Performance of investment funds 2020Mar

Published on 20 May 2020

Marked decline in the performance of non-money market funds
The performance of non-money market funds is negative in March (-5.3% after +3.9% in February) and reaches its lowest level since December 2011 (-5.5%). All categories of funds are affected by this trend, firstly equity funds with a decline of nearly 12% and then mixed funds with -5.4%, linked to stock market developments in the context of the Covid-19 health crisis. The performance of bond funds falls by 2.7% and that of other funds by 1.8%.
The performance of money market funds also deteriorates to -0.35% in March.

Annual performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
2017 2018 2019 Feb- 2020 Mar-2020 Net asset Value
NON MONEY MARKET FUNDS 5.9 -5.2 11.5 3.9 -5.3 1,170
Equity funds (b) 11.9 -12.0 23.5 4.4 -11.9 260
of which: ETF (c) 12.3 -6.1 22.7 5.4 -9.9 25
Bond funds (b) 0.6 -0.9 3.8 3.1 -2.7 278
Mixed Funds (b)(e) 4.2 -5.9 10.0 3.8 -5.4 309
Other funds (d) (f) 6.1 -0.2 7.9 3.6 -1.8 324
of which employees' savings funds 6.7 -6.9 13.4 3.0 -8.9 119
MONEY MARKET FUNDS -0.23 -0.28 -0.27 -0.26 -0.35 302
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 (a)
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 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 funds may also 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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