Euro area investment fund statistics: third quarter of 2022

18 November 2022

• In third quarter of 2022, outstanding amount of shares/units issued by investment funds other than money market funds fell to €14,513 billion, down €342 billion on previous quarter
• Net redemptions in quarter amounted to €94 billion, with €1,002 billion in gross issues and €1,096 billion in gross redemptions
• Outstanding amount of shares/units issued by money market funds rose to €1,368 billion, up €5 billion on previous quarter

Chart 1

Shares/units issued by investment funds other than money market funds

(in EUR billions; not seasonally adjusted)

In the third quarter of 2022, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €14,513 billion, €342 billion lower than in the second quarter (see Chart 1). Net redemptions during this period were €94 billion, with gross issues amounting to €1,002 billion and gross redemptions to €1,096 billion (see Chart 2). The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was 0.7% in the third quarter of 2022.

Chart 2

Issues and redemptions of shares/units by investment funds other than money market funds

(in EUR billions; not seasonally adjusted)

In terms of the type of investment fund, net redemptions of shares/units by equity funds amounted to €69 billion in the third quarter of 2022 (see Chart 3). For bond funds net redemptions amounted to €41 billion and net redemptions by mixed funds amounted to €1 billion, while net issues by real estate, hedge and other funds amounted to €16 billion.

Chart 3

Shares/units issued by investment fund type other than money market funds

(in EUR billions; not seasonally adjusted)

Exchange-traded funds (ETFs), which are a separate category within total investment funds (see annex below), recorded net redemptions of €2 billion in the third quarter of 2022. The outstanding amount of shares/units issued by ETFs stood at €1,195 billion.

Within the assets of investment funds other than money market funds, net sales of equity amounted to €74 billion in the third quarter of 2022 (see Chart 4). Net sales of debt securities were €46 billion and net purchases of investment fund shares/units were €2 billion.

Chart 4

Holdings of investment funds other than money market funds, by main instrument type

(quarterly transactions in EUR billions; not seasonally adjusted)

For shares/units issued by money market funds the outstanding amount was €5 billion higher than in the second quarter. This increase was accounted for by €19 billion in net redemptions of shares/units and €24 billion in other changes (including price changes). The annual growth rate of shares/units issued by money market funds, calculated on the basis of transactions, was -3.3% in the third quarter of 2022.

Within the assets of money market funds, the annual growth rate of debt securities holdings was -11.0% in the third quarter of 2022, with overall net sales amounting to €48 billion, which reflected net sales of €44 billion in debt securities issued by non-euro area residents and net sales of €4 billion in debt securities issued by euro area residents. For deposits and loan claims, the annual growth rate was 20.7% and transactions during the third quarter of 2022 amounted to €20 billion.

Statistical Data Warehouse:

All money market funds (time series)
All investment funds other than money market funds (time series)

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Notes:

• Money market funds are presented separately in this statistical release since they are classified in the monetary financial institutions sector within the European statistical framework.
• Hyperlinks in the main body of the statistical release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in the annex table are a snapshot of the data as at the time of the current release.