Financial overview of Investment Funds – France 2023Q2
Published on the 29th of August 2023
In the 2nd quarter, net investments in non-monetary funds reach 6 billion
- In Q2 2023:
- Over a sliding year :
Money market funds' inflows fell back while remaining strong (+11 billion, after +21 billion in the 1st quarter), backed by net purchases by other financial institutions (+8 billion) and households (+5 billion). Money market funds remain net buyers of money market securities (+11 billion), particularly those issued by banks (+21 billion) while they are reducing their exposure to other categories of issuers (-10 billion).
Money market funds' net yearly subscriptions are clearly positive (+55 billion, see table p.2). MFIs in the euro zone are the main buyers (+ 19 billion), as well as non-monetary funds, non-financial companies and public administrations (respectively + 12, + 9 and + 9 billion). Money market funds mainly acquire short-term debt securities (+53 billion) -mostly issued by resident MFIs- and reduce their exposure to long-term debt securities (-6 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 (%) | |||||
| Q2 2023 | 4 moving quarters | Q2 2023 | Q2 2023 | Q2 2023 (g) | 4 moving quarters | Q2 2023 | Q2 2023 | |||
| Non money market funds | Total | 6 | -6 | 1,490 | 100% | Total | 6 | -6 | 1,490 | 100% |
| by type of instrument | Debt securities up to 1 year | 0 | 0 | 24 | 2% | Resident | 6 | -3 | 1,328 | 89% |
| Debt securities over 1 year | 13 | 24 | 395 | 27% | Insurance corporations | -1 | -11 | 533 | 36% | |
| Equity | -7 | -6 | 596 | 40% | Households and NPSH | 7 | 3 | 306 | 21% | |
| Investment fund shares | 5 | 6 | 362 | 24% | Non money market funds | -1 | 9 | 188 | 13% | |
| Real estate assets | 1 | 0 | 93 | 6% | ||||||
| Net deposits and loans and other assets (b) | -6 | -31 | 19 | 1% | General Government | 0 | 2 | 164 | 11% | |
| by geographical area (c) | Resident | -4 | 7 | 709 | 51% | MFIs | 0 | -2 | 51 | 3% |
| Non-Resident euro area | 12 | 12 | 421 | 31% | Non-Financial corporations | 0 | -3 | 68 | 5% | |
| Non-Euro area | 2 | 6 | 248 | 18% | Other financial institutions | 0 | -2 | 18 | 1% | |
| by issuer (c) | Non-Financial corporations and others (d) | -1 | 2 | 645 | 47% | Non-Resident euro area | 0 | -1 | 118 | 8% |
| MFIs | 5 | 10 | 198 | 14% | MFIs | 0 | 0 | 76 | 5% | |
| General Government | 3 | 6 | 118 | 9% | Non MFIs | 0 | -1 | 41 | 3% | |
| Others (e) | 4 | 6 | 417 | 30% | Non-Euro area | 0 | -2 | 45 | 3% | |
| of which non money market funds | 3 | 4 | 292 | 21% |
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q2 2023 | 4 moving quarter | Q2 2023 | Q2 2023 | Q2 2023 (g) | 4 moving quarters | Q2 2023 | Q2 2023 | |||
| Money Market Funds (f) | Total | 11 | 55 | 375 | 100% | Total | 11 | 55 | 375 | 100% |
| by type of instrument | Debt securities up to 1 year | 12 | 53 | 270 | 72% | Resident | 6 | 33 | 277 | 74% |
| Debt securities over 1 year | 1 | -6 | 38 | 10% | Insurance corporations | 1 | 1 | 102 | 27% | |
| Investment fund shares | -1 | 0 | 1 | 0% | Non-Financial corporations | -4 | 9 | 57 | 15% | |
| Net deposits and loans and other assets (b) | 0 | 9 | 67 | 18% | Non money market funds | 1 | 12 | 76 | 20% | |
| by geographical area (c) | Resident | 10 | 41 | 151 | 49% | Households and NPSH | 5 | 5 | 8 | 2% |
| Non-Resident euro area | 2 | 8 | 95 | 31% | General Government | -4 | 9 | 19 | 5% | |
| Non-Euro area | 0 | -3 | 62 | 20% | Credit Institutions | -1 | -4 | 3 | 1% | |
| by issuer (c) | MFIs | 21 | 68 | 215 | 70% | Other financial institutions | 8 | 1 | 11 | 3% |
| Non-Financial corporations and others (d) | -5 | -8 | 59 | 19% | Non-Resident euro area | 4 | 21 | 91 | 24% | |
| Others (e) | -4 | -8 | 27 | 9% | MFIs | 4 | 19 | 83 | 22% | |
| General Government | -1 | -5 | 7 | 2% | Non MFIs | 1 | 2 | 7 | 2% | |
| Non-Euro area | 1 | 1 | 7 | 2% |
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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PAN_FIN_OPC_2264_en__SI_Panorama_financier_OPC_2023T2_EN.pdf
Updated on the 28th of August 2023