Performance of investment funds 2023Jun
Published on the 18th of August 2023
The annual performance of non-money market funds is +5,8% in June
The annual performance of non-money market funds increases significantly and reaches +5.8% in June (versus +1.1% the previous month). The annual performance of equity funds (+14%) is correlated with the orientation of the stock market and contributes highly to this trend. Over two years, annual performance is flat, since 2022 was a year of underperformance, which also explains the "base effect" of the recovery in the growth rate observed in 2023.The monthly performance of all non-money market funds increases in June (+1.1%)
The annual performance of the money market funds continues to improve (+31 bps) reflecting the impact of the ECB's key interest rate in the previous months and increases to +1.7% in June.
The annual performance of the money market funds continues to improve (+31 bps) reflecting the impact of the ECB's key interest rate in the previous months and increases to +1.7% in June.
Performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
| 2022 | May 2023 | June 2023 | May 2023 | June 2023 | June 2023 | |
| Annual performance | Monthly performance | Net asset value | ||||
| NON MONEY MARKET FUNDS | -7.6 | 1.1 | 5.8 | -0.2 | 1.1 | 1,490 |
| Equity funds (b) | -15.3 | 2.0 | 14.0 | -0.7 | 3.0 | 356 |
| of which: ETF (c) | -12.1 | 2.1 | 11.7 | 1.1 | 2.8 | 38 |
| Bond funds (b) | -7.7 | -1.5 | 0.6 | 0.3 | -0.2 | 277 |
| Mixed Funds (b) | -10.6 | -1.3 | 3.9 | -0.2 | 1.2 | 303 |
| Other funds (d) | 0.9 | 3.4 | 4.5 | -0.2 | 0.6 | 554 |
| of which employees' savings funds | -7.6 | 2.0 | 8.5 | -0.7 | 1.5 | 174 |
| MONEY MARKET FUNDS (e) | 0.04 | 1.39 | 1.70 | 0.30 | 0.26 | 393 |
Source: Banque de France
(a) Annual performance net of management fees but before deduction of entry and exit fees commissions (cf. methodology).
(b) Except employees' savings funds (which are included in "Others funds")
(c) Exchange Trade Fund
(d) Employee savings funds (including money market employee savings funds), real estate funds, Private equity funds, formula-based funds, hedge funds
(e) Excluding money market employee savings funds, including Monegasque funds.
(b) Except employees' savings funds (which are included in "Others funds")
(c) Exchange Trade Fund
(d) Employee savings funds (including money market employee savings funds), real estate funds, Private equity funds, formula-based funds, hedge funds
(e) Excluding money market employee savings funds, including Monegasque funds.
Annual performance of equity, bond and mixed funds![]()
In percent
Annual Performance of Non-MMF funds and employees' saving funds (a)![]()
In percent
Annual Performance of equity funds (a)![]()
In percent
Annual Performance of bonds funds (a)![]()
In percent
Annual Performance of MMF funds (a)![]()
In percent
Source: Banque de France, Barclays, Europerformance
(a) Annual performance net of management fees but before deduction of entry and exit fees commissions (cf. methodology).
Additional information
The different categories of funds under review are defined by the Autorité des Marchés Financiers (AMF - French Financial Markets Authority). The classification of each fund is based on its real risk exposure. The definition of the exposure and the risk thresholds for each category are developed in AMF Instructions 2011-19, 2011-20 and 2011-21.
The Stoxx 600 index comprises 600 companies residing in 18 European countries.
The Barclays Euro Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, euro-denominated, fixed-rate bond market with residual maturity over one year, including treasuries, government-related, corporate and securitized issues. Inclusion is based on currency denomination of a bond and not country of risk of the issuer.
The performance of the indices is measured by total return (price change and coupons/dividends reinvested). The yield spreads between these indices and the performance of UCITs in France reflect differences in composition and management orientation, in particular the split between highly liquid sovereign bonds issued by major advanced countries, less liquid sovereign bonds or bonds with a higher risk/return profile and bonds issued by private issuers.
.
The Stoxx 600 index comprises 600 companies residing in 18 European countries.
The Barclays Euro Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, euro-denominated, fixed-rate bond market with residual maturity over one year, including treasuries, government-related, corporate and securitized issues. Inclusion is based on currency denomination of a bond and not country of risk of the issuer.
The performance of the indices is measured by total return (price change and coupons/dividends reinvested). The yield spreads between these indices and the performance of UCITs in France reflect differences in composition and management orientation, in particular the split between highly liquid sovereign bonds issued by major advanced countries, less liquid sovereign bonds or bonds with a higher risk/return profile and bonds issued by private issuers.
.
Download the PDF version of the document
PER_OPC_2272_en__SI_Performance_OPC_EN_202306.pdf
Updated on the 17th of August 2023