1 -4 7 2%
by issuer (c) MFIs 11 -31 185 65% Other financial institutions -1 0 5 1%
Non-Financial corporations and others (d) 16 24 71 25% Non-Resident euro area 3 0 48 15%
Others (e) 2 -6 23 8% MFIs 4 0 44 14%
General Government 1 2 4 1% Non MFIs -1 0 4 1%
Non-Euro area -4 -2 3 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
All statistical time series published by the Banque de France can be accessed on Webstat Banque de France
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STAT INFO - Q1 2019
Financial overview of Investment Funds

Publication associated with: Performance of Investment Funds - France
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Financial overview of Investment Funds – France
  • Published on 05/29/2019
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Published on Wednesday, May 29, 2019