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Financial overview of Investment Funds – France 2018Q2

Published on 08/31/2018
Investment funds record net outflows of 30 billion
  • 2nd quarter 2018: Non-money market funds record negative outflows of -18 billion, mainly due to non-resident investors withdrawals (-9 billion for the euro area and -7 billion for the rest of the world). In terms of investments, non-money market funds sell shares and long-term debt securities for 16 billion respectively and these disinvestments mainly concern foreign securities (-23 billion).
    Money market funds record net outflows of EUR 12 billion as a result of withdrawals by resident financial corporations (EUR -17 billion) and non-resident investors from the euro area (EUR -7 billion).

  • Over one year: Non-money market funds record net outflows of EUR 12 billion, mainly due to equity funds (EUR -10 billion) and mixed funds (EUR -7 billion), partially offset by inflows in other categories (including real estate funds: EUR +7 billion). Non-resident investors and resident MFIs account for this movement (-17 billion and -15 billion respectively). Non-money market funds are net sellers of foreign equities (-25 billion), French public debt securities (-3 billion) and foreign debt securities (-3 billion).
    Money market funds (-1 billion over one year) reallocate their portfolios toward short-term debt securities (+6 billion) at the expense of long-term debt securities (-11 billion).

  • Focus - Real Estate Funds: In Q2 2018, net assets of real estate funds reach 100 billion (including 59 billion for OPCIs and 41 billion for SCPIs). Over the last 12 months, real estate funds increase by 11 billion, due to net inflows of 7 billion. On the investment side, office property investments increase by 4 billion over one year.
G1. Net subscriptions by type of funds (cumulative flows over 4 quarters - Billion €)
A - Equity funds
B - Bond funds
C - Mixed funds
D - Real estate funds
E - Employees' Savings funds
F - Money Market Funds
G2. Investment funds - Net investments by resident issuer sectors ( cumulative flows over 4 quarters - Billion €)
A- In equities
B - In debt securities
Investment funds assets and investors
(EUR billion)
Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q2 2018 4 moving quarters Q2 2018 Q2 2018 Q2 2018 (g) 4 moving quarters Q2 2018 Q2 2018
Non money market funds Total -18 -12 1,281 100% Total -18 -12 1,281 100%
by type of instrument Debt securities up to 1 year 5 5 34 3% Resident -2 5 1,120 87%
Debt securities over 1 year -16 -10 359 28% Insurance corporations -1 -2 477 37%
Equity -16 -25 465 36% Households and NPSH 16 6 268 21%
Investment fund shares 2 11 320 25% Non money market funds -3 -1 152 12%
Real estate assets 2 4 70 5%
Net deposits and loans and other assets (b) 5 4 33 3% General Government 5 13 141 11%
by geographical area (c) Resident -2 -3 572 49% MFIs -17 -15 31 2%
Non-Resident euro area -15 -11 398 34% Non-Financial corporations 0 5 46 4%
Non-Euro area -8 -6 207 18% Other financial institutions -1 -1 6 0%
by issuer (c) Non-Financial corporations and others (d) -21 -19 571 49% Non-Resident euro area -9 -9 140 11%
MFIs 0 -2 173 15% MFIs -9 -9 129 10%
General Government -1 -7 106 9% Non MFIs 0 0 11 1%
Others (e) -3 8 327 28% Non-Euro area -7 -8 21 2%
of which non money market funds -1 9 251 21%


Assets Net flows (a) Stocks Part (%) Investors Net flows (a) Stocks Part (%)
Q2 2018 4 moving quarters Q2 2018 Q2 2018 Q2 2018 (g) 4 moving quarters Q2 2018 Q2 2018
Money Market Funds (f) Total -12 -1 317 100% Total -12 -1 317 100%
by type of instrument Debt securities up to 1 year -12 6 198 62% Resident -6 3 271 85%
Debt securities over 1 year -1 -11 83 26% Insurance corporations 10 10 110 35%
Investment fund shares 1 0 1 0% Non-Financial corporations -17 -12 59 19%
Net deposits and loans and other assets (b) 0 4 35 11% Non money market funds 4 3 66 21%
by geographical area (c) Resident -7 3 124 44% Households and NPSH 0 -1 7 2%
Non-Resident euro area -3 -11 85 30% General Government -1 2 13 4%
Non-Euro area -2 4 73 26% Credit Institutions -2 0 9 3%
by issuer (c) MFIs -12 -5 204 72% Other financial institutions 1 1 6 2%
Non-Financial corporations and others (d) 5 11 53 19% Non-Resident euro area -7 -3 41 13%
Others (e) -4 -8 25 9% MFIs -7 -2 36 11%
General Government -1 -4 1 0% Non MFIs 1 -2 5 2%
Non-Euro area 1 0 5 2%
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
Focus
G3. REAL ESTATE FUNDS
A - Balance sheet (Q2-2018)
Assets Liabilities
Real estate assets (a) 70 Investment fund
shares/units
100
of which buildings 56 OPCI 59
SCPI 41
Equity (b) and investment funds shares 31
Other assets (c) 16 Other liabilities (c) 17
Total 117 Total 117
SCPI and OPCI are two legal structures of French real estate funds
(a) including real estate claims (current account advances, deposits and guarantees)
(b) including shares in property investment companies
(c) Other assets/debts: uncalled capital; loan, deposit/debt, unrealized gain or loss on building...

B - Breakdown by type of buildings
Others real estate buildings : warehouses, commercial spaces, others
C - Investment fund shares/units evolution (cumulative flows over 12 months)
Stock decomposition is not available before 2016Q2
D - Evolution of buildings (cumulative flows over 12 months)
Others real estate buildings : warehouses, commercial spaces, others
More information on: methodology, long series, calendar
All statistical time series published by the Banque de France can be accessed on Webstat Banque de France
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STAT INFO - Q2 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 08/31/2018
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Published on Friday, August 31, 2018