Financial overview of Investment Funds – France - 2025-Q4
Published on 27th of March 2026
The interest rates decrease weighed on money market funds outstandings
- In 2025, money market funds recorded net disposals (-€15 bn, see G1-A), mainly in the fourth quarter, which led to a slight decrease in consolidated outstanding amounts to €413 bn at the end of 2025 (see table p.2) after €414 bn at the end of 2024.
- Non-money market funds recorded net inflows of €75 bn over the year (see table p.2). Bond funds (+€23 bn, see G1) and mixed funds (+€6 bn) were preferred to equity funds ( €10 bn). Inflows were also positive for employees' savings funds and real estate funds (+€6 bn and +€2 bn respectively). The flows not explained by the graphs are mainly related to specialised professional funds, reserved for professional investors.
Holdings of MMF shares: the outstanding amounts held by residents slightly increased over one year (+€4 bn) despite year-end disposals by insurance corporations (-€13 bn in outstanding amounts), non-money market funds (-€10 bn) and other financial institutions (-€8 bn).
Changes in portfolio assets: in 2025, French money market funds mainly acquired over-one-year debt securities (+€9 bn, within regulatory limits), selling short-term debt securities (-€8 bn).
Holdings of non-MMF shares: over one year, the main resident investors were non-financial corporations (+€19 bn, see table p.2) and MFIs (+€12 bn). At the same time, non-residents acquired €29 bn of them.
Changes in portfolio assets: in 2025, French non-money market funds mainly acquired over-one-year debt securities (+€31 bn), equities (+€17 bn) and investment fund shares (+€15 bn). Non-resident issuers received a large proportion of these investments (+€66 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 (%) | |||||
| Q4 2025 | 4 moving quarter | Q4 2025 | Q4 2025 | Q4 2025 | 4 moving quarters | Q4 2025 | Q4 2025 | |||
| Money Market Funds (f) | Total | -18 | -1 | 413 | 100% | Total | -18 | -1 | 413 | 100% |
| by type of instrument | Debt securities up to 1 year | -19 | -8 | 281 | 68% | Resident | -19 | 4 | 309 | 75% |
| Debt securities over 1 year | 1 | 9 | 54 | 13% | Insurance corporations | -13 | 1 | 91 | 22% | |
| Investment fund shares | 0 | 0 | 2 | 0% | Non-Financial corporations | 6 | 6 | 85 | 21% | |
| Net deposits and loans and other assets (b) | -1 | -4 | 74 | 18% | Non money market funds | -10 | 0 | 76 | 18% | |
| by geographical area (c) | Resident | -3 | 2 | 167 | 49% | Households and NPSH | 7 | 1 | 18 | 4% |
| Non-Resident euro area | -7 | 3 | 100 | 30% | General Government | -3 | -1 | 18 | 4% | |
| Non-Euro area | -7 | -2 | 72 | 21% | Credit Institutions | 0 | 0 | 3 | 1% | |
| by issuer (c) | MFIs | -10 | 3 | 250 | 74% | Other financial institutions | -8 | -1 | 17 | 4% |
| Non-Financial corporations and others (d) | -9 | 1 | 45 | 13% | Non-Resident euro area | 1 | -2 | 99 | 24% | |
| Others (e) | -3 | -2 | 28 | 8% | MFIs | -1 | -1 | 93 | 23% | |
| General Government | 5 | 1 | 16 | 5% | Non MFIs | 1 | -1 | 6 | 1% | |
| Non-Euro area | 1 | -3 | 5 | 1% | ||||||
| Assets | Net flows (a) | Stocks Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q4 2025 | 4 moving quarters | Q4 2025 | Q4 2025 | Q4 2025 | 4 moving quarters | Q4 2025 | Q4 2025 | |||
| Non money market funds | Total | 24 | 75 | 1,876 | 100% | Total | 24 | 75 | 1,876 | 100% |
| by type of instrument | Debt securities up to 1 year | 2 | 8 | 46 | 2% | Resident | 18 | 45 | 1,656 | 88% |
| Debt securities over 1 year | 2 | 31 | 504 | 27% | Insurance corporations | 6 | 7 | 683 | 36% | |
| Equity | 13 | 17 | 759 | 40% | Households and NPSH | 0 | 3 | 361 | 19% | |
| Investment fund shares | 8 | 15 | 440 | 23% | Non money market funds | 3 | 6 | 213 | 11% | |
| Real estate assets | 0 | 2 | 96 | 5% | ||||||
| Net deposits and loans and other assets (b) | -1 | -2 | 30 | 2% | General Government | 3 | -2 | 171 | 9% | |
| by geographical area (c) | Resident | 8 | 9 | 822 | 47% | MFIs | 2 | 12 | 91 | 5% |
| Non-Resident euro area | 11 | 37 | 586 | 33% | Non-Financial corporations | 3 | 19 | 104 | 6% | |
| Non-Euro area | 6 | 29 | 343 | 20% | Other financial institutions | 1 | 0 | 33 | 2% | |
| by issuer (c) | Non-Financial corporations and others (d) | 9 | 26 | 807 | 46% | Non-Resident euro area | 4 | 20 | 161 | 9% |
| MFIs | 3 | 4 | 242 | 14% | MFIs | 1 | 1 | 93 | 5% | |
| General Government | 2 | 23 | 153 | 9% | Non MFIs | 2 | 19 | 68 | 4% | |
| Others (e) | 10 | 23 | 547 | 31% | Non-Euro area | 2 | 9 | 59 | 3% | |
| of which non money market funds | 9 | 16 | 369 | 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 26th of March 2026