Financial overview of Investment Funds – France 2019Q3
Published on 11/27/2019
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Strong growth in the 3rd quarter of green and socially responsible funds
- 3rd quarter 2019: Non-money market funds record negative inflows of -24 billion (see table p.2), mainly due to withdrawals from bond and equity funds (respectively -14 billion and -8 billion). Over a year, outflows reached -40 billion, of which -31 billion for equity funds (see G1). Only real estate funds, employee savings funds and SRI and Greenfin labelled funds (see below) record positive net subscriptions.
MMFs also benefit from positive inflows of EUR 11 billion in the quarter (+ EUR 9 billion over 12 months) - Focus on SRI and Greenfin labelled funds: the amount outstanding and the number of SRI labelled funds rise sharply in the third quarter (approximately +60% for outstandings). According to the latest statistics covering all French and foreign funds, as at 21/11/2019 there are 311 funds with 119 billion assets under management .
SRI funds under French law (150 funds and 43 billion at the end of September, i.e. 2.6% of total French funds outstanding) record subscription flows higher than the overall average for French funds (Graph G2- A). The performance of these funds is very similar to that of the general funds in their category (Graph G2 - B).
Greenfin funds, whose number and assets under management are more modest (36 funds for 10.5 billion assets under management, including 1.5 billion French funds at the end of September), also record sustained growth in the 3rd quarter (+20% in number and +50% in assets under management)
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 (%) | |||||
| Q3 2019 | 4 moving quarters | Q3 2019 | Q3 2019 (g) | 4 moving quarters | Q3 2019 | Q3 2018 | ||||
| Non money market funds | Total | -24 | -40 | 1,287 | 100% | Total | -24 | -40 | 1,287 | 100% |
| by type of instrument | Debt securities up to 1 year | 0 | -8 | 27 | 2% | Resident | -20 | -13 | 1,156 | 90% |
| Debt securities over 1 year | -1 | -3 | 376 | 29% | Insurance corporations | -6 | -6 | 493 | 38% | |
| Equity | -2 | -15 | 464 | 36% | Households and NPSH | 2 | 2 | 270 | 21% | |
| Investment fund shares | -11 | -11 | 313 | 24% | Non money market funds | -4 | -11 | 145 | 11% | |
| Real estate assets | 3 | 2 | 82 | 6% | ||||||
| Net deposits and loans and other assets (b) | -12 | -5 | 25 | 2% | General Government | -2 | 1 | 144 | 11% | |
| by geographical area (c) | Resident | -12 | -8 | 579 | 49% | MFIs | -9 | -6 | 44 | 3% |
| Non-Resident euro area | -5 | -17 | 397 | 34% | Non-Financial corporations | 0 | 8 | 54 | 4% | |
| Non-Euro area | 2 | -12 | 205 | 17% | Other financial institutions | -1 | -1 | 6 | 0% | |
| by issuer (c) | Non-Financial corporations and others (d) | 3 | -27 | 572 | 48% | Non-Resident euro area | -4 | -22 | 111 | 9% |
| MFIs | -10 | -4 | 163 | 14% | MFIs | -5 | -24 | 98 | 8% | |
| General Government | -4 | -5 | 111 | 9% | Non MFIs | 1 | 2 | 13 | 1% | |
| Others (e) | -2 | -1 | 334 | 28% | Non-Euro area | 0 | -6 | 20 | 2% | |
| of which non money market funds | -3 | -10 | 249 | 21% |
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q3 2019 | 4 moving quarters | Q3 2019 | Q3 2019 (g) | 4 moving quarters | Q3 2019 | |||||
| Money Market Funds (f) | Total | 11 | 9 | 319 | 100% | Total | 11 | 9 | 319 | 100% |
| by type of instrument | Debt securities up to 1 year | 9 | 14 | 203 | 64% | Resident | 7 | -3 | 261 | 82% |
| Debt securities over 1 year | 4 | -3 | 83 | 26% | Insurance corporations | 8 | 16 | 114 | 36% | |
| Investment fund shares | -1 | 1 | 1 | 0% | Non-Financial corporations | 3 | -15 | 54 | 17% | |
| Net deposits and loans and other assets (b) | 0 | -4 | 32 | 10% | Non money market funds | -8 | -2 | 62 | 19% | |
| by geographical area (c) | Resident | 5 | 3 | 127 | 44% | Households and NPSH | 0 | -1 | 5 | 1% |
| Non-Resident euro area | 6 | 16 | 99 | 34% | General Government | 2 | 0 | 10 | 3% | |
| Non-Euro area | 1 | -6 | 62 | 21% | Credit Institutions | 3 | -3 | 10 | 3% | |
| by issuer (c) | MFIs | 8 | -4 | 182 | 64% | Other financial institutions | 0 | 2 | 7 | 2% |
| Non-Financial corporations and others (d) | 3 | 10 | 73 | 26% | Non-Resident euro area | 7 | 10 | 54 | 17% | |
| Others (e) | -1 | 1 | 25 | 9% | MFIs | 7 | 10 | 49 | 15% | |
| General Government | 1 | 5 | 6 | 2% | Non MFIs | 0 | 0 | 5 | 2% | |
| Non-Euro area | -3 | 1 | 4 | 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
(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
G2. THE FRENCH LABELLISED FUNDS SRI AND GREENFIN
A - Overall subscription rate of the funds
The annual subscription rate corresponds to the total subscriptions over the last 12 months reported to the M-12 outstanding amount. Scope: French SRI-labelled funds at 30/09/2019
B - Comparative performance of French SRI funds versus non-labelled funds
C - Breakdown of net assets of French SRI-labelled funds by fund type (42.8 billion at 30 September 2019)
D - Breakdown of net assets of French Greenfin funds by fund type (1.5 billion at 30 September 2019)
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Financial overview of Investment Funds – France
- Published on 11/27/2019
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Published on Wednesday, November 27, 2019