Euro area investment fund statistics: first quarter of 2022

23 May 2022

• In first quarter of 2022, outstanding amount of shares/units issued by investment funds other than money market funds fell to €15,806 billion, down €488 billion on previous quarter
• Net issues in quarter amounted to €8 billion, with €1,362 billion in gross issues and €1,354 billion in gross redemptions
• Outstanding amount of shares/units issued by money market funds fell to €1,345 billion, down €108 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 first quarter of 2022, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €15,806 billion, €488 billion lower than in the fourth quarter of 2021 (see Chart 1). Net issues during this period were €8 billion, with gross issues amounting to €1,362 billion and gross redemptions to €1,354 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 4.7% in the first 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 bond funds amounted to €62 billion in the first quarter of 2022 (see Chart 3). For mixed funds net issues amounted to €15 billion, while for equity funds it was €0 billion and for real estate, hedge and other funds it was €54 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 €52 billion in the first quarter of 2022. The outstanding amount of shares/units issued by ETFs stood at €1,322 billion.

Within the assets of investment funds other than money market funds, net sales of investment fund shares/units amounted to €31 billion in the first quarter of 2022 (see Chart 4). Net sales of debt securities were €20 billion, while those of equity were €6 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 €108 billion lower than in the fourth quarter of 2021. This decrease was accounted for by €115 billion in net redemptions of shares/units, only partly compensated by €7 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 -3.4% in the first quarter of 2022.

Within the assets of money market funds, the annual growth rate of debt securities holdings was -5.1% in the first quarter of 2022, with overall net sales amounting to €120 billion, which reflected net sales of €92 billion in debt securities issued by non-euro area residents and net sales of €29 billion in debt securities issued by euro area residents. For deposits and loan claims, the annual growth rate was 4.5% and transactions during the first quarter of 2022 amounted to €18 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.