Financial overview of Investment Funds – France 2022Q3
Published on 13 December 2022
Non-monetary funds continue to collect in the 3rd quarter
- In Q2 2022:
- Over a sliding year:
Net purchases of non-monetary funds amount to 3 billion (see table p.2). Non-financial corporations and other financial institutions are the main net subscribers (+8 billion and +6 billion respectively). In terms of investments, non-monetary funds mainly acquire investment fund shares and long-term debt securities (+5 billion each), while favoring securities issued by residents (+10 billion) and, to a lesser extent, securities issued by residents outside the Eurozone (+4 billion). Money market funds record net redemptions of 15 billion, mainly due to insurance withdrawals (-20 billion). Despite the decrease in assets under management, money market funds remain net buyers of short-term debt securities (+4 billion), particularly those issued by non-financial corporations (+6 billion). Divestments mainly concern long-term debt securities (-9 billion) and deposits and other investments (-10 billion).
Non-monetary fund record net subscriptions of 9 billion (see table p.2) despite withdrawals of 16 billion on equity funds (see G1) offset by positive flows on employee savings funds, real estate funds and bond funds (+9 billion, +8 billion and +4 billion respectively, see G1). Asset managers are moving towards assets issued by MFIs and governments (+23 billion and +20 billion respectively) at the expense of those issued by non-financial corporations (-50 billion). Long-term debt securities remain preferred as well as investment fund shares (+15 billion each) counter to deposits and other investments (-16 billion). Net subscriptions of money market funds are clearly negative (- 34 billion, see table p.2 and - 40 billion in unconsolidated flows, see G1-F) over a rolling year. Non-financial corporations and insurance are the main sellers of shares (respectively - 23 billion and - 20 billion). In return, the funds sold long-term debt securities (-21 billion) and deposits and other investments (-15 billion).
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
Investment funds assets and investors![]()
(EUR billion)
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q3 2022 | 4 moving quarters | Q3 2022 | Q3 2022 | Q3 2022 | 4 moving quarters | Q3 2022 | Q3 2022 | |||
| Non money market funds | Total | 3 | 9 | 1,408 | 100% | Total | 3 | 9 | 1,408 | 100% |
| by type of instrument | Debt securities up to 1 year | 2 | -3 | 19 | 1% | Resident | 1 | 6 | 1,261 | 90% |
| Debt securities over 1 year | 5 | 15 | 374 | 27% | Insurance corporations | 4 | 2 | 541 | 38% | |
| Equity | 3 | -4 | 538 | 38% | Households and NPSH | -4 | 2 | 296 | 21% | |
| Investment fund shares | 5 | 15 | 346 | 25% | Non money market funds | -7 | -9 | 140 | 10% | |
| Real estate assets | -1 | 4 | 98 | 7% | ||||||
| Net deposits and loans and other assets (b) | -10 | -16 | 34 | 2% | General Government | -4 | 1 | 141 | 10% | |
| by geographical area (c) | Resident | 11 | 35 | 662 | 52% | MFIs | -2 | -3 | 69 | 5% |
| Non-Resident euro area | 0 | -18 | 382 | 30% | Non-Financial corporations | 8 | 10 | 61 | 4% | |
| Non-Euro area | 4 | 5 | 232 | 18% | Other financial institutions | 6 | 3 | 12 | 1% | |
| by issuer (c) | Non-Financial corporations and others (d) | 4 | -50 | 591 | 46% | Non-Resident euro area | -2 | -3 | 111 | 8% |
| MFIs | 0 | 23 | 182 | 14% | MFIs | -5 | -10 | 76 | 5% | |
| General Government | 1 | 20 | 114 | 9% | Non MFIs | 3 | 7 | 35 | 2% | |
| Others (e) | 9 | 29 | 389 | 31% | Non-Euro area | 5 | 6 | 36 | 3% | |
| of which non money market funds | 3 | 5 | 276 | 22% |
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q3 2022 | 4 moving quarters | Q3 2022 | Q3 2022 | Q3 2022 | 4 moving quarters | Q3 2022 | Q3 2022 | |||
| Money Market Funds (f) | Total | -15 | -34 | 304 | 100% | Total | -15 | -34 | 304 | 100% |
| by type of instrument | Debt securities up to 1 year | 4 | 1 | 212 | 69% | Resident | -20 | -38 | 227 | 75% |
| Debt securities over 1 year | -9 | -21 | 44 | 15% | Insurance corporations | -20 | -20 | 81 | 26% | |
| Investment fund shares | -1 | 0 | 0 | 0% | Non-Financial corporations | -3 | -23 | 45 | 15% | |
| Net deposits and loans and other assets (b) | -10 | -15 | 48 | 16% | Non money market funds | -1 | 6 | 67 | 22% | |
| by geographical area (c) | Resident | 7 | -10 | 117 | 46% | Households and NPSH | 0 | -1 | 3 | 1% |
| Non-Resident euro area | -2 | 1 | 83 | 33% | General Government | 7 | 4 | 17 | 6% | |
| Non-Euro area | -11 | -11 | 56 | 22% | Credit Institutions | 0 | 1 | 6 | 2% | |
| by issuer (c) | MFIs | -14 | -27 | 144 | 56% | Other financial institutions | -1 | -5 | 8 | 2% |
| Non-Financial corporations and others (d) | 6 | 3 | 68 | 27% | Non-Resident euro area | 2 | 5 | 69 | 23% | |
| Others (e) | 2 | 13 | 34 | 13% | MFIs | 2 | 5 | 64 | 21% | |
| General Government | -1 | -9 | 10 | 4% | Non MFIs | -1 | 0 | 4 | 1% | |
| Non-Euro area | 3 | -2 | 8 | 3% |
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
(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
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Updated on 13 December 2022