Financial overview of Investment Funds – France 2021Q1

Outflows for investment funds in Q1 2021

  • In Q1 2021: Money market funds record an outflow of 13 billion (see Table 2) in Q1 2021 after the record inflow of 80 billion observed over the year 2020 (Graph G1). These withdrawals come mainly from resident investors (-10 bn) and more particularly from non-financial companies (-6 bn). In response to these withdrawals, funds reduce their liquid assets, after favoring them in 2020, by -11 billion for deposits and -9 billion for short-term debt securities, to the benefit of debt securities with maturities of over one year (+6 bn).
    Non-money market funds see an outflow of 4 billion (see Table 2), following an inflow of 5 billion in 2020, mainly as a result of securities transactions by resident banks (MFIs), which sell 11 billion worth of securities. In response to this outflow, the funds adjust their investments by selling, on the assets side of their balance sheet, securities issued by residents (up to 10 billion).

  • Over one year: Money market funds collect 79 billion (72 billion in consolidated data). This inflow of liquidity is invested in residents' securities (+37 billion see table 2). In particular, the strong inflow benefit short-term debt securities (+48 bn) and partly awaited allocation, with net deposits and other assets up by 28 bn. On the investor side, resident non-financial corporations are the main subscribers to money market funds (+32 billion).
    Non-money market funds record net subscriptions of 8 billion (see table p.2), mainly from employee savings funds (+7 bn) and bond funds (+5 bn) (see G1). Investors are mainly residents (+10 bn). On the investment side, securities issued by non-money market funds are favored (+12 bn) at the expense of those issued by MFIs (-7 bn).
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 2021 4 moving quarters Q1 2021 Q1 2021 Q1 2021 (g) 4 moving quarters Q1 2021 Q1 2021
Non money market funds Total -4 8 1,371 100% Total -4 8 1,371 100
by type of instrument Debt securities up to 1 year 0 -4 22 2% Resident -3 10 1,242 91%
Debt securities over 1 year 2 0 372 27% Insurance corporations 0 4 530 39%
Equity -2 7 527 38% Households and NPSH 2 9 286 21%
Investment fund shares -3 8 334 24% Non money market funds 1 5 157 11%
Real estate assets 0 2 90 7%
Net deposits and loans and other assets (b) 0 -6 26 2% General Government 1 -6 155 11%
by geographical area (c) Resident -10 1 604 48% MFIs -11 -9 47 3%
Non-Resident euro area 5 2 420 33% Non-Financial corporations 5 5 58 4%
Non-Euro area 1 8 230 18% Other financial institutions -1 2 9 1%
by issuer (c) Non-Financial corporations and others (d) -2 5 624 50% Non-Resident euro area -2 -5 104 8%
MFIs -4 -7 160 13% MFIs -3 -6 89 6%
General Government -2 -4 103 8% Non MFIs 1 1 15 1%
Others (e) 4 17 367 29% Non-Euro area 1 3 24 2%
of which non money market funds 2 12 270 22%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q1 2021 4 moving quarters Q1 2021 Q1 2021 Q1 2021 (g) 4 moving quarters Q1 2021 Q1 2021
Money Market Funds (f) Total -13 72 360 100% Total -13 72 360 100%
by type of instrument Debt securities up to 1 year -9 48 209 58% Resident -10 51 287 80%
Debt securities over 1 year 6 -5 71 20% Insurance corporations 2 2 101 28%
Investment fund shares 0 1 2 0% Non-Financial corporations -6 32 82 23%
Net deposits and loans and other assets (b) -11 28 80 22% Non money market funds -6 -4 62 17%
by geographical area (c) Resident 4 37 133 48% Households and NPSH 0 0 4 1%
Non-Resident euro area -6 -2 82 29% General Government -3 3 13 3%
Non-Euro area -1 9 66 23% Credit Institutions 3 5 8 2%
by issuer (c) MFIs 2 23 172 61% Other financial institutions 0 13 18 5%
Non-Financial corporations and others (d) 2 3 63 23% Non-Resident euro area -1 12 61 17%
Others (e) -1 -2 20 7% MFIs 1 10 56 15%
General Government -5 20 25 9% Non MFIs -2 2 6 2%
Non-Euro area -2 9 12 3%
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


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STAT INFO - Q1 2021
Financial overview of Investment Funds

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Financial overview of Investment Funds – France
  • Published on 06/21/2021
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Published on Monday, June 21, 2021