Performance of investment funds 2020Jul
Published on 16 September 2020
The annual performance of mutual funds remains negative in July
Non-money market funds still post a negative annual performance in July (-1.5%). The recovery of the financial markets since April has not entirely offset funds losses recorded in the first quarter. Employee savings funds are slightly lagging behind (-5.5%) given their high weighting in equities (employee shareholding) and their lower international diversification than equity funds (-2.8%).
The performance of money market funds is stable (-0.34%).
The performance of money market funds is stable (-0.34%).
Annual performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
| 2017 | 2018 | 2019 | Jun-2020 | Jul- 2020 | Net asset Value July 20 |
|
| NON MONEY MARKET FUNDS | 5.9 | -5.2 | 11.5 | -1.0 | -1.5 | 1,254 |
| Equity funds (b) | 11.9 | -12.0 | 23.5 | -2.2 | -2.8 | 300 |
| of which: ETF (c) | 12.3 | -6.1 | 22.7 | -0.7 | -2.1 | 27 |
| Bond funds (b) | 0.6 | -0.9 | 3.8 | -0.8 | -0.9 | 286 |
| Mixed Funds (b)(e) | 4.2 | -5.9 | 10.0 | -0.9 | -1.3 | 331 |
| Other funds (d) (f) | 6.1 | -0.2 | 7.9 | -0.2 | -0.9 | 337 |
| of which employees' savings funds | 6.7 | -6.9 | 13.4 | -4.2 | -5.5 | 131 |
| MONEY MARKET FUNDS | -0.23 | -0.28 | -0.27 | -0.35 | -0.34 | 355 |
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
(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).
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).
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