Financial overview of Investment Funds – France - 2026-Q1
Published on 29th of June 2026
Money market funds outstandings are rising again
- The consolidated outstanding amounts (1) of money market funds increased by +€16 bn during the 1st quarter, to €429 bn at the end of March 2026 (see table p.2). The trend shows a slight upturn in investment, reflected in net subscriptions of +€4 bn over the last 12 months, after €26 bn at the end of March 2025 (see G1-A).
Holdings of MMF shares: the outstanding amounts held by residents increased in Q1 2026 (+€14 bn), driven by investments by insurance corporations (+€19 bn) and non-money market funds (+€9 bn), which more than offset disposals by non-financial corporations (-€17 bn) and households (-€7 bn). Over the last 12 months, outstandings increase (+€14 bn) was mainly due to non-resident investments (+€9 bn), in particular non-resident euro area MFIs' (+€14 bn).
Changes in portfolio assets: in Q1 2026, money market funds primarily hold short-term debt securities (+€18 bn); over one year, their investments were mainly allocated to short-term debt securities (+€5 bn) and over-one-year debt ones (+€7 bn, within regulatory limits). - Investments in non-money market funds have been less dynamic this quarter (+€8 bn). However, they remain at a high level over 12 months, at +€68 bn (see table p.2). During this period, bond funds (+€15 bn, see G1) and mixed funds (+€11 bn) were preferred to equity funds ( €8 bn). Inflows were also positive for employees' savings funds (+€7 bn) but slightly negative for real estate funds ( €2 bn). The flows not explained by the graphs are mainly related to specialised professional funds, reserved for professional investors.
Holdings of non-MMF shares: over one year, the main resident investors were insurance corporations and non-money market funds (+€15 bn each, see table p.2), followed by public administrations (+€13 bn) and households (+€12 bn). For their part, non-residents increased their holdings by +€17 bn.
Changes in portfolio assets: over the last 12 months, French non-money market funds mainly acquired over-one-year debt securities (+€33 bn), investment fund shares (+€23 bn) and equities (+€14 bn). Non-resident issuers received a large proportion of these investments (+€65 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 (%) | |||||
| Q1 2026 | 4 moving quarter | Q1 2026 | Q1 2026 | Q1 2026 | 4 moving quarters | Q1 2026 | Q1 2026 | |||
| Money Market Funds (f) | Total | 16 | 14 | 429 | 100% | Total | 16 | 14 | 429 | 100% |
| by type of instrument | Debt securities up to 1 year | 18 | 5 | 299 | 70% | Resident | 14 | 5 | 323 | 75% |
| Debt securities over 1 year | 2 | 7 | 56 | 13% | Insurance corporations | 19 | 20 | 110 | 26% | |
| Investment fund shares | 0 | 1 | 2 | 1% | Non-Financial corporations | -17 | -17 | 68 | 16% | |
| Net deposits and loans and other assets (b) | -2 | 0 | 72 | 17% | Non money market funds | 9 | 5 | 85 | 20% | |
| by geographical area (c) | Resident | 1 | 2 | 168 | 47% | Households and NPSH | -7 | -6 | 12 | 3% |
| Non-Resident euro area | 10 | 7 | 110 | 31% | General Government | 6 | 3 | 24 | 6% | |
| Non-Euro area | 7 | 5 | 79 | 22% | Credit Institutions | 1 | 1 | 4 | 1% | |
| by issuer (c) | MFIs | 16 | 15 | 266 | 75% | Other financial institutions | 3 | -1 | 20 | 5% |
| Non-Financial corporations and others (d) | 6 | 2 | 52 | 14% | Non-Resident euro area | 3 | 13 | 102 | 24% | |
| Others (e) | -1 | -2 | 27 | 8% | MFIs | 4 | 14 | 98 | 23% | |
| General Government | -4 | -1 | 12 | 3% | Non MFIs | -1 | -1 | 4 | 1% | |
| Non-Euro area | -2 | -4 | 4 | 1% | ||||||
| Assets | Net flows (a) | Stocks Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q1 2026 | 4 moving quarters | Q1 2026 | Q1 2026 | Q1 2026 | 4 moving quarters | Q1 2026 | Q1 2026 | |||
| Non money market funds | Total | 8 | 68 | 1,872 | 100% | Total | 8 | 68 | 1,872 | 100% |
| by type of instrument | Debt securities up to 1 year | -3 | -1 | 43 | 2% | Resident | 7 | 51 | 1,654 | 88% |
| Debt securities over 1 year | 12 | 33 | 514 | 27% | Insurance corporations | 2 | 15 | 677 | 36% | |
| Equity | -9 | 14 | 742 | 40% | Households and NPSH | 0 | 12 | 363 | 19% | |
| Investment fund shares | 6 | 23 | 445 | 24% | Non money market funds | 5 | 15 | 219 | 12% | |
| Real estate assets | 0 | 0 | 96 | 5% | ||||||
| Net deposits and loans and other assets (b) | 2 | -5 | 32 | 2% | General Government | 0 | 13 | 177 | 9% | |
| by geographical area (c) | Resident | -4 | 9 | 817 | 47% | MFIs | 0 | 0 | 89 | 5% |
| Non-Resident euro area | 2 | 34 | 580 | 33% | Non-Financial corporations | 0 | 9 | 98 | 5% | |
| Non-Euro area | 8 | 31 | 348 | 20% | Other financial institutions | 0 | -13 | 32 | 2% | |
| by issuer (c) | Non-Financial corporations and others (d) | -2 | 26 | 804 | 46% | Non-Resident euro area | 1 | 26 | 167 | 9% |
| MFIs | 1 | 2 | 239 | 14% | MFIs | 0 | 19 | 103 | 6% | |
| General Government | 1 | 16 | 153 | 9% | Non MFIs | 0 | 8 | 64 | 3% | |
| Others (e) | 6 | 30 | 549 | 31% | Non-Euro area | 0 | -9 | 50 | 3% | |
| of which non money market funds | 3 | 22 | 371 | 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) Represents the change in outstanding amounts for money market funds, due to the partial unavailability of flow data
(b) net deposits and loans and other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding deposits, other net and real estate assets ; calculation based on the whole 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 by issuer data are provisional and will be revised next quarter
(b) net deposits and loans and other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding deposits, other net and real estate assets ; calculation based on the whole 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 by issuer data are provisional and will be revised next quarter
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Updated on the 26th of June 2026