Performance of investment funds 2020Aug

In August, the upturn in the performance of mutual funds is driven by the equity market
After five months of decline, the average annual performance of non-money market funds returns to positive territory (+0.2% after -1.5% in July), due in particular to a marked increase in the monthly performance in August (+1.5%). The recovery observed since the low point in March (-5.3% for the year, -8% for the month) is mainly attributable to equity funds, which post the strongest monthly increase in August (+3.7%). The monthly performance of employee savings funds also recovers (+2%), although this has not yet reversed the year-on-year decline in valuation. The negative annual performance of bond funds in August 2020 is due to a base effect, as the sharp fall in interest rates pushed up valuations in August 2019. Despite positive monthly performances over the last five months, the bond funds thus record a negative performance of -1.4% in August on an annual basis.
The performance of money market funds fall slightly to -0.35% (-0.34% in July).
Annual performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
Annual performance Monthly performance Net asset value
2019 juil. 2020 Aug-2020 juil. 2020 Aug-2020 Aug-2020
NON MONEY MARKET FUNDS 11.5 -1.5 0.2 0.3 1.5 1,275
Equity funds (b) 23.5 -2.8 2.1 0.1 3.7 311
of which: ETF (c) 22.7 -2.1 3.0 -0.4 4.3 28
Bond funds (b) 3.8 -0.9 -1.4 0.7 0.1 288
Mixed Funds (b)(e) 10.0 -1.3 0.1 0.7 1.4 336
Other funds (d) (f) 7.9 -0.9 -0.1 -0.3 0.8 341
of which employees' savings funds 13.4 -5.5 -3.7 -0.8 2.0 135
MONEY MARKET FUNDS -0.27 -0.34 -0.35 -0.025 -0.024 363
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 savings 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 (a)
In percent
Performance of MMF funds (a)
In percent
Source: Banque de France, Barclays, Europerformance
(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 Euro-MTS Index is a euro-denominated bond index that measures the performance of the eurozone government bond market across all maturities of the underlying bonds combined.
The performance of the indices is measured by total return (price change and coupons/dividends reinvested). The yield spreads between these indices and the performance of UCITs in France reflect differences in composition and management orientation, in particular the split between highly liquid sovereign bonds issued by major advanced countries, less liquid sovereign bonds or bonds with a higher risk/return profile and bonds issued by private issuers. 6 month-Euribor and the performance of money market may temporarily divert. This is due to differences in the composition of the interbank index and the money market funds' portfolio (nature of the issuer, geographical diversification, average maturity, exchange rate effects linked to funds denominated in foreign currencies).
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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Performance of investment funds
  • Published on 10/15/2020
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Published on Thursday, October 15, 2020