New Statistics for Investment Associations
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1 33 New Statistics for Investment Associations Gitte Wallin Pedersen and Faisel Sethi, Statistics INTRODUCTION The first results from the new statistics for Danish investment associations as part of the expansion of financial statistics in accordance with international guidelines can now be presented. The business volume of the investment associations has increased rapidly in recent years. Most of the investment certificates are held by Danish households, although insurance corporations and pension funds also own a considerable share. The information on investment-certificate holders is one of the innovative aspects of the new statistics. THE NEW STATISTICS FOR INVESTMENT ASSOCIATIONS The planning of the new statistics for investment associations commenced in the summer of 2000 under the auspices of a working group that included the Federation of Danish Investment Associations, Statistics Denmark, the Danish Financial Supervisory Authority and Danmarks Nationalbank. Compared to the existing statistics 1, the new statistics present additional details of the investment associations' securities portfolios, as well as information concerning the holders of investment certificates, cf. Box 1. The statistical breakdowns e.g. show in which sectors and countries investment associations place their investments, as well as the original maturity of the bond portfolio. It is also possible to see the sectoral breakdown of the holders of investment certificates, and whether the holders are residents or non-residents. The statistics also include data for the associations' actual transactions after elimination of price fluctuations, so that a distinction can be made between changes in securities portfolios which are due to sale and purchase, and changes as a consequence of e.g. exchange-rate fluctuations 1 So far, the investment association statistics have been based on the semi-annual accounting reports of the Danish Financial Supervisory Authority. The Federation of Danish Investment Associations also prepares quarterly yield and market statistics with primary focus on the performance of the investment associations.
2 34 NEW STATISTICS FOR INVESTMENT ASSOCIATIONS Box 1 The Table below outlines the balance-sheet items reported to Danmarks Nationalbank by Danish investment associations and special-purpose associations. Assets Cash funds Deposits (N,C,S) Securities other than shares (N,C,S,M) Shares and other equity (N,C,S) Mutual fund shares (N,C,S) Financial derivatives (N,C) Fixed assets Outstanding interest and dividend (N) Other assets Liabilities Loans (N,C,S) Investment certificates issued (N,C,S) Financial derivatives (N,C) Other liabilities Note: N: Country distribution, C: Currency distribution, S: Sectoral distribution, M: Distributed by maturity. A number of balance-sheet items are distributed by country, currency, maturity and sector. The Table shows the reported distributions for each balance-sheet item. In the distribution by country a distinction is drawn between Denmark, the euro area and the rest of the world. The currency distribution is on Danish kroner, euro and other currencies. The maturity distribution is for maturities up to and including 1 year and over 1 year. The sectoral breakdown concerns the following sectors 1 : MFIs/banks, which comprise banks and mortgage-credit institutes, other credit institutions, money-market funds and Danmarks Nationalbank. Other financial intermediaries, comprising investment associations, investment trusts, securities and derivative dealers (on own account), financial leasing companies, etc. Financial auxiliaries, which include the Copenhagen Stock Exchange, the Danish Securities Centre, securities and derivative dealers for the account of others, and similar. Insurance corporations and pension funds, which include general, life and pension insurance corporations and pension funds. Non-financial corporations, comprising companies whose principal activity is in non-financial sectors and similar. General government, comprising national institutions, municipalities and social security funds, including ATP (Danish Labour Market Supplementary Pension Fund). Households, etc. comprising ordinary households, sole proprietorships and non-profit institutions serving households (associations, trade unions and charitable funds). In addition to the balance-sheet statistics the investment associations report actual transactions for the securities portfolio and for issued investment certificates, distributed by country and sector. Most of the data on issued investment certificates is reported by the Danish Securities Centre, however. 1 The sectoral distribution adheres to the guidelines of ESA95 (The European System of National Accounts).
3 35 and stock-exchange-price movements. This data can e.g. be applied to the future compilation of financial accounts consisting of a financial balance sheet and a statement of the financial transactions of the various sectors of the economy. The new investment association statistics will furthermore be compiled both more frequently and more quickly than the existing statistics. The investment associations will thus report to the new statistics on a quarterly basis, in the month following the end of a quarter, and the statistics will be published as soon as possible hereafter. The investment associations have reported quarterly data for the 4th quarter of 2000 and thereafter. The data is currently reported by 17 management companies 1 which at the close of the 2nd quarter of 2001 had a total of 435 funds. Under current law, the investment associations must be approved by the Danish Financial Supervisory Authority 2. DEVELOPMENT IN INVESTMENT ASSOCIATIONS An investor automatically joins an investment association on acquiring an investment certificate. The investment associations' assets thus belong to the members. Investment certificates can be purchased in small denominations, making it possible to acquire bonds and/or equities for modest amounts. In some situations this can entail lower transaction and safekeeping deposit costs than if securities are bought directly. Especially in the case of foreign securities, the cost argument will weigh heavily towards investment via investment associations. At the same time, the investments and thereby the risk are typically spread across many different equities and/or bonds. There are also special-purpose funds with a broader framework in terms of investment and risk. Growth in investment associations Since the end of 1996 the number of investment association funds has more than doubled to 435 at the end of the 2nd quarter of 2001, cf. Chart 1. The growth in the number of funds reflects a more varied sup- 1 2 The management companies are as follows: Alfred Berg, Alm. Brand Invest, BankInvest, Carnegie Worldwide, Dansk Portefølje Administration, Danske Invest (including BG Invest), Egns-Invest, Gudme Raaschou, Jyske Invest, Midtinvest, Rationel Invest, Schroeders, SEB, Sparinvest, Syd Invest, Uni-invest and Valueinvest Danmark. Investment associations must be approved by the Danish Financial Supervisory Authority pursuant to the Act on Investment Associations and Special-Purpose Associations (No. 476 of 10 June 1997) and must be resident in the Danish economic area. To be resident in the Danish economic area, the association's economic interests must be based in Denmark, meaning that it has conducted economic activities in Denmark for a longer period (one year or more). The definitions of resident and non-resident are set out in Danmarks Nationalbank's current reporting regulations for external payments. Money-market funds are exempt from the reporting obligation, and instead report to the MFI statistics.
4 36 TOTAL NUMBER OF DANISH INVESTMENT ASSOCIATION FUNDS Chart 1 2nd quarter st quarter Number of funds Source: Figures from before end-2000 are from the market statistics of the Federation of Danish Investment Associations, while figures from end-2000 and thereafter are from Danmarks Nationalbank. ply. Many of the new funds thus specialise in e.g. selected sectors and regions. The number of special-purpose funds is also growing. The net asset value of the investment associations has grown even more strongly, cf. Chart 2. Since the end of 1996 their net asset value has DEVELOPMENT IN NET ASSET VALUE OF THE INVESTMENT ASSOCIATIONS, YEAR-END Chart 2 Kr. billion st quarter 2nd quarter Net asset value Net issue for the period Capital gains and losses for the period Note: All figures are compiled at market value. Source: Figures from before end-2000 and capital gains and losses throughout the period are based on the annual statement of accounts of the Danish Financial Supervisory Authority. Figures from end-2000 and thereafter are from Danmarks Nationalbank (provisional data).
5 37 DEVELOPMENT IN NET ASSET VALUE BY TYPE OF FUND, YEAR-END Chart 3 Kr. billion st quarter nd quarter 2001 Equity funds Bond funds Mixed funds Note: Funds are categorised on the basis of their prospectuses. Source: Figures from before end-2000 are based on the annual statement of accounts of the Danish Financial Supervisory Authority. Figures from end-2000 and thereafter are from Danmarks Nationalbank (provisional data). more than quintupled from a good kr. 50 billion to more than kr. 275 billion at the end of the 2nd quarter of The growth is related to the generally rising stock-exchange prices during the period, and the issue of new investment certificates. In , the net asset value increased by more than the net issue, but by less in 2000 as a consequence of negative price development in many funds. The negative price development continued in the 1st quarter of , so that the net asset value declined, despite a positive net issue. The negative price development in the 1st quarter of 2001, cf. Chart 3, was related especially to the equity funds. During 1999, the equity funds increased to exceed the bond funds, and were still the largest at the end of the 2nd quarter of The equity funds generally developed less smoothly during the period. The mixed funds that invest in both equities and bonds account for a very small proportion of the total net asset value of the investment associations. In the 2nd quarter of 2001 there was a clear increase in the number of mixed funds. This could be due to changes in the taxation of pension yields. Composition of the securities portfolio Investment associations' holdings of equities and bonds can be divided into respectively Danish and foreign securities, cf. Chart 4. The equity 1 Cf. the yield statistics of the Federation of Danish Investment Associations.
6 38 DISTRIBUTION OF DANISH AND FOREIGN EQUITIES AND BONDS, YEAR-END Chart 4 Per cent st quarter nd quarter 2001 Danish equities Foreign equities Danish bonds Foreign bonds Note: The bond portfolio includes mortgage deeds. Source: Figures from before end-2000 are based on the annual statement of accounts of the Danish Financial Supervisory Authority. Figures from end-2000 and thereafter are from Danmarks Nationalbank (provisional data). portfolio includes shares and other equity. The bond portfolio comprises securities other than shares, mainly bonds and mortgage deeds. Since 1999 the proportion of foreign securities has exceeded the share of Danish securities. A prevailing trend is that the proportion of foreign equities has risen, while the proportion of Danish bonds has fallen. Further division of the foreign securities into securities issued in respectively the euro area and the rest of the world shows that almost half of the total securities portfolio (43 per cent) was placed in the rest of the world at the end of Chart 5 presents the composition of the securities portfolio at the end of It shows great variation between the proportions of bonds and equities issued in respectively Denmark, the euro area and the rest of SECURITIES PORTFOLIO DISTRIBUTED BY CURRENCY AND COUNTRY OF ISSUE END-2000 Table 1 Per cent Danish kroner Euro Other currencies Total Issued in Denmark Issued in the euro area Issued in the rest of the world Total Source: Danmarks Nationalbank (provisional data).
7 39 PORTFOLIO DISTRIBUTED BY REGION AND TYPE OF SECURITIES, END-2000 Chart 5 Per cent Denmark Euro area Rest of the world Shares and other equity Securities other than shares Note: Investments in mutual fund shares are very modest, and are therefore not shown. Source: Danmarks Nationalbank (provisional figures). the world. Securities issued in Denmark consist mainly of bonds, while the securities issued abroad consist mainly of equities. The proportion of equities is particularly high for the rest of the world. The total securities portfolio at the end of 2000 can be broken down into Danish kroner, euro and other currencies, cf. Table 1. The currency distribution to a high degree matches the distribution by country, i.e. securities issued in a particular country are typically also issued in that country's currency. The currency composition e.g. affects the extent to which the assets of the investment associations are affected by exchange-rate fluctuations. SECURITIES PORTFOLIO DISTRIBUTED BY ISSUERS, END-2000 Table 2 Per cent End-2000 Shares and other equity issued by Financial corporations Non-financial corporations Securities other than shares issued by Financial corporations Non-financial corporations General government Households, etc Note: Financial corporations comprise MFIs/banks, other financial intermediaries, financial auxiliaries, insurance corporations and pension funds. Holdings of securities other than shares issued by households, etc. are typically mortgage deeds. Source: Danmarks Nationalbank (provisional data).
8 40 SECTORAL BREAKDOWN OF DANISH HOLDERS, END-2000 Chart 6 Unknown 3 per cent Financial institutions 2 per cent Insurance corporations and pension funds 22 per cent Households, etc. 58 per cent Non-financial corporations 6 per cent General government 9 per cent Note: Financial institutions comprise MFIs, other financial intermediaries and financial auxiliaries. Source: Danmarks Nationalbank (provisional data). The securities portfolio can also be broken down by sector of issue of the securities, cf. Table 2. In most cases, shares and other equity are placed in non-financial corporations, although a certain proportion is invested in the financial sector. Holdings of securities other than shares almost exclusively consist of government bonds issued by the general government and mortgage-credit bonds issued by financial corporations. Holders of investment certificates The investment certificates are predominantly held by permanent residents of Denmark (96 per cent). The statistics can illustrate the sectoral breakdown of the Danish holders. At the end of 2000 more than half of the investment certificates were thus held by households, cf. Chart 6. A relatively large proportion of 22 per cent is held by insurance corporations and pension funds, while 9 per cent is held by the public sector, where investment certificates are acquired primarily by social security funds. The considerable placements in investment certificates by pension funds relates predominantly to foreign equities, as the administration of individual foreign equities can be cost-intensive even for large pension funds. CONCLUSION Danmarks Nationalbank plans to publish the new investment association statistics on a quarterly basis as from the end of The statistics present new opportunities to analyse the investment associations' development, including the placement of their assets and the composition of their membership.
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