Financial overview of Investment Funds – France 2019Q2

Non-money market funds collect again in the 2nd quarter
  • 2nd quarter 2019: Non-money market funds record positive inflows of 4 billion (see table p. 2) for the first time since the fourth quarter of 2017, mainly in bonds and employee savings funds. These subscriptions partly correspond to the seasonal phenomenon of employee profit-sharing and incentive payments. Resident investors contribute to the positive net flow (+7 bn) while non-residents recorded withdrawals (-3 bn).

    MMFs record negative inflows of -13 billion. It is reflected in particular in net sales of securities issued by residents (-8 billion) and issuers outside the euro area (-6 billion)

  • Over one year: Non-money market funds outflows amount to -19 billion, mainly resulting from equity and mixed funds (-24 billion and -9 billion, see graphs G1). On the investor side, withdrawals by MFIs from the euro area outside France (-26 billion) are partially offset by inflows from residents (+12 billion). On the assets side, net sales of securities relate to equities and short-term debt securities (respectively -15 billion and -7 billion, see table p.2). They also focus on securities issued by non-financial corporations (-26 billion).

    MMFs also record a 12-month outflow of EUR -8 billion (see G1), resulting in net sales of securities issued by credit institutions (EUR -29 billion). Resident investors are the main contributors to outflows (-17 billion).

  • Focus - Real Estate Funds: The net assets of real estate funds amount to 114 billion (67 billion for OPCIs and 47 billion for SCPIs, see page 3), up 13 billion year-on-year, including 8 billion in flows. The majority of the properties held by the funds are still located in the Ile de France region (62%) and mainly represent offices (51%) and shops (29%). Over the last 12 months, the Ile-de-France and New Aquitaine regions recorded the largest changes in outstandings.
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 (%)
Q2 2019 4 moving quarters Q2 2019 Q2 2019 (g) 4 moving quarters Q2 2019 Q2 2018
Non money market funds Total 4 -19 1,286 100% Total 4 -19 1,286 100%
by type of instrument Debt securities up to 1 year -6 -7 27 2% Resident 7 12 1,152 90%
Debt securities over 1 year 4 2 371 29% Insurance corporations 8 8 494 38%
Equity 0 -15 455 35% Households and NPSH 7 5 267 21%
Investment fund shares 2 -3 319 25% Non money market funds -1 -8 146 11%
Real estate assets 0 3 79 6%
Net deposits and loans and other assets (b) 5 0 35 3% General Government 7 11 149 12%
by geographical area (c) Resident 5 4 581 50% MFIs -14 -9 37 3%
Non-Resident euro area -3 -9 394 34% Non-Financial corporations 2 7 53 4%
Non-Euro area -2 -17 198 17% Other financial institutions -1 -1 6 0%
by issuer (c) Non-Financial corporations and others (d) -1 -26 561 48% Non-Resident euro area -2 -25 113 9%
MFIs 3 3 171 15% MFIs -3 -26 100 8%
General Government -3 2 112 10% Non MFIs 1 1 12 1%
Others (e) 0 -1 329 28% Non-Euro area -1 -6 21 2%
of which non money market funds -2 -6 247 21%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q2 2019 4 moving quarters Q2 2019 Q2 2019 (g) 4 moving quarters Q2 2019
Money Market Funds (f) Total -13 -8 308 100% Total -13 -8 308 100%
by type of instrument Debt securities up to 1 year -7 -3 194 63% Resident -13 -17 254 83%
Debt securities over 1 year 0 -4 79 26% Insurance corporations 2 -4 106 35%
Investment fund shares 0 1 3 1% Non-Financial corporations -18 -8 51 17%
Net deposits and loans and other assets (b) -6 -3 32 10% Non money market funds 4 4 70 23%
by geographical area (c) Resident -8 -2 122 44% Households and NPSH 1 -2 5 2%
Non-Resident euro area 6 8 94 34% General Government -3 -5 9 3%
Non-Euro area -6 -12 61 22% Credit Institutions -1 -3 7 2%
by issuer (c) MFIs -10 -29 174 63% Other financial institutions 1 1 7 2%
Non-Financial corporations and others (d) -1 18 70 26% Non-Resident euro area -2 7 48 15%
Others (e) 3 1 26 10% MFIs -2 7 43 14%
General Government 1 4 5 2% Non MFIs 0 0 5 2%
Non-Euro area 2 1 6 2%
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
Focus
G3. REAL ESTATE FUNDS
A - Balance sheet (Q2-2019)
Assets Liabilities
Q2 2019 12-month evolution Q2 2019 12-month evolution
Real estate assets (a) 79 +8 Investment fund
shares/units
114 +13
of which buildings 63 +6 OPCI 67 +7
80% SCPI 47 +6
Equity (b) and investment funds shares 35 +4
Bank deposits 5 Bank liabilities 7 -1
Other assets (c) 13 +1 Other liabilities (c) 11 +1
Total 132 +13 Total 132 +13
SCPI and OPCI are two legal structures of French real estate funds
(a) including real estate claims (current account advances, deposits and guarantees)
(b) including shares in property investment companies
(c) Other assets/debts: uncalled capital; loan, deposit/debt, unrealized gain or loss on building...

B - Breakdown by type of buildings (€ billions)
Others real estate buildings : warehouses, commercial spaces, others
C - Distribution of buildings by geographical area


D - Evolution of buildings by geographical area (over 12 months - € billions)



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STAT INFO - Q2 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 09/03/2019
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Published on Tuesday, September 3, 2019