Financial overview of Investment Funds – France - 2026-Q2
Published on 23rd of September 2026
Money market funds assets slightly decreased
- Over one year, money market funds recorded net redemptions of €21 bn (see G1-A), in a context where short-term rates became lower than long-term ones. Their consolidated outstanding amounts decreased by €7 bn this quarter and by €8 bn over one year (see table p.2), to €422 bn.
Holdings of MMF shares: the decline in outstanding amounts is related to disinvestment by residents (-€13 bn over one year), in particular by non-financial corporations (-€8 bn). Acquirements by non-resident euro area MFIs only partially offset this decrease (+€8 bn).
Changes in portfolio assets: over one year and within regulatory limits, money market funds reallocated a portion of their short-term debt securities (-€3 bn) to over-one-year debt ones (+€3 bn). They also reduced their deposits and other net investments (-€8 bn). - Non-money market funds recorded nets inflows of €21 bn in the second quarter and of €58 bn over one year (see table p.2). Over the last 12 months, bond funds and mixed funds benefited from net subscriptions (+€10 bn each, see G1), whereas equity funds recorded net redemptions (-€12 bn). Employees' savings funds continue to attract net subscriptions (+€8 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 (+€19 bn, see table p.2) and public administrations (+€15 bn). For their part, non-residents increased their holdings by +€23 bn.
Changes in portfolio assets: over one year, non-money market funds mainly acquired over-one-year debt securities (+€24 bn), investment fund shares (+€23 bn) and equities (+€11 bn). A large proportion of these investments benefited non-resident issuers (+€49 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 (%) | |||||
| Q22026 | 4 moving quarter | Q2 2026 | Q2 2026 | Q22026 | 4 moving quarters | Q22026 | Q22026 | |||
| Money Market Funds (f) | Total | -7 | -8 | 422 | 100% | Total | -7 | -8 | 422 | 100% |
| by type of instrument | Debt securities up to 1 year | 1 | -3 | 300 | 71% | Resident | -12 | -13 | 311 | 74% |
| Debt securities over 1 year | -2 | 3 | 53 | 13% | Insurance corporations | -2 | 3 | 108 | 26% | |
| Investment fund shares | 0 | 0 | 2 | 0% | Non-Financial corporations | -7 | -8 | 61 | 15% | |
| Net deposits and loans and other assets (b) | -5 | -8 | 66 | 16% | Non money market funds | 3 | -1 | 88 | 21% | |
| by geographical area (c) | Resident | 1 | 0 | 169 | 47% | Households and NPSH | 0 | 1 | 12 | 3% |
| Non-Resident euro area | 1 | 2 | 111 | 31% | General Government | -1 | 0 | 23 | 5% | |
| Non-Euro area | -3 | -2 | 76 | 21% | Credit Institutions | -3 | -2 | 0 | 0% | |
| by issuer (c) | MFIs | 6 | 12 | 272 | 76% | Other financial institutions | -2 | -5 | 18 | 4% |
| Non-Financial corporations and others (d) | 0 | -1 | 52 | 14% | Non-Resident euro area | 5 | 8 | 107 | 25% | |
| Others (e) | -3 | -8 | 24 | 7% | MFIs | 5 | 8 | 103 | 24% | |
| General Government | -4 | -3 | 8 | 2% | Non MFIs | 0 | 0 | 4 | 1% | |
| Non-Euro area | 0 | -3 | 4 | 1% | ||||||
| Assets | Net flows (a) | Stocks Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q2 2026 | 4 moving quarters | Q2 2026 | Q2 2026 | Q2 2026 | 4 moving quarters | Q2 2026 | Q2 2026 | |||
| Non money market funds | Total | 21 | 58 | 1,989 | 100% | Total | 21 | 58 | 1,989 | 100% |
| by type of instrument | Debt securities up to 1 year | 1 | 1 | 44 | 2% | Resident | 14 | 35 | 1,748 | 88% |
| Debt securities over 1 year | 0 | 24 | 524 | 26% | Insurance corporations | 2 | 19 | 720 | 36% | |
| Equity | 5 | 11 | 813 | 41% | Households and NPSH | 11 | 6 | 389 | 20% | |
| Investment fund shares | 13 | 23 | 480 | 24% | Non money market funds | 3 | 9 | 230 | 12% | |
| Real estate assets | 0 | -1 | 94 | 5% | ||||||
| Net deposits and loans and other assets (b) | 2 | 1 | 34 | 2% | General Government | 2 | 15 | 188 | 9% | |
| by geographical area (c) | Resident | 10 | 9 | 852 | 46% | MFIs | -1 | 1 | 89 | 4% |
| Non-Resident euro area | 1 | 21 | 623 | 34% | Non-Financial corporations | -2 | -2 | 99 | 5% | |
| Non-Euro area | 8 | 28 | 385 | 21% | Other financial institutions | 0 | -12 | 32 | 2% | |
| by issuer (c) | Non-Financial corporations and others (d) | 7 | 22 | 866 | 47% | Non-Resident euro area | 5 | 26 | 183 | 9% |
| MFIs | 2 | 2 | 253 | 14% | MFIs | 5 | 21 | 114 | 6% | |
| General Government | -2 | 4 | 153 | 8% | Non MFIs | 0 | 5 | 69 | 3% | |
| Others (e) | 13 | 30 | 588 | 32% | Non-Euro area | 2 | -3 | 57 | 3% | |
| of which non money market funds | 12 | 25 | 404 | 22% | ||||||
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 22nd of September 2026