Performance of investment funds 2018Dec

Sharp decline in the performance of equity funds in 2018
In 2018, the annual performance of non-money market funds falls sharply compared to 2017 (-5.2% in December after +5.9% in December 2017). This decrease mainly concerns equity funds (-12.0% at the end of 2018 after +11.9% at the end of 2017), employee savings funds (-6.9% after +6.7%) and mixed funds (-5.9% after +4.2%), in line with the decline in equity markets. The performance of other funds is also down, but to a lesser extent (-1.0% vs. +6.1%), thanks to the positive trend in real estate funds during 2018.
The performance of money market funds declines further to -0.28% in 2018 (-5 basis points compared to 2017).
Annual performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
2015 2016 2017 Nov- 2018 Dec- 2018
Net asset
Dec- 2018
NON MONEY MARKET FUNDS 5.1 3.2 5.9 -2.6 -5.2 1,198
Equity funds (b) 10.0 3.6 11.9 -6.3 -12.0 292
of which: ETF (c) 5.7 5.6 12.3 -2.3 -6.1 34
Bond funds (b) 0.9 2.7 0.6 -1.3 -0.9 269
Mixed Funds (b)(e) 3.0 2.6 4.2 -3.6 -5.9 325
Other funds (d) (f) 6.5 4.0 6.1 0.8 -1.1 313
of which employees' savings funds 6.9 3.6 6.7 -3.7 -6.9 122
MONEY MARKET FUNDS 0.18 0.02 -0.23 -0.25 -0.28 327
Source: Banque de France
(a) Annual performance net of management fees but before deduction of entry and exit fees commissions (cf. methodology).
(b) Except employees' savings funds (which are included in "Others funds")
(c) Exchange Trade Fund
(d) Employees' saving funds, real estate funds, Private equity funds, formula-based funds, hedge funds
(e) The term "mixed funds" replaces the term "diversified funds", AMF category that has been deleted since 31/12/2017; the criterion for classification remains the same.
(f) Outstanding amount and performance of real estate funds are taken into account as of June 2016
Annual performance of equity, bond and mixed funds
In percent
Performance of Non-MMF funds and employee saving funds (a)
In percent
Performance of equity funds (a)
In percent
Performance of bond funds
In percent
Performance of MMF funds (a)
In percent
Source: Banque de France, Barclays
(a) Annual performance net of management fees but before deduction of entry and exit fees commissions (cf. methodology).
Additional information
The different categories of funds under review are defined by the Autorité des Marchés Financiers (AMF - French Financial Markets Authority). The classification of each fund is based on its real risk exposure. The definition of the exposure and the risk thresholds for each category are developed in AMF Instructions 2011-19, 2011-20 and 2011-21.
The Stoxx 600 index comprises 600 companies residing in 18 European countries.
The Barclays index comprises sovereign and quasi-sovereign bonds, corporate bonds and asset-backed securities. It includes securities denominated in 24 currencies, issued from developed and emerging markets. The rating of the securities is "investment grade" with residual maturity over one year.
The performance of these indexes is measured as the total return (price variation and reinvested dividends/coupons).
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

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STAT INFO - December 2018
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Financial overview of Investment Funds-France

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Performance of investment funds
  • Published on 02/15/2019
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Published on Friday, February 15, 2019