Financial overview of Investment Funds – France 2021Q3

Almost no inflows to non-money market funds


  • In Q3 2021: Non-money market funds record inflows of 0.2 billion after 5 billion in the second quarter. On the assets side, funds continue to favour purchases of long-term debt securities (+5 billion after +3 billion in the second quarter, see table on page 2) at the disadvantage of equities, which are subject to net sales (-3 billion after -1 billion in the second quarter).
    Money market funds show moderate net outflow of 3 billion (see table on page 2). On the assets side, purchases of short-term debt securities are favoured (+8 billion), as a result of arbitrage on deposits and other net investments (-7 billion).


  • Over a sliding year: Inflows to non-money market funds amount to 7 billion, mainly because of flows to bond funds (+9 billion, see graph G1). Resident financial and monetary institutions withdraw from non-money market funds (-15 billion, see table p2), but this is offset by resident insurance companies (+10 billion) and resident non-financial companies (+7 billion). Portfolio reallocations by funds mainly benefit non-resident securities outside the euro area (+11 billion, see table p2).
    Money market funds record an outflow of 9 billion (see table p2), mainly by resident investors (-14 billion). The portfolio adjustment confirms the disinvestment of deposits and other net investments (-23 billion) in favour of purchases of short-term debt securities (+13 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 (%)
Q3 2021 4 moving quarters Q3 2021 Q3 2021 Q3 2021 (g) 4 moving quarters Q3 2021 Q3 2021
Non money market funds Total 0 7 1,432 100% Total 0 7 1,432 100
by type of instrument Debt securities up to 1 year 0 1 23 2% Resident 1 10 1,300 91%
Debt securities over 1 year 5 9 384 27% Insurance corporations 6 10 555 39%
Equity -3 -1 559 39% Households and NPSH 2 1 298 21%
Investment fund shares 0 2 348 24% Non money market funds 1 5 167 12%
Real estate assets -2 1 92 6%
Net deposits and loans and other assets (b) 1 -5 25 2% General Government 2 3 164 11%
by geographical area (c) Resident -1 -4 630 48% MFIs -12 -15 45 3%
Non-Resident euro area 2 5 440 33% Non-Financial corporations 3 7 61 4%
Non-Euro area 0 11 245 19% Other financial institutions -1 0 10 1%
by issuer (c) Non-Financial corporations and others (d) 0 5 660 50% Non-Resident euro area -1 -4 106 7%
MFIs 1 -3 163 12% MFIs -1 -6 89 6%
General Government 1 0 106 8% Non MFIs 0 2 16 1%
Others (e) -1 11 386 29% Non-Euro area 0 1 26 2%
of which non money market funds 1 8 285 22%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q3 2021 4 moving quarters Q3 2021 Q3 2021 Q3 2021 (g) 4 moving quarters Q3 2021 Q3 2021
Money Market Funds (f) Total -3 -9 339 100% Total -3 -9 339 100%
by type of instrument Debt securities up to 1 year 8 13 211 62% Resident -3 -14 265 78%
Debt securities over 1 year -4 3 65 19% Insurance corporations -1 1 101 30%
Investment fund shares 0 -1 1 0% Non-Financial corporations 1 -11 68 20%
Net deposits and loans and other assets (b) -7 -23 63 19% Non money market funds -1 -6 61 18%
by geographical area (c) Resident -1 8 127 46% Households and NPSH 0 -1 4 1%
Non-Resident euro area 4 -3 82 30% General Government -1 1 13 4%
Non-Euro area 0 10 67 24% Credit Institutions 3 -3 5 1%
by issuer (c) MFIs 2 9 171 62% Other financial institutions -4 5 13 4%
Non-Financial corporations and others (d) 4 9 65 24% Non-Resident euro area 2 5 64 19%
Others (e) -1 -1 21 8% MFIs 2 10 59 18%
General Government -2 -2 19 7% Non MFIs 0 -5 4 1%
Non-Euro area -3 0 10 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 - Q3 2021
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 11/29/2021
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Published on Monday, November 29, 2021