Euro area investment fund statistics: fourth quarter of 2022

17 February 2023

• In fourth quarter of 2022, outstanding amount of shares/units issued by investment funds other than money market funds rose to €14,527 billion, up €28 billion on previous quarter
• Net redemptions in quarter amounted to €109 billion, with €1,086 billion in gross issues and €1,195 billion in gross redemptions
• Outstanding amount of shares/units issued by money market funds rose to €1,486 billion, up €118 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 fourth quarter of 2022, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €14,527 billion, €28 billion higher than in the third quarter (see Chart 1). Net redemptions during this period were €109 billion, with gross issues amounting to €1,086 billion and gross redemptions to €1,195 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 -1.4% in the fourth 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 €109 billion in the fourth quarter of 2022 (see Chart 3). For mixed funds net issues amounted to €8 billion, while net redemptions by bond funds amounted to €1 billion and net redemptions by real estate, hedge and other funds amounted to €7 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 issues of €29 billion in the fourth quarter of 2022. The outstanding amount of shares/units issued by ETFs stood at €1,231 billion.

Within the assets of investment funds other than money market funds, net sales of equity amounted to €134 billion in the fourth quarter of 2022 (see Chart 4). Net purchases of debt securities were €61 billion and net purchases of investment fund shares/units were €9 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 €118 billion higher than in the third quarter. This increase was accounted for by €163 billion in net issuance of shares/units and -€45 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 1.1% in the fourth quarter of 2022.

Within the assets of money market funds, the annual growth rate of debt securities holdings was -4.4% in the fourth quarter of 2022, with overall net purchases amounting to €160 billion, which reflected net purchases of €99 billion in debt securities issued by non-euro area residents and net purchases of €61 billion in debt securities issued by euro area residents. For deposits and loan claims, the annual growth rate was 19.6% and transactions during the fourth quarter of 2022 amounted to €7 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.