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Financial overview of Investment Funds – France 2018Q1

Published on 05/31/2018
Non-Money Market Funds are net buyers of long term debt securities and net sellers of equities

Non-Money Market Funds: net inflows decreased again in the third quarter (-4 billion) but reached 19 billion over one year. These subscriptions mainly came from resident banks and insurance corporations (respectively +22 billion and +19 billion) whereas non-resident banks located in the euro area recorded outflows (-29 billions). In the first quarter, Non-Money Market Funds were net sellers of equities (-14 billion) while they invested in long term debt securities (+6 billion) and investment fund shares (+5 billion). Over one year, net inflows were also mostly invested in long term debt securities (+20 billion) and assets issued by non-residents (+ 11 billion from Euro Area and +7 billion from the rest of the word) whereas equity holdings declined (-11 billion).


Money Market Funds: Despite negative net inflows over one year (-13 billion), subscriptions amounted to +16 billion in the first quarter 2018, mainly resulting from insurance companies (+9 billion) and non-financial corporations (+7 billion). Net investments were mostly oriented towards short term debt securities (+ 17 billion) issued equally by residents and non-residents (+8 billion).
Investment net transactions
(4 moving quarters)
Breakdown by category of investor
Non-Money Market Funds
Money Market Funds
Investment funds assets and investors
(EUR billion)
Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q1 2018 4 moving quarters Q1 2018 Q1 2018 4 moving quarters Q1 2018 Q1 2018
Non money market funds Total -4 19 1,188 100% Total -4 19 1,188 100%
by type of instrument Debt securities up to 1 year 2 0 29 2% Resident 33 57 1,049 88%
Debt securities over 1 year 6 20 373 31% Insurance corporations 12 16 426 36%
Equity -14 -11 450 38% Households and NPSH 2 1 219 18%
Investment fund shares 4 10 304 26% Non money market funds 1 3 153 13%
Net deposits and loans and other assets (b) -2 0 31 3% General Government 3 8 137 12%
by geographical area (c) Resident -3 2 540 47% MFIs 23 22 67 6%
Non-Resident euro area 2 11 408 35% Non-Financial corporations 1 8 41 3%
Non-Euro area -2 7 208 18% Other financial institutions -8 -3 6 1%
by issuer (c) Non-Financial corporations and others (d) -8 2 561 48% Non-Resident euro area -32 -32 118 10%
MFIs -2 4 175 15% MFIs -32 -29 107 9%
General Government 1 -2 108 9% Non MFIs 1 -3 11 1%
Others (e) 6 16 313 27% Non-Euro area -6 -6 21 2%
of which non money market funds 5 9 241 21%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q1 2018 4 moving quarters Q1 2018 Q1 2018 4 moving quarters Q1 2018
Money Market Funds (f) Total 16 -13 329 100% Total 16 -13 329 100%
by type of instrument Debt securities up to 1 year 17 14 209 64% Resident 17 -9 277 84%
Debt securities over 1 year -1 -12 85 26% Insurance corporations 9 9 100 30%
Investment fund shares 0 0 0 0% Non-Financial corporations 7 -18 77 23%
Net deposits and loans and other assets (b) 0 -15 35 11% Non money market funds -1 2 63 19%
by geographical area (c) Resident 8 8 131 44% Households and NPSH -1 -2 7 2%
Non-Resident euro area 2 -10 89 30% General Government 1 -2 15 4%
Non-Euro area 6 4 75 25% Credit Institutions 2 2 11 3%
by issuer (c) MFIs 5 3 216 73% Other financial institutions 0 1 5 1%
Non-Financial corporations and others (d) 9 7 48 16% Non-Resident euro area 1 -3 48 15%
Others (e) 2 -4 29 10% MFIs 1 -1 43 13%
General Government -1 -4 2 1% Non MFIs 0 -3 4 1%
Non-Euro area -1 0 5 1%
Note: 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.
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STAT INFO - Q1 2018
Financial overview of Investment Funds

Publication associated with: Performance of Investment Funds - France
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Financial overview of Investment Funds – France
  • Published on 05/31/2018
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Published on Thursday, May 31, 2018