Financial overview of Investment Funds – France 2020Q2

Investment funds record again a positive fundraising in the 2nd quarter

  • Second quarter of 2020: non-monetary mutual funds record inflows of 4 billion (see table p.2) after 3 consecutive quarters of outflows. Households are the main investors (+10 bn) while MFIs record net withdrawals (-13 bn). Funds invest primarily in securities issued by non-financial corporations (+5 billion) at the expense of those issued by MFIs (-5 billion).

    MMFs also record a positive inflow of 18 billion following the first quarter outflow of -9 billion, partly due to the effects of the health crisis. These net subscriptions are mainly attributable to resident non-financial corporations and non-resident investors (+19 and +7 billion respectively, see table 2).

  • Over one year Non-monetary mutual funds experience a net outflow of -25 billion. Net withdrawals impact bond (-13 billion), equity (-9 billion) and mixed funds (-9 billion), while real estate and employee savings funds record positive inflows (+7 and +2 billion respectively) (see graph G1). In terms of investments, net sales mainly concern mutual fund shares/units (-17 billion). On the investors' side, resident MFIs (-14 billion) and non-euro area residents (-15 billion) account for these net withdrawals.

    MMFs record an outflow of -2 billion. On the asset side, short-term and long-term debt securities (respectively -24 billion and -15 billion, see Table 2) are largely sold in favor of deposits and other net investments (+38 billion). At the investor level, withdrawals mainly come from insurance companies (-18 billion), offset by net subscriptions from resident non-financial corporations (+18 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 (%)
Q2 2020 4 moving quarters Q2 2020 Q2 2020 Q2 2020 (g) 4 moving quarters Q2 2020 Q2 2020
Non money market funds Total 4 -25 1,249 100% Total 4 -25 1,249 100
by type of instrument Debt securities up to 1 year -1 -2 25 2% Resident 4 -14 1,129 90%
Debt securities over 1 year 1 -5 364 29% Insurance corporations 4 -2 484 39%
Equity 3 1 443 35% Households and NPSH 10 3 261 21%
Investment fund shares 3 -17 301 24% Non money market funds 3 -5 140 11%
Real estate assets 1 6 86 7%
Net deposits and loans and other assets (b) -2 -9 30 2% General Government -1 6 148 12%
by geographical area (c) Resident 4 -9 557 49% MFIs -13 -14 38 3%
Non-Resident euro area -2 -16 372 33% Non-Financial corporations 2 -1 51 4%
Non-Euro area 4 2 203 18% Other financial institutions 0 0 7 1%
by issuer (c) Non-Financial corporations and others (d) 5 1 553 49% Non-Resident euro area -3 -15 97 8%
MFIs -5 -13 152 13% MFIs -4 -16 84 7%
General Government -1 -5 106 9% Non MFIs 0 1 13 1%
Others (e) 6 -6 322 28% Non-Euro area 3 3 23 2%
of which non money market funds 5 -10 236 21%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q2 2020 4 moving quarters Q2 2020 Q2 2020 Q2 2020 (g) 4 moving quarters Q2 2020 Q2 2020
Money Market Funds (f) Total 18 -1 306 100% Total 18 -1 306 100%
by type of instrument Debt securities up to 1 year 10 -24 171 56% Resident 11 -7 247 81%
Debt securities over 1 year -12 -15 64 21% Insurance corporations -10 -18 89 29%
Investment fund shares 1 -1 2 1% Non-Financial corporations 19 18 69 22%
Net deposits and loans and other assets (b) 18 38 70 23% Non money market funds -3 -7 63 21%
by geographical area (c) Resident 8 -18 104 44% Households and NPSH 1 0 5 2%
Non-Resident euro area -6 -16 77 33% General Government 2 3 11 4%
Non-Euro area -2 -6 55 23% Credit Institutions 1 -2 4 1%
by issuer (c) MFIs 3 -22 152 64% Other financial institutions 1 -1 6 2%
Non-Financial corporations and others (d) -9 -20 51 21% Non-Resident euro area 3 5 52 17%
Others (e) -1 -5 21 9% MFIs 1 4 46 15%
General Government 7 7 12 5% Non MFIs 2 1 6 2%
Non-Euro area 4 1 7 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


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 - Q2 2020
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 09/07/2020
  • EN
  • PDF (897.35 KB)
Download (EN)

Published on Monday, September 7, 2020