International Statistical Release

Transcription

1 International Statistical Release This release and additional tables of international statistics are available on efama s website ( Worldwide Investment Fund Assets and Flows Trends in the Fourth Quarter 203 Brussels, 2 April 204. Mutual fund assets worldwide increased.8 percent to trillion at the end of the fourth quarter of 203, marking a new all-time high. This increase was due primarily to strong capital appreciation in the equity funds. Worldwide net cash flow to all funds was 229 billion in the fourth quarter, up from 82 billion of net inflows in the third quarter. Flows into long-term funds increased to 93 billion from 00 billion in the previous quarter. Equity funds worldwide registered increased net inflows of 07 billion, up from 6 billion in the third quarter. On the other hand bond funds worldwide recorded a second quarter of net outflows amounting to billion, albeit down from 37 billion of outflows in the previous quarter. Money market funds recorded net inflows of 36 billion, compared to 8 billion in the third quarter. 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. Statistics from 45 countries are included in this report. Worldwide Investment Fund Assets (*) (EUR trillions, end of quarter) (*) Including funds of funds. Q4 Q4 Q4 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q

2 EFAMA International Statistical Release (203:Q4) On a U.S. dollar-denominated basis and taking into account funds of funds, investment fund assets worldwide increased 4.0 percent in the fourth quarter of 203 to US$32.8 trillion. This difference reflects appreciation of the euro vis-à-vis the US dollar by 2. percent during the quarter. The following graphs show the net asset growth of the six largest countries/regions. Geographical Trends in Investment Fund Assets at 203:Q4 () (EUR billions, end of quarter) 5.% 2.6% 3.0%.0% 6.0% 5.7%,699 2,045 % change in local currency 6,690 6,866,220,78,94, USA Europe Australia Brazil Canada Japan 203:Q3 203:Q4 () Including funds of funds. Geographical Trends by Type of Fund, 203:Q4 (EUR billions, end of quarter) USA Europe Australia Brazil Canada Japan Equity 5,63 2, % chg in EUR () 7% 6% -4% -6% 5% -5% % chg in loc. cur. (2) 9% 0% 3% 2% 0% 4% Bond 2,392, % chg in EUR () -3% 0% -4% -7% -5% 6% % chg in loc. cur. (2) -% 0% 2% 2% 0% 6% Money Market, % chg in EUR () -% -2% -4% -0% -6% -6% % chg in loc. cur. (2) % 0% 3% -2% 0% 3% Balanced / Mixed 895, % chg in EUR () 4% 4% -- -9% 2% -- % chg in loc. cur. (2) 6% 0% -- -2% 7% -- Other (3), % chg in EUR () 5% 4% -3% -7% -% -5% % chg in loc. cur. (2) 7% 0% 4% % 4% 4% () 203:Q4 compared to 203:Q3. (2) 203:Q4 compared to 203:Q3, using the euro as the local currency for Europe. (3) Including funds of funds. 2

3 EFAMA International Statistical Release (203:Q4) On a Euro denominated basis, equity fund assets worldwide increased 5.0 percent during the fourth quarter to 9.6 trillion, whilst net assets of balanced/mixed funds increased by 2.9 percent to stand at 2.7 trillion. Over the same period, net assets of bond funds fell.9 percent to stand at 5.2 trillion and net assets of money market funds reduced 0.7 percent during the quarter to stand at 3.5 trillion. Worldwide Assets of Equity, Bond, Money Market, and Balanced / Mixed Funds (EUR billions, end of quarter) 9,76 9,632 5,259 5,6 3,475 3,45 2,590 2, :Q3 203:Q4 203:Q3 203:Q4 203:Q3 203:Q4 203:Q3 203:Q4 Equity Bond Money Market Balanced / Mixed Net Sales of Investment Funds (EUR billions) Q Q2 Q3 Q4 203 Q Q2 Q3 Q4 203 Q Q2 Q3 Q4 203 Equity Bond Money Market Balanced / Mixed Other (3) Long-Term (4) Total () 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. (2) 42 countries reported in 203:Q4: 40 in 203:Q3 and 4 in 203:Q and 203:Q2. Assets of reporting countries represented 95 percent of all countries at the end of 203:Q4. (3) Including net sales of funds of funds. (4) Total excluding Money Market Funds USA Europe () World (2) 3

4 EFAMA International Statistical Release (203:Q4) Overall in 203 worldwide investment funds attracted 839 billion in net new money, marking a slight increase from the 828 billion of net sales registered in 202. Long-term funds enjoyed increased net inflows of 888 billion, up from 828 billion in 202. Equity funds were the big winner when it comes to net sales as net inflows reached 305 billion, compared to net outflows of 49 billion in 202. Bond funds registered net inflows of 26 billion in 203, down from 599 billion in 202. Balanced/mixed funds recorded net inflows of 230 billion, up from 8 billion last year. Worldwide money market funds suffered net outflows of 49 billion after breaking-even in 202. In the fourth quarter of 203 investment funds worldwide registered net inflows amounting to 229 billion, up from 82 billion in the third quarter. Long-term funds registered increased net inflows during the quarter totalling 93 billion compared to 00 billion in the previous quarter. Flows into equity funds worldwide jumped to 07 billion in the fourth quarter, up from 6 billion of net inflows in the third quarter of 203. European equity funds posted net inflows of 40 billion during the quarter, up from 30 billion in the previous quarter. In the United States, equity funds recorded net inflows of 66 billion, more than doubling the net inflows of 32 billion registered in the third quarter. Bond funds posted a second consecutive quarter of net outflows totaling billion, albeit lower than the net outflows of 37 billion in the third quarter. Bond funds in Europe registered net inflows of 3 billion against net outflows of 2 billion in the previous quarter. The United States reported net outflows of 26 billion during the quarter, down from 29 billion in the third quarter. Balanced/mixed funds worldwide attracted increased net inflows of 52 billion, up from 47 billion in the third quarter. Europe registered net inflows of 30 billion, compared to 20 billion in the previous quarter. Net inflows of 6 billion were recorded into balanced/mixed funds in the United States, down slightly from the 7 billion recorded in the third quarter. Money market funds worldwide experienced a net inflow of 36 billion in the fourth quarter, compared to 8 billion in the third quarter. Money market funds in Europe registered outflows of 2 billion, up from 9 billion in the previous quarter. On the other hand, the United States registered net inflows of 28 billion into money market funds, down from 7 billion in the third quarter. 4

5 EFAMA International Statistical Release (203:Q4) At the end of the fourth quarter of 203, 40 percent of worldwide investment fund assets were held in equity funds. The asset share of bond funds was 22 percent and the asset share of balanced/mixed funds was percent. Money market fund assets represented 5 percent of the worldwide total. Composition of Worldwide Investment Fund Assets, 203:Q4 (*) (Percent of total assets, end of quarter) Other / Unclassified 2% Balanced / Mixed % Equity 40% Bond 22% Money Market 5% (*) Including funds of funds. The number of investment funds worldwide stood at 87,96 at the end of the fourth quarter of 203. By type of fund, 32 percent were equity funds, 20 percent were balanced/mixed funds, 7 percent were bond funds, and 3 percent were money market funds. Composition of Worldwide Investment Funds, 203:Q4 (*) (Percent of funds, end of quarter) Other / Unclassified 28% Equity 32% Balanced / Mixed 20% Bond 7% Money Market 3% (*) Including funds of funds. 5

6 EFAMA International Statistical Release (203:Q4) Looking at the worldwide distribution of investment fund assets at end 203, the United States and Europe held the largest shares in the world market, 50.6 percent and 28.9 percent, respectively. Australia, Brazil, Canada, Japan, 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 the end of 203. Top 0 Countries/Regions of Worldwide Investment Fund Assets (*) (Market share at end Q4 203) USA 50.6% Others 0.9% Canada 3.6% South Africa 0.5% Japan 3.2% Australia 5.0% India 0.3% Brazil 4.7% China.5% Europe 28.9% Rep. of Korea 0.9% (*) Including funds of funds. The chart below highlights the top ten domiciles worldwide of investment fund assets at end 203. Top 0 Domiciles of Worldwide Investment Fund Assets (*) (Market share at end Q4 203) France 4.7% Ireland 4.4% United Kingdom 3.6% Luxembourg 9.2% USA 50.6% Others 9.8% Switzerland.2% Brazil 4.7% Australia 5.0% Japan 3.2% Canada 3.6% (*) Including funds of funds. 6

7 EFAMA International Statistical Release (203:Q4) Table TOTAL NET ASSETS, :Q4 Billions of U.S. dollars, end of period ITEM Q Q2 Q3 Q4 All Reporting Countries 8,99 22,945 24,70 23,796 26,836 27,855 27,449 28,878 30,050 Equity 6,43 8,862 0,478 9,492 0,79,524,354 2,39 3,284 Bond 3,400 4,565 5,422 5,83 7,025 7,29 7,024 7,4 7,7 Money Market 5,786 5,37 4,995 4,695 4,793 4,657 4,493 4,689 4,760 Balanced/Mixed,828 2,406 2,785 2,744 3,2 3,267 3,36 3,495 3,676 Other ,029,034,78,87,263,88,24 Countries Reporting in Every Period 2 8,896 22,906 24,665 23,752 26,794 27,8 27,406 28,833 30,004 Equity 6,424 8,852 0,47 9,486 0,73,59,348 2,385 3,276 Bond 3,394 4,55 5,4 5,89 7,0 7,202 7,008 7,098 7,00 Money Market 5,780 5,305 4,993 4,693 4,785 4,650 4,485 4,682 4,753 Balanced/Mixed,825 2,40 2,780 2,737 3,6 3,26 3,30 3,489 3,669 Other ,00,08,70,79,255,79,205 Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Components may not sum to total because of rounding or unclassified funds. 2 Number of countries is 42. Components may not sum to total because of rounding. Table 2 NET SALES, :Q4 Billions of U.S. dollars ITEM Q4 Q Q2 Q3 Q4 All Reporting Countries Equity Bond Money Market Balanced/Mixed Other Countries Reporting in Every Period Equity Bond Money Market Balanced/Mixed Other Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. 2 Components may not sum to total because of rounding or unclassified funds. 3 Number of countries is 33. Components may not sum to total because of rounding. Table 3 NUMBER OF FUNDS, :Q4 End of period ITEM Q Q2 Q3 Q4 All Reporting Countries 68,57 67,526 69,486 72,600 73,229 73,833 74,549 75,233 76,200 Equity 27,846 27,466 27,689 28,043 27,760 27,876 28,027 28,02 28,36 Bond 2,254 2,454 2,799 2,962 3,295 3,526 3,60 3,840 4,338 Money Market 3,700 3,52 3,344 3,59 2,929 2,908 2,842 2,82 2,796 Balanced/Mixed 4,504 4,653 5,897 6,842 7,5 7,474 7,572 7,700 7,827 Other 7,70 6,7 6,858 8,04 8,927 8,844 9,259 9,557 9, Countries Reporting in Every Period 2 65,880 64,87 66,783 69,378 70,572 7,24 7,946 72,658 73,498 Equity 25,767 25,423 25,745 26,54 26,9 26,292 26,460 26,507 26,767 Bond 2,008 2,66 2,540 2,659 2,888 3,0 3,83 3,407 3,890 Money Market 3,658 3,478 3,308 3,26 2,899 2,875 2,809 2,779 2,760 Balanced/Mixed 4,8 4,38 5,609 6,557 6,945 7,262 7,357 7,477 7,59 Other 7,69 6,7 6,682 7,797 8,554 8,470 8,889 9,85 9,45 Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Components may not sum to total because of unclassified funds. 2 Number of countries is 42. 7

8 EFAMA International Statistical Release (203:Q4) Table 4 TOTAL NET ASSETS, :Q4 Billions of euros, end of period ITEM Q Q2 Q3 Q4 All Reporting Countries 3,594 5,928 8,493 8,39 20,339 2,753 20,985 2,383 2,790 Equity 4,62 6,52 7,842 7,336 8,24 9,000 8,680 9,75 9,632 Bond 2,443 3,69 4,058 4,506 5,325 5,638 5,370 5,268 5,6 Money Market 4,58 3,69 3,738 3,629 3,633 3,637 3,435 3,472 3,45 Balanced/Mixed,33,670 2,084 2,2 2,366 2,552 2,535 2,588 2,665 Other Countries Reporting in Every Period 2 3,578 5,900 8,459 8,357 20,308 2,79 20,952 2,350 2,756 Equity 4,66 6,45 7,836 7,33 8,9 8,996 8,676 9,7 9,627 Bond 2,439 3,59 4,050 4,497 5,34 5,625 5,357 5,256 5,49 Money Market 4,53 3,682 3,737 3,627 3,627 3,63 3,429 3,467 3,447 Balanced/Mixed,3,667 2,080 2,5 2,362 2,547 2,530 2,583 2,660 Other Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Components may not sum to total because of rounding or unclassified funds. 2 Number of countries is 42. Components may not sum to total because of rounding. Table 5 NET SALES, :Q4 Billions of euros ITEM Q4 Q Q2 Q3 Q4 All Reporting Countries Equity Bond Money Market Balanced/Mixed Other Countries Reporting in Every Period Equity Bond Money Market Balanced/Mixed Other Source: National mutual fund associations; EFAMAprovides data for all European countries except Russia. Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. 2 Components may not sum to total because of rounding or unclassified funds. 3 Number of countries is 33. Components may not sum to total because of rounding. Pour mémoire: Tables -5 exclude funds of funds. 8

9 EFAMA International Statistical Release (203:Q4) Table 6 TOTAL NET ASSETS OF THE EUROPEAN INVESTMENT FUND INDUSTRY, End December 203 Overall Fund Industry UCITS Market Non-UCITS Market 2 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 2,6 49, ,047,300 78,053 07, ,354 98,404 Belgium,66 95,09 3,04,583 86,874 9, ,45,233 Bulgaria Czech Republic 7 4,720 6,50 4 4,596 6, Denmark , , ,37 9, ,337 36,995 Finland ,23 03, ,45 88, ,978 5,40 France,392,525,07 2,03,274 7,54,0,507,53,500 4,238 44,600 57,775 Germany 5,952,404,353,936,744 2,02 277, ,976 3,940,26,654,553,768 Greece 98 7,059 9, ,256 7,249 6,803 2,486 Hungary 544 5,546 2, ,262 4, ,284 7,287 Ireland 5,599,343,882,853,348 3,345,044,063,439,867 2, ,89 43,480 Italy,06 209,09 288, ,300 25, ,792 72,805 Liechtenstein,008 3,2 42, ,50 36, ,602 6,346 Luxembourg 3,685 2,65,363 3,606,847 9,500 2,97,567 3,030,665 4,85 47, ,82 Malta 600 9,4 2, ,293 3, ,8 9,87 Netherlands 64 72,472 99, ,855 85, ,67 4,642 Norway ,273 09, ,273 09, Poland ,493 62, ,38 28, ,74 34,78 Portugal ,690 34, ,406 0, ,284 23,836 Romania 95 4,509 6, ,905 4,006 3,604 2,22 Slovakia 83 4,570 6, ,68 3,697 9,890 2,606 Slovenia 6,850 2,552 6,850 2, Spain 2,320 84, ,965 2,267 79, , ,88 6,73 Sweden , , ,7 273, ,35 2,945 Switzerland ,83 497, , , ,904 95,026 Turkey 427 2,526 29, ,27 4,090 49,30 5,597 United Kingdom 2,859,20,760,545,64 2, ,506,89, , ,59 Europe 3 55,42 9,788,320 3,504,3 35,68 6,865,860 9,473,766 9,524 2,922,460 4,030,365 Source: EFAMA In the sense of publicly offered open-end investment funds (transferable securities and money market instruments), including funds-of-funds assets. 2 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

10 SUPPLEMENTARY TABLES Table S TOTAL NET ASSETS IN U.S. DOLLARS Millions, end of period COUNTRY Q Q2 Q3 Q4 World 22,945,327 24,709,854 23,795,808 26,835,850 27,854,629 27,448,756 28,877,53 30,049,934 Americas 2,578,297 3,597,527 3,529,258 5,38,443 5,874,429 5,748,838 6,463,572 7,56,409 Argentina 4,470 5,79 6,808 9,85,63 0,65,66,79 Brazil 783, ,448,008,928,070,998,35,933,047,988,07,742,08,64 Canada 565,56 636, , , , ,823 92,20 940,580 Chile 34,227 38,243 33,425 37,900 36,672 35,375 36,37 39,29 Costa Rica,309,470,266,484,965 2,24 2,202,933 Mexico 70,659 98,094 92,743 2,20 2,544 2, 8,442 20,58 Trinidad & Tobago 5,832 5,82 5,989 6,505 6,635 6,598 6,640 6,586 United States,2,674,83,334,626,493 3,043,666 3,672,54 3,646,68 4,304,808 5,07,682 Europe 7,545,535 7,903,389 7,220,298 8,230,059 8,427,54 8,406,890 8,944,659 9,374,830 Austria 99,628 94,670 8,038 89,25 87,476 86,749 90,30 90,633 Belgium 06,72 96,288 8,505 8,65 8,775 8,79 87,248 9,528 Bulgaria Czech Republic 5,436 5,508 4,445 5,00 4,848 4,832 5,7 5,3 Denmark 83,024 89,800 84,89 03,506 03,746 03,472 2,932 8,702 Finland 66,3 7,20 62,93 73,985 74,35 75,974 83,289 88,462 France,805,64,67,76,382,068,473,085,453,347,43,807,490,589,53,500 Germany 37, ,73 293,0 327, , ,0 362, ,976 Greece 2,434 8,627 5,23 6,0 5,849 6,480 6,74 6,742 Hungary,052,532 7,93 8,570 9,0 0,423,09 2,58 Ireland 860,55,04,04,06,05,276,60,36,755,307,262,386,5,439,867 Italy 279, ,33 80,754 8,720 8,307 9, ,932 25,553 Liechtenstein 30,329 35,387 32,606 3,95 34,839 34,483 35,824 36,235 Luxembourg 2,293,973 2,52,874 2,277,465 2,64,964 2,722,342 2,729,299 2,87,949 3,030,665 Malta 2,32 3,033 2,024 2,060 2,35 3,60 Netherlands 95,52 85,924 69,56 76,45 76,662 74, 78,006 85,304 Norway 7,70 84,505 79,999 98,723 0,949 00,848 05,566 09,325 Poland 23,025 25,595 8,463 25,883 22,87 25,95 25,837 27,858 Portugal 5,808,004 7,32 7,509 7,897 8,333 8,873 9,625 Romania,34,73 2,388 2,63 2,823 3,00 3,377 4,000 Russia 3,82 3,97 3,072 Slovakia 4,222 4,349 3,9 2,95 2,882 2,887 3,085 3,292 Slovenia 2,60 2,663 2,279 2,370 2,354 2,285 2,394 2,506 Spain 269,6 26,95 95,220 9,284 94, , , ,234 Sweden 70, ,449 79, ,733 28,232 24,09 235, ,878 Switzerland 68,260 26, ,06 30, , , , ,080 Turkey 9,426 9,545 4,048 6,478 7,44 7,0 5,0 4,078 United Kingdom 729,4 854,43 86, ,57,005,357,005,590,00,630,66,834 Asia and Pacific 2,75,234 3,067,323 2,92,276 3,322,98 3,40,976 3,53,752 3,326,823 3,375,828 Australia,98,838,455,850,440,28,667,28,737,739,552,522,647,058,624,08 China 38, , , , , , , ,957 India 30,284,42 87,59 4,489 02,826 7,972 94,29 07,895 Japan 660, , , , , ,624 78, ,26 Korea, Rep. of 264, , ,76 267, , ,25 28, ,73 New Zealand 7,657 9,562 23,709 3,45 33,043 28,93 32,953 34,85 Pakistan 2,224 2,290 2,984 3,59 3,25 3,30 3,205 3,464 Philippines,488 2,84 2,363 3,566 4,59 4,838 4,876 4,662 Taiwan 58,297 59,032 53,437 59,92 60,32 60,808 60,565 62,286 Africa 06,26 4,65 24,976 45,50 42,070 39,276 42,459 42,868 South Africa 06,26 4,65 24,976 45,50 42,070 39,276 42,459 42,868 Note: Components may not sum to total because of rounding. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Homedomiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include homeand foreign-domiciled funds. 5/9/204

11 SUPPLEMENTARY TABLES Table S2 TOTAL NET ASSETS IN EUROS Millions, end of period COUNTRY Q Q2 Q3 Q4 World 5,927,65 8,492,630 8,390,762 20,339,439 2,752,933 20,985,288 2,382,830 2,789,525 Americas 8,73,290 0,76,265 0,456,84,473,733 2,397,056 2,040,397 2,90,722 2,440,293 Argentina 3,03 3,876 5,262 6,962 8,78 8,43 8,268 8,06 Brazil 544,97 733, ,757 8,73 887,0 80,24 793, ,627 Canada 392, , , ,62 693,48 67, , ,024 Chile 23,759 28,62 25,833 28,725 28,639 27,045 26,93 28,490 Costa Rica 908,00 978,25,535,624,630,40 Mexico 49,048 73,43 7,677 85,039 94,99 92,593 87,703 87,389 Trinidad & Tobago 4,048 4,349 4,628 4,930 5,82 5,045 4,96 4,776 United States 7,73,92 8,854,463 8,985,69 9,886,059 0,677,48 0,432,850 0,592,23 0,889,480 Europe 5,237,770 5,94,826 5,580,259 6,237,73 6,58,45 6,427,286 6,623,22 6,797,788 Austria 69,57 70,850 62,63 67,550 68,34 66,322 66,865 65,79 Belgium 74,08 72,06 62,992 6,885 63,862 62,53 64,604 66,368 Bulgaria Czech Republic 3,774 4,22 3,435 3,79 3,786 3,694 3,829 3,720 Denmark 57,632 67,206 65,609 78,450 8,020 79,07 83,622 86,072 Finland 45,905 53,293 48,066 56,075 58,036 58,084 6,673 64,45 France,253,395,20,280,068,4,6,48,34,984,080,892,03,73,0,507 Germany 220, , , , , , , ,700 Greece 8,63 6,456 4,029 4,556 4,568 4,954 4,572 4,889 Hungary 7,672 8,63 5,559 6,495 7,07 7,969 8,225 8,86 Ireland 597,33 758, ,04 967,562,028,33 999,436,026,665,044,063 Italy 93,998 75,358 39,697 37,729 4,59 46,490 5,745 56,300 Liechtenstein 2,053 26,484 25,200 24,26 27,207 26,363 26,527 26,274 Luxembourg,592,373,880,62,760,55 2,002,398 2,25,999 2,086,620 2,26,582 2,97,567 Malta,648 2,299,58,575,74 2,29 Netherlands 66,300 64,305 53,448 57,72 59,869 56,660 57,76 6,855 Norway 49,403 63,243 6,828 74,824 79,67 77,0 78,68 79,273 Poland 5,983 9,55 4,269 9,67 7,89 9,840 9,3 20,200 Portugal 0,973 8,235 5,658 5,69 6,67 6,37 6,570 6,979 Romania 787,282,845,98 2,205 2,295 2,50 2,90 Russia 2,209 2,932 2,374 Slovakia 2,93 3,255 2,466 2,237 2,25 2,207 2,284 2,387 Slovenia,82,993,76,796,838,747,773,87 Spain 87,52 62,337 50,877 44,978 5,755 57,243 67,299 79,997 Sweden 8,98 53,756 38,888 55,929 70,427 63,692 74,238 83,364 Switzerland 6,798 95,998 2, , , , , ,927 Turkey 3,484 4,627 0,857 2,489 3,599 3,08,82 0,208 United Kingdom 506,37 639,435 63, , ,29 768,799 84, ,084 Asia and Pacific,884,794 2,295,556 2,257,73 2,57,963 2,663,783 2,4,25 2,463,40 2,447,849 Australia 832,79,089,545,3,03,263,550,357,078,86,944,29,59,77,638 China 264,67 273,52 262,028 33, , ,398 3,33 348,022 India 90,437 83,386 67,639 86,773 80,30 90,92 69,89 78,236 Japan 458, , , ,75 607,034 57, ,74 56,327 Korea, Rep. of 83,655 99,442 75,29 202,806 20,62 98,77 208, ,782 New Zealand 2,257 4,640 8,324 23,606 25,805 22,8 24,40 24,788 Pakistan,544,73 2,307 2,395 2,539 2,53 2,373 2,52 Philippines,033,635,827 2,703 3,585 3,698 3,6 3,380 Taiwan 40,467 44,79 4,299 44,863 46,960 46,489 44,846 45,64 Africa 73,76 05,983 96,588 0,02 0,949 06,480 05,486 03,595 South Africa 73,76 05,983 96,588 0,02 0,949 06,480 05,486 03,595 Note: Components may not sum to total because of rounding. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include home- and foreigndomiciled funds. 5/9/204

12 SUPPLEMENTARY TABLES Table S3 TOTAL NET ASSETS IN LOCAL CURRENCIES Millions, 2 end of period COUNTRY Q Q2 Q3 Q4 Americas Argentina 6,983 20,605 29,276 45,50 57,27 57,365 64,666 72,884 Brazil,367,636,628,88,883,567 2,97,259 2,293,904 2,338,794 2,376,05 2,406,3 Canada 595, , , ,738 90,45 924, , ,78 Chile 7,368,463 7,897,598 7,366,3 8,6,883 7,36,76 7,985,599 8,355,92 20,645,328 Costa Rica 739, ,09 647, ,07 979,274,060,324,099, ,084 Mexico 925,024,20,495,292,436,442,52,49,996,566,068,550,576,57,5 Trinidad & Tobago 36,94 37,95 38,448 4,760 42,597 42,296 42,6 42,26 United States,2,674,83,334,626,493 3,043,666 3,672,54 3,646,68 4,304,808 5,07,682 Europe Austria 69,57 70,850 62,63 67,550 68,34 66,322 66,865 65,79 Belgium 74,08 72,06 62,992 6,885 63,862 62,53 64,604 66,368 Bulgaria Czech Republic 99,902 03,302 88,584 95,340 97,447 95,857 98,523 02,037 Denmark 428, , , ,3 604, , , ,037 Finland 45,905 53,293 48,066 56,075 58,036 58,084 6,673 64,45 France,253,395,20,280,068,4,6,48,34,984,080,892,03,73,0,507 Germany 220, , , , , , , ,700 Greece 8,63 6,456 4,029 4,556 4,568 4,954 4,572 4,889 Hungary 2,074,642 2,399,070,748,938,898,449 2,63,849 2,349,734 2,452,20 2,68,460 Ireland 597,33 758, ,04 967,562,028,33 999,436,026,665,044,063 Italy 93,998 75,358 39,697 37,729 4,59 46,490 5,745 56,300 Liechtenstein 3,234 33,5 30,633 29,234 33,79 32,527 32,429 32,254 Luxembourg,592,373,880,62,760,55 2,002,398 2,25,999 2,086,620 2,26,582 2,97,567 Malta,648 2,299,58,575,74 2,29 Netherlands 66,300 64,305 53,448 57,72 59,869 56,660 57,76 6,855 Norway 40, , ,40 549,99 598, ,90 634, ,958 Poland 65,60 76,40 63,63 79,92 74,489 86,059 80,902 83,97 Portugal 0,973 8,235 5,658 5,69 6,67 6,37 6,570 6,979 Romania 3,350 5,479 7,97 8,80 9,735 0,293,22 2,988 Russia 95,56 9,66 98,736 Slovakia 3 2,93 3,255 2,466 2,237 2,25 2,207 2,284 2,387 Slovenia,82,993,76,796,838,747,773,87 Spain 87,52 62,337 50,877 44,978 5,755 57,243 67,299 79,997 Sweden,2,769,378,503,237,769,338,90,423,97,436,768,508,465,624,446 Switzerland 73, , , , ,995 34,687 35, ,459 Turkey 29,055 30,270 26,526 29,42 3,566 32,978 30,76 30,222 United Kingdom 449, , ,30 609, , ,05 68, ,380 Asia and Pacific Australia,335,505,422,657,40,605,603,944,662,842,698,925,767,787,82,407 China 2,602,499 2,4,457 2,34,24 2,725,57 2,68,697 2,323,24 2,573,55 2,905,803 India 6,06,460 4,98,060 4,644,70 6,296,30 5,580,240 7,006,340 5,904,270 6,667,940 Japan 6,455,65 63,720,067 57,327,400 64,063,792 72,63,522 74,9,489 76,806,782 8,523,28 Korea, Rep. of 307,963, ,072,84 26,279,66 284,84,067 30,507, ,039,58 302,868, ,374,270 New Zealand 24,429 25,073 30,507 37,580 39,272 37,387 39,702 4,67 Pakistan 87,357 96, , ,889 39, ,73 339, ,87 Philippines 68,666 95,666 03,63 46,25 87, ,667 2, ,950 Taiwan,864,67,729,582,68,026,78,59,796,635,823,37,794,527,856,544 Africa South Africa 786,7 938,779,0,053,229,926,34,598,376,35,428,552,499,057 - Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 2 Local currency values for euro-area countries are reported in euros beginning in 999 except for Greece, which adopted the euro in Prior to 2009:Q, data reported in the slovak koruna. Starting in 2009:Q, Slovakia adopted the Euro and data are reported in Euros. 5/9/204

13 SUPPLEMENTARY TABLES Table S4 TOTAL NET ASSETS IN U.S. DOLLARS BY TYPE OF FUND, 203:Q4 Millions, end of period COUNTRY Total Equity Bond Money Market Balanced/Mixed Other World 30,049,934 3,283,55 7,7,080 4,759,770 3,675,572,23,963 Americas 7,56,409 8,83,407 4,052,075 2,869,43,922,39 29,357 Argentina, ,23 3,594 2,07 Brazil,08,64 9,80 56,604 46,633 24,622 03,972 Canada 940,580 32,828 25,42 26,264 45,639 24,438 Chile 39,29 2,42 2,300 9,908 3, Costa Rica, ,753 Mexico 20,58 0,630 42,523 52,949 4,46 Trinidad & Tobago 6, ,67 97 United States 5,07,682 7,765,37 3,299,22 2,78,332,234,8 Europe 9,374,830 3,490,303 2,678,85,257,633,534,5 43,533 Austria 90,633 6,723 59, , Belgium 9,528 50,667 3,889 2,063 24,769 4 Bulgaria Czech Republic 5,3 96 2,754 92,370 Denmark 8,702 46,760 64,64 2 7, Finland 88,462 34,59 25,34 6,494 0,507,96 France,53, ,059 28,48 436, ,35 7,036 Germany 382,976 98,037 79,440 4,388 83,484 7,626 Greece 6,742,986,6 982, Hungary 2, ,009 7, Ireland,439, ,00 480,73 367,456 68,795 38,893 Italy 25,553 25,829 87,64 3,843 88,265 Liechtenstein 36,235 6,370 0,323 6,524 5,436 7,582 Luxembourg 3,030, ,264,030, ,77 502,878 86,042 Malta 3, ,477 Netherlands 85,304 38,477 23,238 6,33 7,258 Norway 09,325 60,5 30,647 2,623 5, Poland 27,858 7,879 6,537 6,565 2,58 4,357 Portugal 9,625,423 2,597,529,08 2,993 Romania 4,000 6, ,860 Russia Slovakia 3,292 40, Slovenia 2,506, Spain 248,234 57,903 2,856,458 57,08 Sweden 252,878 7,784 3,700 6,850 48,704,839 Switzerland 397,080 38,862 20,898 9,025 8,295 Turkey 4, ,759 5,4, United Kingdom,66, ,4 205,30 7,244 07,777 22,390 Asia and Pacific 3,375,828,576,404 38,74 608,68 52,82 656,72 Australia,624,08 650,668 79, , ,35 China 479,957 93,65 52,47 23,527 97,778 2,566 India 07,895 25,289 45,786 29,327 2,78 4,776 Japan 774,26 67,486 38,352 8,288 Korea, Rep. of 285,73 63,429 50,808 63,908 3,205 75,823 New Zealand 34,85 5,64 3,387 4,55 9,079 2,040 Pakistan 3, , Philippines 4,662,440 2, Taiwan 62,286 8,395 9,083 27,585,37 6,087 Africa 42,868 33,436 4,440 24,537 66,02 4,353 South Africa 42,868 33,436 4,440 24,537 66,02 4,353 Note: Components may not sum to total because of rounding or unclassified funds. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204

14 SUPPLEMENTARY TABLES Table S5 TOTAL NET ASSETS IN EUROS BY TYPE OF FUND, 203:Q4 Millions, end of period COUNTRY Total Equity Bond Money Market Balanced/Mixed Other World 2,789,525 9,632,043 5,60,670 3,45,360 2,665,96 880,257 Americas 2,440,293 5,933,875 2,938,202 2,080,655,393,763 93,798 Argentina 8, ,793 2,606,463 Brazil 738,627 66, ,225 33,84 55,625 75,39 Canada 682, ,835 90,937 9, ,488 7,72 Chile 28,490,755 8,99 4,436 2, Costa Rica, ,27 Mexico 87,389 7,708 30,834 38,394 0,453 Trinidad & Tobago 4, , United States 0,889,480 5,630,74 2,392,300,97,09 895,375 Europe 6,797,788 2,530,856,942,463 9,923,2, ,857 Austria 65,79 2,26 43, , Belgium 66,368 36,739 0,07,496 7, Bulgaria Czech Republic 3, , Denmark 86,072 33,906 46, ,26 3 Finland 64,45 24,769 8,375,960 7,69,422 France,0,507 3, ,05 36, ,69 2,353 Germany 277,700 43,599 57,603 3,82 60,535 2,78 Greece 4,889,440,68 72, Hungary 8, ,907 5, Ireland,044, ,96 348, ,446 49,884 28,202 Italy 56,300 8,729 63,530 0,038 64,002 Liechtenstein 26,274 4,69 7,485 4,730 3,942 5,498 Luxembourg 2,97,567 78,05 747,48 232, ,642 34,90 Malta 2, ,07 Netherlands 6,855 27,900 6,850,842 5,263 Norway 79,273 43,66 22,222 9,53 3, Poland 20,200 5,73 4,740 4,76,826 3,60 Portugal 6,979,032,883, ,70 Romania 2,90 44, ,349 Russia Slovakia 2, , Slovenia,87, Spain 79,997 4,986 88,359 8,308 4,344 Sweden 83,364 24,563 9,934 2,28 35,36,334 Switzerland 287,927 00,690 87,665 3,795 85,777 Turkey 0, ,90 3,728, United Kingdom 846, ,063 48,872 5,252 78,50 88,747 Asia and Pacific 2,447,849,43, , ,989 0,82 476,95 Australia,77,638 47,806 57, , ,69 China 348,022 40,392 38,047 89,57 70,900 9,2 India 78,236 8,337 33,200 2,265,97 3,463 Japan 56, ,745 00,32 3,26 Korea, Rep. of 206,782 45,993 36,842 46,340 22,627 54,980 New Zealand 24,788 3,745 2,456 3,274 3,835,479 Pakistan 2, , Philippines 3,380,044, Taiwan 45,64 3,338 6,586 20, ,44 Africa 03,595 24,245 3,29 7,792 47,93 0,408 South Africa 03,595 24,245 3,29 7,792 47,93 0,408 Note: Components may not sum to total because of rounding or unclassified funds. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204

15 SUPPLEMENTARY TABLES Table S6 TOTAL NET ASSETS IN LOCAL CURRENCIES BY TYPE OF FUND, 203:Q4 Millions, end of period COUNTRY Total Equity Bond Money Market Balanced/Mixed Other Americas Argentina 72,884 2,202 34,02 23,430 3,5 Brazil 2,406,3 26,864,326,564 0,5 506, ,593 Canada 999,78 332,37 33,225 27, ,776 25,96 Chile 20,645,328,27,870 6,463,068 0,460,762,952,66 497,0 Costa Rica 969,084 6,256 84, ,73 Mexico,57,5 38, , ,274 87,939 Trinidad & Tobago 42, ,006 5,880 United States 5,07,682 7,765,37 3,299,22 2,78,332,234,8 Europe Austria 65,79 2,26 43, , Belgium 66,368 36,739 0,07,496 7, Bulgaria Czech Republic 02,037 8,209 54,764,829 27,236 Denmark 642, ,94 349, , Finland 64,45 24,769 8,375,960 7,69,422 France,0,507 3, ,05 36, ,69 2,353 Germany 277,700 43,599 57,603 3,82 60,535 2,78 Greece 4,889,440,68 72, Hungary 2,68,460 29, ,540,577,273 33,805 4,567 Ireland,044, ,96 348, ,446 49,884 28,202 Italy 56,300 8,729 63,530 0,038 64,002 Liechtenstein 32,254 5,670 9,89 5,807 4,839 6,749 Luxembourg 2,97,567 78,05 747,48 232, ,642 34,90 Malta 2, ,07 Netherlands 6,855 27,900 6,850,842 5,263 Norway 662, ,763 85,845 76,545 32,739 3,066 Poland 83,97 23,735 9,692 9,777 7,586 3,26 Portugal 6,979,032,883, ,70 Romania 2, , ,038 Russia Slovakia 2, , Slovenia,87, Spain 79,997 4,986 88,359 8,308 4,344 Sweden,624,446,03,55 88,007 08,24 32,868,85 Switzerland 353,459 23,607 07,67 6,935 05,300 Turkey 30,222,082 4,50,037 2, United Kingdom 705, ,745 24,5 4,379 65,54 73,988 Asia and Pacific Australia,82, ,724 89, , ,826 China 2,905,803,72,202 37, ,87 59,976 76,078 India 6,667,940,562,840 2,829,590,82,380 67, ,40 Japan 8,523,28 65,027,420 4,569,864,925,935 Korea, Rep. of 299,374,270 66,587,635 53,338,588 67,090,72 32,758,943 79,598,932 New Zealand 4,67 6,287 4,23 5,497 23,227 2,483 Pakistan 364,87 96, ,379 4,774 8,269 Philippines 206,950 63,927 06,036 3,090 33,897 Taiwan,856, , , ,24 33,882 8,437 Africa South Africa,499, ,833 46, , ,58 50,60 Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204

16 SUPPLEMENTARY TABLES Table S7 NUMBER OF MUTUAL FUNDS End of period COUNTRY Q Q2 Q3 Q4 World 67,526 69,486 72,600 73,229 73,833 74,549 75,233 76,200 Americas 6,928 7,986 9,742 2,089 2,307 2,499 2,64 22,020 Argentina Brazil 4,744 5,68 6,53 7,468 7,638 7,758 7,863 8,072 Canada 2,075 2,7 2,655 2,866 2,903 2,90 2,95 2,963 Chile,69,92 2,50 2,286 2,305 2,334 2,340 2,385 Costa Rica Mexico Trinidad & Tobago United States 7,659 7,548 7,580 7,582 7,568 7,605 7,600 7,707 Europe 34,899 35,292 35,73 34,470 34,565 34,603 34,66 34,743 Austria,06,06, Belgium,845,797,723,529,438,432,354,432 Bulgaria Czech Republic Denmark Finland France 7,982 7,79 7,744 7,392 7,348 7,243 7,249 7,54 Germany 2,067 2,06 2,05 2,059 2,050 2,039 2,044 2,02 Greece Hungary Ireland 2,72 2,899 3,085 3,67 3,205 3,248 3,303 3,345 Italy Liechtenstein Luxembourg 9,07 9,353 9,462 9,435 9,467 9,46 9,466 9,500 Malta Netherlands Norway Poland Portugal Romania Russia Slovakia Slovenia Spain 2,588 2,486 2,474 2,349 2,369 2,309 2,280 2,267 Sweden Switzerland Turkey United Kingdom 2,266 2,204,94,922,90,884,93,90 Asia and Pacific 4,795 5,265 6,98 6,703 6,973 7,426 7,933 8,375 Australia China ,065,222,260,253,45 India Japan 3,656 3,905 4,96 4,384 4,426 4,49 4,68 4,922 Korea, Rep. of 8,703 8,687 9,064 9,2 9,93 9,543 9,857 9,876 New Zealand Pakistan Philippines Taiwan Africa ,02,025,062 South Africa ,02,025,062 Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204