Performance of investment funds 2022Sep
Published on 21 November 2022
The performances of non-monetary funds (down) and money market funds (up gradually) are in line with the previous months
In the wake of financial markets, the annual performance of non-monetary funds decline by - 8.0% after - 6.2% in August. Equity funds record the sharpest year-on-year decline at - 15.1%, followed by mixed funds at - 12.3% and bond funds at - 10.7%. It should be noticed that the performance of employees' savings funds is holding up relative to other major fund sectors.
Following the ECB's decisions to raise key interest rates, the monthly performance of money market funds confirms its return to positive yields (+0.03% after +0.01% in August).
Following the ECB's decisions to raise key interest rates, the monthly performance of money market funds confirms its return to positive yields (+0.03% after +0.01% in August).
Performance of Investment Funds by subsectors (a)
(percent, outstanding amounts: EUR billion)
| 2021 | August 2022 | September 2022 | August 2022 | September 2022 | September 2022 | |
| Annual performance | Monthly performance | Net asset value | ||||
| NON MONEY MARKET FUNDS | 10.0 | -6.2 | -8.0 | -1.9 | -3.2 | 1,408 |
| Equity funds (b) | 21.5 | -11.6 | -15.1 | -4.1 | -6.9 | 316 |
| of which: ETF (c) | 23.1 | -5.5 | -8.3 | -2.0 | -5.3 | 35 |
| Bond funds (b) | -0.6 | -9.1 | -10.7 | -1.6 | -2.2 | 271 |
| Mixed Funds (b) | 7.3 | -9.9 | -12.3 | -2.1 | -3.9 | 293 |
| Other funds (d) | 10.7 | 0.6 | -0.3 | -0.4 | -0.8 | 526 |
| of which employees' savings funds | 11.7 | -6.0 | -9.5 | -1.9 | -4.3 | 150 |
| MONEY MARKET FUNDS (e) | -0.50 | -0.46 | -0.39 | 0.01 | 0.03 | 317 |
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 index comprises sovereign and quasi-sovereign bonds, corporate bonds and asset-backed securities. It includes securities denominated in 24 currencies, issued from developed and emerging markets. The rating of the securities is "investment grade" with residual maturity over one year.
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 statistical processing of newly collected funds in the OPC2 application is described in the focus of the Financial overview of Investment Funds about the 2nd quarter 2022.
The Stoxx 600 index comprises 600 companies residing in 18 European countries.
The Barclays index comprises sovereign and quasi-sovereign bonds, corporate bonds and asset-backed securities. It includes securities denominated in 24 currencies, issued from developed and emerging markets. The rating of the securities is "investment grade" with residual maturity over one year.
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 statistical processing of newly collected funds in the OPC2 application is described in the focus of the Financial overview of Investment Funds about the 2nd quarter 2022.
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Updated on 18 November 2022