Performance of investment funds 2023Feb

The year-on-year performance of money market funds keeps rising
Non-money market funds record contrasting monthly performances in February: equity funds rose by +0.9% while bond funds fell back slightly (-0.8%). Annual performance picked up again, at -1.1% compared to -3.4% in January and -8.1% at the end of 2022.

The monthly performance of money market funds was again positive at +0.19%, after +0.18% the previous month. The annual performance keeps rising to +0.51% in February, as compared to +0.25% the previous month, and has remained above that of non-money market funds since April 2022.

Performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
2022 January 2023 February 2023 January 2023 February 2023 February 2023
Annual performance Monthly performance Net asset value
NON MONEY MARKET FUNDS -8.1 -3.4 -1.1 3.0 0.1 1,471
Equity funds (b) -15.4 -5.2 -0.4 6.8 0.9 355
of which: ETF (c) -12.1 -5.0 -2.8 4.9 -0.2 36
Bond funds (b) -7.9 -6.2 -5.3 1.3 -0.8 272
Mixed Funds (b) -10.7 -6.2 -4.6 3.1 -0.5 301
Other funds (d) -0.2 1.6 3.1 1.4 0.3 542
of which employees' savings funds -7.5 -3.5 0.4 3.8 1.0 164
MONEY MARKET FUNDS (e) 0.03 0.25 0.51 0.18 0.19 371
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) Employee savings funds (including money market employee savings funds), real estate funds, Private equity funds, formula-based funds, hedge funds
(e) Excluding money market employee savings funds, including Monegasque funds.
Annual performance of equity, bond and mixed funds
In percent
Annual Performance of Non-MMF funds and employees' saving funds (a)
In percent
Annual Performance of equity funds (a)
In percent
Annual Performance of bonds funds (a)
In percent
Annual 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.

Stoxx 600 index comprises 600 companies residing in 18 European countries.

Barclays Euro Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, euro-denominated, fixed-rate bond market with residual maturity over one year, including treasuries, government-related, corporate and securitized issues. Inclusion is based on currency denomination of a bond and not country of risk of the issuer.

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.

The statistical processing of newly collected funds in the OPC2 application is described in the focus of the
Financial overview of Investment Funds about the 2nd quarter 2022.
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

Publication available on mobile devices: Apple and Android
STAT INFO - February 2023
Publication associated with :
Financial overview of Investment Funds-France

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Performance of investment funds
  • Published on 04/17/2023
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Published on Monday, April 17, 2023