Financial overview of Investment Funds – France - 2025-Q3
Published on the 31st of December 2025
Bond funds remain the main beneficiaries of investments over one year
- Consolidated outstanding amounts (1) of money market funds increased by +€12 bn over the last 12 months, to €431 bn at the end of September 2025 (see table p.2). Concomitantly, net subscriptions decreased by -€3 bn (cf. G1).
- Non-money market funds record net inflows of €85 bn over one year (see table p.2). Bond funds were favoured (+€43 bn), over equity funds ( €6 bn) and mixed funds (-€3 bn, see G1). Inflows were also positive for employees savings funds and real estate funds (+€6 bn and +€3 bn respectively). The flows not explained by the graphs mainly concern specialised professional funds.
Holdings of MMF shares: over one year, the increase of outstanding amounts held by non-financial corporations (+€10 bn outstanding, of which +€9 bn in Q3), other financial institutions (+€9 bn) and non-money market funds (+€8 bn) more than offset the decrease of outstanding amounts held by insurance corporations (-€8 bn) and households (-€6 bn).
Changes in portfolio assets: over 12 rolling months, French money market funds mainly acquired long-term debt securities (within regulatory limits, +€8 bn) and increased their deposits and other net assets (+€4 bn).
Holdings of non-MMF shares: over a rolling year, the main investors were resident MFIs (+€32 bn, see table p.2), non-financial corporations (+€21 bn) and insurance corporations (+€10 bn). The negative contribution of public administrations (-€24 bn) is mainly due to a technical reclassification. For their part, non-residents increased their holdings by +€30 bn
Changes in portfolio assets: acquisitions of long-term debt securities continued in the 3rd quarter (+€9 bn). Over the last 12 months, outstanding amounts of short-term debt securities nearly doubled, as a result of purchases (+€22 bn) exceeding those of equities (+€16 bn). Non-resident issuers received a large proportion of these investments (+€80 bn).
G1. Net subscriptions by type of funds (cumulative flows over 4 quarters - Billion €) ![]()
A - Money Market Funds
B - Bond funds
C - Equity funds
D -Mixed funds
E - Real estate funds
F - Employees' savings funds
1- The consolidated amount corresponds to the gross amount, adjusted to exclude holdings of investment funds by other investment funds, in order to avoid double counting.
Investment funds assets and investors![]()
(EUR billion)
| Assets | Net flows (a) | Stocks Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q3 2025 | 4 moving quarter | Q3 2025 | Q3 2025 | Q3 2025 | 4 moving quarters | Q3 2025 | Q3 2025 | |||
| Money Market Funds (f) | Total | 1 | 12 | 431 | 100% | Total | 1 | 12 | 431 | 100% |
| by type of instrument | Debt securities up to 1 year | -3 | -1 | 301 | 70% | Resident | 4 | 12 | 328 | 76% |
| Debt securities over 1 year | 3 | 8 | 53 | 12% | Insurance corporations | -1 | -8 | 104 | 24% | |
| Investment fund shares | 0 | 1 | 2 | 0% | Non-Financial corporations | 9 | 10 | 78 | 18% | |
| Net deposits and loans and other assets (b) | 1 | 4 | 75 | 17% | Non money market funds | -3 | 8 | 86 | 20% | |
| by geographical area (c) | Resident | 1 | -1 | 170 | 48% | Households and NPSH | 0 | -6 | 11 | 3% |
| Non-Resident euro area | -2 | 2 | 108 | 30% | General Government | -2 | 0 | 21 | 5% | |
| Non-Euro area | 0 | 6 | 78 | 22% | Credit Institutions | 0 | -1 | 3 | 1% | |
| by issuer (c) | MFIs | -1 | 8 | 260 | 73% | Other financial institutions | 2 | 9 | 25 | 6% |
| Non-Financial corporations and others (d) | 2 | 1 | 54 | 15% | Non-Resident euro area | -1 | 2 | 98 | 23% | |
| Others (e) | -1 | 0 | 31 | 9% | MFIs | -1 | 5 | 94 | 22% | |
| General Government | 0 | -1 | 10 | 3% | Non MFIs | 0 | -2 | 4 | 1% | |
| Non-Euro area | -2 | -2 | 5 | 1% | ||||||
| Assets | Net flows (a) | Stocks Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q3 2025 | 4 moving quarters | Q3 2025 | Q3 2025 | Q3 2025 | 4 moving quarters | Q3 2025 | Q3 2025 | |||
| Non money market funds | Total | 4 | 85 | 1,823 | 100% | Total | 4 | 85 | 1,823 | 100% |
| by type of instrument | Debt securities up to 1 year | 1 | 22 | 44 | 2% | Resident | -2 | 55 | 1,612 | 88% |
| Debt securities over 1 year | 9 | 37 | 501 | 27% | Insurance corporations | 2 | 10 | 666 | 37% | |
| Equity | 0 | 16 | 726 | 40% | Households and NPSH | -2 | 6 | 354 | 19% | |
| Investment fund shares | -3 | 13 | 426 | 23% | Non money market funds | 0 | 7 | 207 | 11% | |
| Real estate assets | -1 | -1 | 96 | 5% | ||||||
| Net deposits and loans and other assets (b) | -2 | -3 | 30 | 2% | General Government | 4 | -24 | 166 | 9% | |
| by geographical area (c) | Resident | -6 | 9 | 800 | 47% | MFIs | 3 | 32 | 87 | 5% |
| Non-Resident euro area | 7 | 44 | 566 | 33% | Non-Financial corporations | 3 | 21 | 100 | 5% | |
| Non-Euro area | 5 | 36 | 331 | 20% | Other financial institutions | -12 | 4 | 32 | 2% | |
| by issuer (c) | Non-Financial corporations and others (d) | 6 | 28 | 784 | 46% | Non-Resident euro area | 8 | 22 | 155 | 9% |
| MFIs | -3 | 4 | 233 | 14% | MFIs | 4 | 4 | 90 | 5% | |
| General Government | 3 | 35 | 150 | 9% | Non MFIs | 4 | 18 | 65 | 4% | |
| Others (e) | 1 | 22 | 530 | 31% | Non-Euro area | -2 | 8 | 56 | 3% | |
| of which non money market funds | 1 | 13 | 354 | 21% | ||||||
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 31st of December 2025