Financial overview of Investment Funds – France - 2024-Q2
Published on the 20th of September 2024
Outstanding amounts of non-money market funds shares increase in Q2 2024
- After a year of rising interest rates, the consolidated outstanding amounts of French money market funds shares remain significantly higher than their value a year ago: they increased by +€35 bn over the year, despite disinvestments of €12 bn in the second quarter (see table p.2).
- By contrast, non-money market funds regained attractiveness, with their outstanding amounts rising from €1574 bn to €1606 bn over the quarter.
Changes in portfolio assets: Over the year, investments were focused on long-term debt securities (+€18 bn) and short-term debt securities (+€12 bn).
Holdings of non-MMF shares: Households were the main buyers of non-money market funds over the last three months (+€17 bn). Over a sliding year, the main investors were households and general government (respectively +€12 bn and +€13 bn).
Changes in portfolio assets: Non-money market funds mainly acquired long-term debt securities, non-money market fund shares and equities (respectively +€10 bn, +€9 bn, and +€6 bn over the quarter). Over a sliding year, long-term debt securities were the primary beneficiaries of investments (+€20 bn). Regarding the geographical allocation of investments, securities issued by non-residents in the euro area recorded the largest acquisitions over the last four quarters (+€17 bn).
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 2024 | 4 moving quarters | Q2 2024 | Q2 2024 | Q2 2024 | 4 moving quarters | Q2 2024 | Q2 2024 | |||
| Non money market funds | Total | 25 | 13 | 1,606 | 100% | Total | 25 | 13 | 1,606 | 100% |
| by type of instrument | Debt securities up to 1 year | -1 | -4 | 23 | 1% | Resident | 26 | 8 | 1,442 | 90% |
| Debt securities over 1 year | 10 | 20 | 430 | 27% | Insurance corporations | 4 | -8 | 615 | 38% | |
| Equity | 6 | -2 | 643 | 40% | Households and NPSH | 17 | 12 | 321 | 20% | |
| Investment fund shares | 9 | -1 | 386 | 24% | Non money market funds | 3 | -9 | 185 | 12% | |
| Real estate assets | 1 | 3 | 97 | 6% | ||||||
| Net deposits and loans and other assets (b) | 2 | -3 | 28 | 2% | General Government | 7 | 13 | 177 | 11% | |
| by geographical area (c) | Resident | 9 | -7 | 735 | 50% | MFIs | -2 | 0 | 50 | 3% |
| Non-Resident euro area | 9 | 17 | 468 | 32% | Non-Financial corporations | -5 | -4 | 72 | 4% | |
| Non-Euro area | 5 | 2 | 278 | 19% | Other financial institutions | 2 | 4 | 23 | 1% | |
| by issuer (c) | Non-Financial corporations and others (d) | 7 | 5 | 700 | 47% | Non-Resident euro area | 4 | 8 | 121 | 8% |
| MFIs | 4 | 0 | 207 | 14% | MFIs | 10 | 8 | 79 | 5% | |
| General Government | 1 | -3 | 114 | 8% | Non MFIs | -6 | 1 | 42 | 3% | |
| Others (e) | 10 | 11 | 460 | 31% | Non-Euro area | -5 | -3 | 43 | 3% | |
| of which non money market funds | 3 | 0 | 313 | 21% |
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q2 2024 | 4 moving quarter | Q2 2024 | Q2 2024 | Q2 2024 | 4 moving quarters | Q2 2024 | Q2 2024 | |||
| Money Market Funds (f) | Total | -12 | 35 | 410 | 100% | Total | -12 | 35 | 410 | 100% |
| by type of instrument | Debt securities up to 1 year | -6 | 12 | 282 | 69% | Resident | -11 | 33 | 310 | 76% |
| Debt securities over 1 year | -1 | 18 | 55 | 14% | Insurance corporations | -3 | 11 | 114 | 28% | |
| Investment fund shares | 0 | 0 | 1 | 0% | Non-Financial corporations | -8 | 7 | 64 | 16% | |
| Net deposits and loans and other assets (b) | -5 | 4 | 71 | 17% | Non money market funds | 6 | 5 | 81 | 20% | |
| by geographical area (c) | Resident | -4 | 13 | 164 | 48% | Households and NPSH | -6 | 1 | 9 | 2% |
| Non-Resident euro area | -2 | 10 | 105 | 31% | General Government | 2 | 3 | 23 | 6% | |
| Non-Euro area | -1 | 7 | 69 | 21% | Credit Institutions | -2 | -1 | 2 | 0% | |
| by issuer (c) | MFIs | -5 | 32 | 247 | 73% | Other financial institutions | 1 | 6 | 17 | 4% |
| Non-Financial corporations and others (d) | 1 | -3 | 56 | 16% | Non-Resident euro area | -1 | 3 | 93 | 23% | |
| Others (e) | -2 | 1 | 28 | 8% | MFIs | 1 | 6 | 89 | 22% | |
| General Government | 0 | 1 | 8 | 2% | Non MFIs | -2 | -3 | 4 | 1% | |
| Non-Euro area | 0 | -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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Updated on the 20th of September 2024