Euro area investment fund statistics: second quarter of 2023

17 August 2023

• In second quarter of 2023, outstanding amount of shares/units issued by investment funds other than money market funds rose to €15,302 billion, up €304 billion on previous quarter
• Net issuances in quarter amounted to €11 billion, with €953 billion in gross issuances and €942 billion in gross redemptions
• Outstanding amount of shares/units issued by money market funds rose to €1,507 billion, up €18 billion on previous quarter

Chart 1

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

(in EUR billions; not seasonally adjusted)

In the second quarter of 2023, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €15,302 billion. Net issuances during this period were €11 billion, with gross issuances amounting to €953 billion and gross redemptions to €942 billion (see Chart 1). The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was 0.3% in the second quarter of 2023.

In terms of the type of investment fund, net issuances of shares/units by bond funds amounted to €38 billion in the second quarter of 2023 (see Chart 2). For equity funds net redemptions amounted to €22 billion, while net redemptions by mixed funds amounted to €15 billion and net issuances by real estate, hedge and other funds amounted to €10 billion.

Chart 2

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 issuances of €29 billion in the second quarter of 2023. The outstanding amount of shares/units issued by ETFs stood at €1,399 billion.

Within the assets of investment funds other than money market funds, net purchases of debt securities amounted to €111 billion in the second quarter of 2023 (see Chart 3). Net sales of investment fund shares/units were €20 billion and net purchases of equity were €4 billion.

Chart 3

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 €18 billion higher than in the first quarter. This increase was accounted for by €11 billion in net issuance of shares/units and €8 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 11.9% in the second quarter of 2023.

Within the assets of money market funds, the annual growth rate of debt securities holdings was 8.9% in the second quarter of 2023, with overall net purchases amounting to €66 billion, which reflected net purchases of €57 billion in debt securities issued by non-euro area residents and net purchases of €9 billion in debt securities issued by euro area residents. For deposits and loan claims, the annual growth rate was 20.6% and transactions during the second quarter of 2023 amounted to -€47 billion.

ECB Data Portal:

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.