Euro area investment fund statistics: third quarter of 2023

17 November 2023

• In third quarter of 2023, outstanding amount of shares/units issued by investment funds other than money market funds fell to €15,207 billion, down €92 billion on previous quarter
• Net redemptions in quarter amounted to €15 billion, with €852 billion in gross issuances and €867 billion in gross redemptions
• Outstanding amount of shares/units issued by money market funds rose to €1,563 billion, up €56 billion on previous quarter

In the third quarter of 2023, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €15,207 billion. Net redemptions during this period were €15 billion, with gross issuances amounting to €852 billion and gross redemptions to €867 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 0.6% in the third quarter of 2023.

In terms of the type of investment fund, net issuances of shares/units by bond funds amounted to €10 billion in the third quarter of 2023 (see Chart 2). For mixed funds net redemptions amounted to €17 billion, while for equity funds it was €6 billion and for real estate, hedge and other funds it was €2 billion.

Exchange-traded funds (ETFs), which are a separate category within total investment funds (see annex below), recorded net issuances of €35 billion in the third quarter of 2023. The outstanding amount of shares/units issued by ETFs stood at €1,415 billion.

Within the assets of investment funds other than money market funds, net purchases of debt securities amounted to €37 billion in the third quarter of 2023 (see Chart 3). Net sales of equity were €5 billion and net purchases of investment fund shares/units were €2 billion.

For shares/units issued by money market funds the outstanding amount was €56 billion higher than in the second quarter. This increase was accounted for by €43 billion in net issuance of shares/units and €14 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 16.6% in the third quarter of 2023.

Within the assets of money market funds, the annual growth rate of debt securities holdings was 21.0% in the third quarter of 2023, with overall net purchases amounting to €58 billion, which reflected net purchases of €46 billion in debt securities issued by non-euro area residents and net purchases of €12 billion in debt securities issued by euro area residents. For deposits and loan claims, the annual growth rate was 11.5% and transactions during the third quarter of 2023 amounted to -€14 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.