Financial overview of Investment Funds – France 2019Q4

9% increase in the stock of investment funds in 2019 thanks to valuation effects

  • Over one year: non-monetary investment funds record an outflow of -24 billion (see Table p.2), due in particular to equity funds net redemptions (-30 billion) (see G1). Real estate funds and bond funds benefit from positive net subscriptions (+8 billion and +5 billion respectively). Withdrawals are mainly due to non-resident investors (-17 billion, see Table 2). On the assets side, net sales of securities are mainly concentrated on mutual fund shares/units, equities (-11 billion and -9 billion respectively, see Table 2) and securities issued by non-financial corporations and non-residents (-16 billion and -18 billion respectively, see Table 2).
    MMFs record a slight outflow of 3 billion over the year (net redemptions of 22 billion in the fourth quarter).

  • Focus - Euro area non-monetary funds comparison: outstanding in the euro area stand at 12,939 billion at end-2019, up 17% year-on-year, mainly due to valuation effects (+12%). After a decline in 2018, French outstanding increase by +9% despite a slight outflow (-2%) due to portfolio revaluations (+11%). With a 10% market share in the Eurozone, France stands as the 4th country in terms of outstanding after Luxembourg (35%), Ireland (19%) and Germany (19%) (see focus p.3). These three countries accounted for the bulk of euro area inflows in 2019 (+582 billion in total).

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 (%)
Q4 2019 4 moving quarters Q4 2019 Q4 2019 (g) 4 moving quarters Q4 2019 Q3 2018
Non money market funds Total -2 -24 1,312 100% Total -2 -24 1,312 100%
by type of instrument Debt securities up to 1 year 0 -6 27 2% Resident -2 -7 1,178 90%
Debt securities over 1 year -2 5 373 28% Insurance corporations -1 -2 504 38%
Equity -1 -9 485 37% Households and NPSH 2 4 274 21%
Investment fund shares 2 -11 319 24% Non money market funds 1 -10 147 11%
Real estate assets 0 3 81 6%
Net deposits and loans and other assets (b) -1 -7 26 2% General Government 10 7 156 12%
by geographical area (c) Resident 2 -2 591 49% MFIs -14 -11 36 3%
Non-Resident euro area -2 -12 404 34% Non-Financial corporations 1 7 54 4%
Non-Euro area -1 -6 210 17% Other financial institutions -1 -1 6 0%
by issuer (c) Non-Financial corporations and others (d) -3 -16 583 48% Non-Resident euro area 1 -12 114 9%
MFIs 2 -3 167 14% MFIs 0 -15 99 8%
General Government 2 -5 111 9% Non MFIs 1 3 14 1%
Others (e) -1 4 343 28% Non-Euro area 0 -5 20 2%
of which non money market funds 0 -8 253 21%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q4 2019 4 moving quarters Q4 2019 Q4 2019 (g) 4 moving quarters Q4 2019
Money Market Funds (f) Total -22 -3 297 100% Total -22 -3 297 100%
by type of instrument Debt securities up to 1 year -28 6 175 59% Resident -19 -8 242 82%
Debt securities over 1 year -1 1 82 28% Insurance corporations -16 13 99 33%
Investment fund shares 0 -1 1 0% Non-Financial corporations 1 -16 55 18%
Net deposits and loans and other assets (b) 6 -10 38 13% Non money market funds 2 -2 64 21%
by geographical area (c) Resident -12 6 115 44% Households and NPSH -1 -1 4 1%
Non-Resident euro area -9 11 90 35% General Government 0 0 11 4%
Non-Euro area -7 -12 54 21% Credit Institutions -6 -4 4 1%
by issuer (c) MFIs -13 -5 169 65% Other financial institutions 1 2 7 3%
Non-Financial corporations and others (d) -13 5 61 23% Non-Resident euro area -4 6 50 17%
Others (e) -2 3 24 9% MFIs -4 5 45 15%
General Government -1 3 5 2% Non MFIs 0 1 5 2%
Non-Euro area 1 -2 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


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
Publication available on mobile devices: Apple and Android
STAT INFO - Q4 2019
Financial overview of Investment Funds

Publication associated with: Performance of Investment Funds - France
Contact Stat Info

Download the PDF version of this document

Financial overview of Investment Funds – France
  • Published on 02/26/2020
  • EN
  • PDF (1.02 MB)
Download (EN)

Published on Wednesday, February 26, 2020