Financial overview of Investment Funds – France - 2025-Q2
Published on the 30th of September 2025
statistics
Over the last four quarters, it is mainly bond funds that had high inflows
- Consolidated outstanding amounts of money market funds increased by +€20 bn over the last twelve months, to €430 bn at the end of June 2025 (see table p.2). This increase is mainly due to a valuation effect, with net subscriptions limited to +€5 bn (cf. G1).
- Non-money market funds record net inflows of €89 bn over one year (see table p.2). Bond funds were favoured (+€44 bn) over mixed funds (-€8 bn) and equity funds (-€6 bn, cf. G1). Inflows were also positive for real estate funds and employees' savings funds (+€5 bn each). The flows not explained by the charts mainly concern specialised professional funds.
Holdings of MMF shares: over the quarter, disposals by non-financial corporations (-€16 bn) and households (-€7 bn) were covered by purchases by other residents, especially insurance companies (+€15 bn). Investment in the second quarter (+€15 bn) accounted for most of the year-on-year increase.
Changes in portfolio assets: over 12 rolling months, French money market funds acquired short-term debt securities (+€21 bn) and investment fund shares (+€1 bn), selling long-term debt securities (-€5 bn). In the last quarter, they also increased their deposits and other net assets (+€3 bn).
Holdings of non-MMF shares: over a sliding year, the main investors were resident MFIs (+€29 bn), non-financial corporations (+€18 bn) and other financial institutions (+€17 bn). Only public administrations had a negative contribution (-€27 bn). For their part, non-residents increased their holdings by +€25 bn.
Changes in portfolio assets: acquisitions of long-term debt securities continued (+€10 bn in Q2 2025) to reach +€37 bn over one year. Over the last 12 months, purchases of short-term debt securities (+€23 bn) remained higher than those of equities (+€18 bn). Non-resident issuers received a large proportion of these investments (+€79 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 Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q2 2025 | 4 moving quarters | Q2 2025 | Q2 2025 | Q2 2025 | 4 moving quarters | Q2 2025 | Q2 2025 | |||
| Non money market funds | Total | 28 | 89 | 1,781 | 100% | Total | 28 | 89 | 1,781 | 100% |
| by type of instrument | Debt securities up to 1 year | 3 | 23 | 42 | 2% | Resident | 20 | 64 | 1,582 | 89% |
| Debt securities over 1 year | 10 | 37 | 485 | 27% | Insurance corporations | 0 | 10 | 651 | 37% | |
| Equity | 8 | 18 | 704 | 40% | Households and NPSH | 11 | 8 | 350 | 20% | |
| Investment fund shares | 13 | 15 | 421 | 24% | Non money market funds | 5 | 10 | 203 | 11% | |
| Real estate assets | 0 | 0 | 96 | 5% | ||||||
| Net deposits and loans and other assets (b) | -6 | -4 | 32 | 2% | General Government | 0 | -27 | 159 | 9% | |
| by geographical area (c) | Resident | 10 | 12 | 791 | 48% | MFIs | -3 | 29 | 83 | 5% |
| Non-Resident euro area | 14 | 45 | 547 | 33% | Non-Financial corporations | 9 | 18 | 94 | 5% | |
| Non-Euro area | 10 | 34 | 315 | 19% | Other financial institutions | -1 | 17 | 42 | 2% | |
| by issuer (c) | Non-Financial corporations and others (d) | 10 | 26 | 754 | 46% | Non-Resident euro area | 9 | 15 | 143 | 8% |
| MFIs | 1 | 5 | 231 | 14% | MFIs | 3 | -1 | 83 | 5% | |
| General Government | 9 | 34 | 146 | 9% | Non MFIs | 6 | 15 | 60 | 3% | |
| Others (e) | 13 | 27 | 521 | 32% | Non-Euro area | -1 | 10 | 56 | 3% | |
| of which non money market funds | 9 | 14 | 346 | 21% | ||||||
| Assets | Net flows (a) | Stocks Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q2 2025 | 4 moving quarter | Q2 2025 | Q2 2025 | Q2 2025 | 4 moving quarters | Q2 2025 | Q2 2025 | |||
| Money Market Funds (f) | Total | 15 | 20 | 430 | 100% | Total | 15 | 20 | 430 | 100% |
| by type of instrument | Debt securities up to 1 year | 10 | 21 | 304 | 71% | Resident | 6 | 14 | 324 | 75% |
| Debt securities over 1 year | 2 | -5 | 51 | 12% | Insurance corporations | 15 | -8 | 105 | 25% | |
| Investment fund shares | 1 | 1 | 2 | 0% | Non-Financial corporations | -16 | 5 | 69 | 16% | |
| Net deposits and loans and other assets (b) | 3 | 3 | 74 | 17% | Non money market funds | 9 | 8 | 89 | 21% | |
| by geographical area (c) | Resident | 2 | 4 | 169 | 47% | Households and NPSH | -7 | 3 | 11 | 3% |
| Non-Resident euro area | 6 | 4 | 109 | 31% | General Government | 2 | 1 | 23 | 5% | |
| Non-Euro area | 4 | 9 | 78 | 22% | Credit Institutions | 0 | 1 | 3 | 1% | |
| by issuer (c) | MFIs | 9 | 14 | 261 | 73% | Other financial institutions | 2 | 6 | 23 | 5% |
| Non-Financial corporations and others (d) | 3 | -3 | 52 | 15% | Non-Resident euro area | 10 | 6 | 99 | 23% | |
| Others (e) | 3 | 4 | 32 | 9% | MFIs | 11 | 6 | 95 | 22% | |
| General Government | -2 | 3 | 11 | 3% | Non MFIs | -2 | 0 | 4 | 1% | |
| Non-Euro area | 0 | 0 | 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 30th of September 2025