International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the First Quarter Brussels, 5 July. Investment fund assets worldwide increased by 4.4 percent in the first quarter of to stand at 0.85 trillion. Worldwide net cash inflows to all funds increased in the first quarter to 93 billion from 83 billion in the previous quarter. Net cash flows into long-term funds jumped to 48 billion in the first quarter, compared to billion in the fourth quarter of 0. This jump was mainly attributable to increased net sales of bond funds, which increased from 49 billion in the previous quarter to 69 billion in the first quarter. Equity funds registered a third quarter of net withdrawals, albeit at a slower pace, registering outflows of 6 billion, compared to net outflows of 5 billion in the previous quarter. Net sales of money market funds returned to negative territory in the first quarter registering net outflows of 55 billion, against net inflows of 7 billion in the fourth quarter of 0. The information presented in this report was compiled by EFAMA and the Investment Company Institute on behalf of the International Investment Funds Association, an organization of national investment fund associations. The collection for the first quarter of contains statistics from 46 countries. Worldwide Investment Fund Assets (*) (Trillions of euros, end of quarter) 4.39 5. 6. 6.94 8.09 8.74 8.67 9.94 9.50 9.49 8.58 9.97 0.85 Q Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 Q 009 00 0 (*) Including funds of funds.
On a U.S. dollar-denominated basis and taking into account funds of funds, investment fund assets worldwide increased 7.8 percent in the first quarter of to US$7.85 trillion. On a U.S. dollar denominated basis investment fund assets in the United States increased 7.6 percent in the first quarter, compared with a 4. percent increase on a Euro-denominated basis. This difference reflects the depreciation of the US dollar vis-à-vis the euro during the quarter. The following graphs show the net asset growth of the six largest countries/regions. Geographical Trends in Investment Fund Assets at :Q () (Billions of euro, end of quarter) 7.6% 5.8% 8.0% 4.6% 9.3% 6.3% 0,06 9,79 % change in local currency 5,634 5,96,45,4,3,43 776 76 709 746 USA Europe Brazil Australia Japan Canada 0:Q4 :Q () Including funds of funds. Geographical Trends by Type of Fund, :Q USA (Billions of euros, end of quarter) Europe Brazil Equity 4,408,00 8 459 463 08 % chg in EUR () 0% 8% 9% 4% -% 4% % chg in loc. cur. () 3% 8% 0% 6% 0% 5% Bond,99,596 463 59 8 89 % chg in EUR () 3% 6% 6% % -5% 5% % chg in loc. cur. () 6% 6% 7% 4% 5% 6% Money Market,933,07 34 6 8 5 % chg in EUR () -7% % 0% 3% -% -3% % chg in loc. cur. () -4% % % 5% -3% -3% Balanced / Mixed 687 947 79 -- -- 68 % chg in EUR () 6% 5% 7% -- -- 5% % chg in loc. cur. () 9% 5% 8% -- -- 6% Other (3) 879 337 466 400 00 56 % chg in EUR () 9% 8% 6% % 0% 9% % chg in loc. cur. () % 8% 7% 4% % 0% () :Q compared to 0:Q4. () :Q compared to 0:Q4, using the euro as the local currency for Europe. (3) Including funds of funds. Australia Japan Canada
On a Euro denominated basis, equity fund assets worldwide increased 7.8 percent to 7.9 trillion in the first quarter of. Over the same period balanced funds registered growth of 5. percent to. trillion, whilst bond fund assets grew 4.0 percent to stand at 4.7 trillion. On the other hand, money market fund assets witnessed an decrease in net assets of 3.3 percent to stand at 3.5 trillion at end March. Worldwide Assets of Equity, Bond, Money Market, and Balanced / Mixed Funds (Billions of euros, end of quarter) 7,3 7,894 4,55 4,697 3,69 3,508,5,4 0:Q4 :Q 0:Q4 :Q 0:Q4 :Q 0:Q4 :Q Equity Bond Money Market Balanced / Mixed Net Sales of Investment F unds (Billions of euros) USA Europe () World () 0 0 0 Q Q Q3 Q4 Q Q Q Q3 Q4 Q Q Q Q3 Q4 Q Equity 30-7 -48 - - 5 8-43 -9 9 45 6-79 -5-6 Bond 6 47 5 5 86 7 0 - - 49 4 70 7 49 69 Money Market -57-3 -4 45-83 -9-30 -5-74 -59-46 7-55 Balanced / Mixed 5 9 8 0 3-5 -9 8 33 40-4 - 44 Other (3) 4 49 7 3 4 6-4 56 80 8 5 4 Long-Term (4) 95 98-3 60 8 36 47-78 -6 69 76 06-58 48 Total 38 66-55 05 44 7 8-83 -50 9 0 47-04 83 93 () For Austria, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Liechtenstein, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey and UK. () 39 countries reported in 0:Q3; 40 in :Q; 4 in 0:Q, 0:Q, 0:Q4. Assets of reporting countries represented 93 percent of all countries at the end of :Q. (3) Including net sales of funds of funds. (4) Total excluding Money Market Funds 3
Investment funds worldwide experienced an increase in net flows in the first quarter of to register net inflows of 93 billion, up from 83 billion in the previous quarter. Long-term funds recorded net inflows of 48 billion, a considerable increase compared to the net inflows of billion recorded in the previous quarter. Flows out of equity funds worldwide were 6 billion in the first quarter, after experiencing 5 billion of net outflows in the fourth quarter of 0. European equity funds posted net inflows of 9 billion in the first quarter compared to 9 billion of net outflows in the previous quarter. In the United States, outflows from equity funds slowed in the first quarter to billion versus net outflows of billion in the fourth quarter. Flows into bond funds worldwide increased significantly to 69 billion in the first quarter of, the largest quarterly bond inflow ever recorded, after registering 49 billion of net inflows in the fourth quarter. Bond funds reported 86 billion of net inflows in the United States, up from 5 billion in the previous quarter. In Europe net inflows totaled 49 billion during the first quarter, marking a sharp turnaround compared to the net outflows of billion recorded in the previous quarter. Flows into balanced/mixed funds worldwide totaled 44 billion in the first quarter of, compared with billion of net outflows in the fourth quarter of 0. These inflows into balanced/mixed funds were billion in the United States and 8 billion in Europe in the first quarter. Money market funds worldwide experienced 55 billion of net outflows in the first quarter of, which contrasts with the 7 billion of net inflows witnessed in the fourth quarter of 0. While money market funds in the United States posted outflows of 83 billion in the first quarter, positive inflows were recorded in Europe. Money market funds in Europe posted net inflows of billion in the first quarter, up from billion in the previous quarter. 4
Composition of Worldwide Investment Fund Assets, :Q (*) (Percent of total assets, end of quarter) Balanced-Mixed % Other / Unclassified % Bond % Equity 38% Money Market 7% (*) Including funds of funds. At the end of the first quarter of, 38 percent of worldwide investment fund assets were held in equity funds. The asset share of bond funds was percent and the asset share of balanced/mixed funds was percent. Money market fund assets represented 7 percent of the worldwide total. The number of investment funds worldwide stood at 83,005 at the end of the first quarter. By type of fund, 34 percent were equity funds, percent were balanced/mixed funds, 6 percent were bond funds, and 4 percent were money market funds. Composition of Worldwide Investment Funds, :Q (*) (Percent of funds, end of quarter) Balanced-Mixed % Other / Unclassified 6% Bond 6% (*) Including funds of funds. Money Market 4% Equity 34% 5
Looking at the worldwide distribution of investment fund assets at end March, the United States and Europe held the largest share in the world market, with 48.9 percent and 8.6 percent, respectively. Brazil, Australia, Japan, Canada, China, Rep. of Korea, South Africa and India follow in this ranking. Taking into account non-ucits assets, the market share of Europe reached 36.0 percent at end March. Top 0 Countries/Regions of Worldwide Investment Fund Assets (*) (Market share at end Q ) USA 48.9% Others 0.9% Japan 3.7% South Africa 0.6% Australia 5.5% India 0.3% Brazil 5.9% China.% Europe 8.6% Canada 3.6% Rep. of Korea 0.9% The chart below highlights the top ten domiciles worldwide of investment fund assets at end March. Top 0 Domiciles of Worldwide Investment Fund Assets (*) (Market share at end Q ) France 5.4% Ireland 4.% United Kingdom 3.3% Luxembourg 8.9% USA 48.9% Others 9.4% Germany.% Brazil 5.9% Australia 5.5% Canada 3.6% Japan 3.7% (*) Including funds of funds. 6
Table TOTAL NET ASSETS, 007-:Q Billions of U.S. dollars, end of period ITEM 007 008 009 0 Q Q Q3 Q4 Q All Reporting Countries 6,3 8,90,953 4,699 5,60 5,930 3,9 3,79 5,588 Equity,34 6,434 8,87 0,467 0,999,00 9,039 9,484 0,544 Bond 4,89 3,400 4,567 5,433 5,637 5,867 5,638 5,84 6,73 Money Market 4,940 5,786 5,37 4,995 4,970 4,933 4,746 4,695 4,685 Balanced/Mixed,76,86,40,775,94 3,05,699,737,970 Other 884 676 840,09,070,04,007,034,6 00 Countries Reporting in Every Period 5,88 8,899,96 4,658 5,573 5,883 3,086 3,750 5,548 Equity,78 6,48 8,863 0,46 0,994 0,995 9,035 9,479 0,539 Bond 4,54 3,394 4,554 5,43 5,66 5,855 5,66 5,830 6,63 Money Market 4,907 5,780 5,305 4,993 4,968 4,93 4,744 4,693 4,683 Balanced/Mixed,683,83,398,770,936 3,08,693,730,966 Other 876 676 840,00,050,083 988,08,096 Components may not sum to total because of rounding or unclassified funds. Number of countries is 4. Components may not sum to total because of rounding. Table NET SALES, 008-:Q Billions of U.S. dollars ITEM 008 009 00 0 Q Q Q3 Q4 Q All Reporting Countries 76 73 9 0 79 09-7 85 09 Equity -373 87 33-97 58 4-08 -70-8 Bond -96 68 468 38 6 00 0 66 Money Market 888-640 -70-5 -0-85 -63 97-7 Balanced/Mixed -79 7 74 85 47 59-0 - 58 Other 35-9 34 7 3 0 0-7 0 0 Countries Reporting in Every Period 3 43 57 04 0 83 39-58 35 7 Equity -37 74 4-05 53 4-03 -69 - Bond -04 597 495 6 67 77 5 57 09 Money Market 86-64 -738-00 -93-03 -54 50-89 Balanced/Mixed -76 8 77 76 48 50-0 - 57 Other 33-9 9 7 0 4 0 5 Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. Components may not sum to total because of rounding or unclassified funds. 3 Number of countries is 3. Components may not sum to total because of rounding. Table 3 NUMBER OF FUNDS, 007-:Q End of period ITEM 007 008 009 0 Q Q Q3 Q4 Q All Reporting Countries 66,347 68,574 67,55 69,58 70,05 70,875 7,80 7,657 73,343 Equity 7,94 7,854 7,489 7,76 7,868 7,83 8,065 8,09 8,358 Bond 3,34,5,453,808,903,884,947,97 3,3 Money Market 3,450 3,700 3,5 3,344 3,30 3,0 3,89 3,59 3,07 Balanced/Mixed 3,744 4,50 4,656 5,893 6,46 6,50 6,79 6,84 7,036 Other 5,69 7,70 6,7 6,858 7,04 7,4 7,738 8,04 8,08 00 Countries Reporting in Every Period 6,689 66,330 65,37 67,87 67,88 68,496 69,454 69,85 70,538 Equity 4,694 6,08 5,668 5,987 6,4 6,098 6,383 6,47 6,696 Bond,884,070,5,598,685,665,78,75,855 Money Market 3,358 3,659 3,479 3,308 3,64 3,79 3,53 3,5 3,04 Balanced/Mixed 3,449 4,38 4,444 5,74 5,949 6,38 6,597 6,667 6,86 Other 5,406 7,68 6,70 6,68 6,86 7,09 7,536 7,796 7,983 Components may not sum to total because of unclassified funds. Number of countries is 4. 7
Table 4 TOTAL NET ASSETS, 007-:Q Billions of euros, end of period ITEM 007 008 009 00 0 Q Q Q3 Q4 Q All Reporting Countries 7,75 3,595 5,933 8,485 8,033 7,94 7,9 8,387 9,59 Equity 8,383 4,63 6,58 7,833 7,74 7,6 6,694 7,39 7,894 Bond,94,443 3,70 4,066 3,968 4,060 4,75 4,55 4,697 Money Market 3,356 4,58 3,69 3,738 3,498 3,43 3,55 3,69 3,508 Balanced/Mixed,85,3,667,077,07,093,999,5,4 Other 600 486 583 770 753 764 746 799 836 Countries Reporting in Every Period 7,78 3,580 5,908 8,454 8,000 7,909 7,097 8,355 9,8 Equity 7,960 4,69 6,5 7,89 7,738 7,608 6,69 7,36 7,89 Bond,8,439 3,6 4,058 3,960 4,05 4,67 4,506 4,689 Money Market 3,333 4,53 3,68 3,737 3,497 3,4 3,53 3,67 3,507 Balanced/Mixed,83,30,665,073,066,088,994,0,0 Other 595 486 583 756 739 749 73 787 8 Components may not sum to total because of rounding or unclassified funds. Number of countries is 4. Components may not sum to total because of rounding. Table 5 NET SALES, 008-:Q Billions of euros ITEM 008 009 00 0 Q Q Q3 Q4 Q All Reporting Countries 93 95 45 7 58 75-4 63 59 Equity -60 30 96-7 4 6-79 -5-6 Bond -45 445 354 7 45 70 7 49 69 Money Market 635-446 -53-06 -74-59 -46 7-55 Balanced/Mixed -58 80 3 60 35 4-4 - 44 Other -4 6 9 0 7 7-5 8 0 Countries Reporting in Every Period 3 68 85 78-6 7-5 6 3 Equity -59 0-77 39 0-75 -5-8 Bond -5 43 373 56 49 54 4 59 Money Market 64-43 -55-4 -68-7 -39 37-68 Balanced/Mixed -57 88 33 54 35 35-5 - 44 Other 0-4 9 5 0 3 0 4 Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. Components may not sum to total because of rounding or unclassified funds. 3 Number of countries is 3. Components may not sum to total because of rounding. Pour mémoire: Tables -5 exclude funds of funds. 8
Table 6 TOTAL NET ASSETS OF THE EUROPEAN INVESTMENT FUND INDUSTRY, End March Overall Fund Industry UCITS Market Non-UCITS Market Number Net assets Number Net assets Number Net assets of funds in mio euro in mio US $ of funds in mio euro in mio US $ of funds in mio euro in mio US $ Austria,66 40,934 88,3,360 76,350 0,973 806 64,585 86,59 Belgium,898 86,959 6,43,866 80,609 07,66 3 6,350 8,48 Bulgaria 94 0 93 93 7 90 3 Czech Republic 4 4,49 5,96 4,34 5,799 3 88 7 Denmark 85 46,5 95,5 55 70,47 94,06 337 75,687 0,088 Finland 500 59,97 80,06 367 5,680 69,04 33 8,37,00 France,790,447,385,933,8 7,70,3,37,5,396 4,089 35,03 40,73 Germany 5,86,85,30,583,3,05 38,736 38,856 3,775 946,584,64,58 Greece 3 6,7 8,43 6 4,333 5,787 6,839,456 Hungary 355 9,70,38 36 6,576 8,783 9,694 3,598 Ireland 5,077,6,4,49,093 3,0 870,73,6,938,976 45,699 38,56 Italy 994 94,008 59,8 645 40,9 87,77 349 53,789 7,84 Liechtenstein 67 8,08 37,4 473 4,8 3,430 54 3,736 4,990 Luxembourg 3,343,7,06,96,300 9,45,863,709,489,70 3,89 353,497 47,3 Malta 54 8,7 0,94 6,748,334 480 6,44 8,580 Netherlands 455 67,0 89,754 455 55,079 73,564 04, 6,90 Norway 576 67,499 90,5 576 67,499 90,5 0 0 0 Poland 59 30,3 40,43 50 6,73,346 34 3,400 7,898 Portugal 56,79 30,344 89 6,004 8,09 373 6,75,35 Romania 38 3,66 4,89 3,98,645 5,635,84 Slovakia 8 3,7 4,96 70,483 3,36 734 980 Slovenia 40,88,54 40,88,54 0 0 0 Spain,487 58,807,0,44 53,305 04,754 63 5,50 7,348 Sweden 555 6,446 5,67 53 57,76 0,659 3 3,79 4,968 Switzerland 877 90,07 39,553 68 5,558 305,46 96 64,459 86,09 Turkey 406 9,55 6,4 353,05 4,83 53 8,447,8 United Kingdom,844 884,938,8,93,065 694,99 98,3 779 89,946 53,69 Europe 3 54, 8,36,57,7,9 36,06 5,960,668 7,965,74 8,0,400,904 3,06,647 Source: EFAMA In the sense of publicly offered open-end investment funds (transferable securities and money market instruments), including funds-of-funds assets. In the sense of nationally regulated investment funds for which a classification in terms of market exposure (equity, bond, balanced and money market) is not possible. 3 Data for Russia are not included in this table. 9