Financial overview of Investment Funds – France 2021Q3
Published on the 29th of November 2021
Almost no inflows to non-money market funds
- In Q3 2021: Non-money market funds record inflows of 0.2 billion after 5 billion in the second quarter. On the assets side, funds continue to favour purchases of long-term debt securities (+5 billion after +3 billion in the second quarter, see table on page 2) at the disadvantage of equities, which are subject to net sales (-3 billion after -1 billion in the second quarter).
Money market funds show moderate net outflow of 3 billion (see table on page 2). On the assets side, purchases of short-term debt securities are favoured (+8 billion), as a result of arbitrage on deposits and other net investments (-7 billion). - Over a sliding year: Inflows to non-money market funds amount to 7 billion, mainly because of flows to bond funds (+9 billion, see graph G1). Resident financial and monetary institutions withdraw from non-money market funds (-15 billion, see table p2), but this is offset by resident insurance companies (+10 billion) and resident non-financial companies (+7 billion). Portfolio reallocations by funds mainly benefit non-resident securities outside the euro area (+11 billion, see table p2).
Money market funds record an outflow of 9 billion (see table p2), mainly by resident investors (-14 billion). The portfolio adjustment confirms the disinvestment of deposits and other net investments (-23 billion) in favour of purchases of short-term debt securities (+13 billion).
G1. Net subscriptions by type of funds (cumulative flows over 4 quarters - Billion €) ![]()
A - Equity funds
B - Bond funds
C - Mixed funds
D - Real estate funds
E - Employees' Savings funds
F - Money Market Funds
Investment funds assets and investors![]()
(EUR billion)
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q3 2021 | 4 moving quarters | Q3 2021 | Q3 2021 | Q3 2021 (g) | 4 moving quarters | Q3 2021 | Q3 2021 | |||
| Non money market funds | Total | 0 | 7 | 1,432 | 100% | Total | 0 | 7 | 1,432 | 100 |
| by type of instrument | Debt securities up to 1 year | 0 | 1 | 23 | 2% | Resident | 1 | 10 | 1,300 | 91% |
| Debt securities over 1 year | 5 | 9 | 384 | 27% | Insurance corporations | 6 | 10 | 555 | 39% | |
| Equity | -3 | -1 | 559 | 39% | Households and NPSH | 2 | 1 | 298 | 21% | |
| Investment fund shares | 0 | 2 | 348 | 24% | Non money market funds | 1 | 5 | 167 | 12% | |
| Real estate assets | -2 | 1 | 92 | 6% | ||||||
| Net deposits and loans and other assets (b) | 1 | -5 | 25 | 2% | General Government | 2 | 3 | 164 | 11% | |
| by geographical area (c) | Resident | -1 | -4 | 630 | 48% | MFIs | -12 | -15 | 45 | 3% |
| Non-Resident euro area | 2 | 5 | 440 | 33% | Non-Financial corporations | 3 | 7 | 61 | 4% | |
| Non-Euro area | 0 | 11 | 245 | 19% | Other financial institutions | -1 | 0 | 10 | 1% | |
| by issuer (c) | Non-Financial corporations and others (d) | 0 | 5 | 660 | 50% | Non-Resident euro area | -1 | -4 | 106 | 7% |
| MFIs | 1 | -3 | 163 | 12% | MFIs | -1 | -6 | 89 | 6% | |
| General Government | 1 | 0 | 106 | 8% | Non MFIs | 0 | 2 | 16 | 1% | |
| Others (e) | -1 | 11 | 386 | 29% | Non-Euro area | 0 | 1 | 26 | 2% | |
| of which non money market funds | 1 | 8 | 285 | 22% |
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q3 2021 | 4 moving quarters | Q3 2021 | Q3 2021 | Q3 2021 (g) | 4 moving quarters | Q3 2021 | Q3 2021 | |||
| Money Market Funds (f) | Total | -3 | -9 | 339 | 100% | Total | -3 | -9 | 339 | 100% |
| by type of instrument | Debt securities up to 1 year | 8 | 13 | 211 | 62% | Resident | -3 | -14 | 265 | 78% |
| Debt securities over 1 year | -4 | 3 | 65 | 19% | Insurance corporations | -1 | 1 | 101 | 30% | |
| Investment fund shares | 0 | -1 | 1 | 0% | Non-Financial corporations | 1 | -11 | 68 | 20% | |
| Net deposits and loans and other assets (b) | -7 | -23 | 63 | 19% | Non money market funds | -1 | -6 | 61 | 18% | |
| by geographical area (c) | Resident | -1 | 8 | 127 | 46% | Households and NPSH | 0 | -1 | 4 | 1% |
| Non-Resident euro area | 4 | -3 | 82 | 30% | General Government | -1 | 1 | 13 | 4% | |
| Non-Euro area | 0 | 10 | 67 | 24% | Credit Institutions | 3 | -3 | 5 | 1% | |
| by issuer (c) | MFIs | 2 | 9 | 171 | 62% | Other financial institutions | -4 | 5 | 13 | 4% |
| Non-Financial corporations and others (d) | 4 | 9 | 65 | 24% | Non-Resident euro area | 2 | 5 | 64 | 19% | |
| Others (e) | -1 | -1 | 21 | 8% | MFIs | 2 | 10 | 59 | 18% | |
| General Government | -2 | -2 | 19 | 7% | Non MFIs | 0 | -5 | 4 | 1% | |
| Non-Euro area | -3 | 0 | 10 | 3% |
Note: As from this publication, real estate funds are integrated in data; Rounding differences mean that an aggregate may not be exactly equal to the sum of its components.
Source: Banque de France
(a) Variation of outstanding amounts for Money Market Funds
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves
(g) Quarterly holdings data are provisional and will be revised next quarter
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves
(g) Quarterly holdings data are provisional and will be revised next quarter
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Updated on the 26th of November 2021