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 Second Quarter 0 Brussels, 4 October 0. Investment fund assets worldwide increased by.7 percent in the second quarter to stand at.4 trillion at end June 0. Worldwide net cash inflows to all funds registered 99 billion in the second quarter, down from 93 billion in the previous quarter. Net cash flows to long-term funds recorded net inflows of 4 billion, compared to 48 billion in the first quarter. Equity funds registered increased net withdrawals during the quarter ( 4 billion), compared to 6 billion in the previous quarter. Bond funds continued to record large net cash inflows amounting to billion, albeit lower than in the first quarter ( 69 billion). Money market funds registered decreased net outflows ( 4 billion) compared to the first quarter ( 55 billion). 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 second quarter of 0 contains statistics from 46 countries. Worldwide Investment Fund Assets (*) (Trillions of euros, end of quarter) 6.70 6.56 6.0 4.3 4.39 5. 6. 6.94 8.09 8.74 8.67 9.94 9.50 9.49 8.58 9.97 0.85.4 Q Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 Q Q 008 009 00 0 0
On a U.S. dollar-denominated basis and taking into account funds of funds, investment fund assets worldwide decreased 3. percent in the second quarter of 0 to US$6.96 trillion. On a U.S. dollar denominated basis investment fund assets in the United States decreased. percent in the second quarter, compared with a 3.8 percent increase on a Euro-denominated basis. This difference reflects the appreciation 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. () Including funds of funds assets. Geographical Trends by Type of Fund, 0:Q (Billions of euros, end of quarter) USA Europe Brazil Australia Japan Canada Equity 4,447,97 77 477 476 00 % chg in EUR () % -4% -6% 4% 3% -4% % chg in loc. cur. () -5% -4% -% -% -7% -8% Bond,56,68 463 6 85 93 % chg in EUR () 9% 5% 0% 5% 5% 6% % chg in loc. cur. () 3% 5% 4% 0% -5% % Money Market,997,08 35 58 9 5 % chg in EUR () 3% % % 4% 8% 3% % chg in loc. cur. () -3% % 5% 9% -% -% Balanced / Mixed 70 98 7 -- -- 8 % chg in EUR () 5% -% -4% -- -- 5% % chg in loc. cur. () -% -% 0% -- -- % Other (3) 99 333 455 43 04 67 % chg in EUR () 5% -% -% 6% % 7% % chg in loc. cur. () -% -% % % -8% % () 0:Q compared to 0:Q. () 0:Q compared to 0:Q, using the euro as the local currency for Europe. (3) Including funds of funds.
On a Euro denominated basis, equity fund assets worldwide remained relatively flat during the second quarter standing at 7.9 trillion. Over the same period net assets of bond funds grew 7.4 percent to stand at 5.0 trillion, whilst money market funds also registered growth of 3.8 percent over the quarter to stand at 3.6 trillion. Balanced/mixed fund assets recorded an increase in net assets of. percent to stand at.3 trillion at end June 0. Worldwide Assets of Equity, Bond, Money Market, and Balanced / Mixed Funds (Billions of euros, end of quarter) 7,895 7,883 4,694 5,043 3,508 3,64,4,5 0:Q 0:Q 0:Q 0:Q 0:Q 0:Q 0:Q 0:Q Equity Bond Money Market Balanced / Mixed Net Sales of Investment Funds (Billions of euros) USA Europe () World () 0 0 0 0 0 0 Q Q Q3 Q4 Q Q Q Q Q3 Q4 Q Q Q Q Q3 Q4 Q Q Equity 30 7 48 8 5 8 43 9 9 8 45 6 79 5 6 4 Bond 6 47 5 5 86 65 7 0 49 4 4 70 7 49 69 Money Market 57 3 4 45 83 53 9 30 5 74 59 46 7 55 4 Balanced / Mixed 5 9 8 8 0 3 5 9 8 7 33 40 4 44 Other (3) 4 49 7 3 7 4 6 4 56 80 8 5 4 3 Long-Term (4) 95 98 3 60 8 8 36 47 78 6 69 8 76 06 58 48 4 Total 38 66 55 05 44 30 7 8 83 50 9 7 0 47 04 83 93 99 () 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 0:Q; 4 in 0:Q, 0:Q, 0:Q, 0:Q4. Assets of reporting countries represented 94 perc ent of all countries at the end of 0:Q. (3) Inc luding net sales of funds of funds. (4) Total excluding Money Market Funds 3
Investment funds worldwide registered net inflows in the second quarter of 0 amounting to 99 billion, compared to net inflows of 93 billion in the previous quarter. Long-term funds recorded net inflows of 4 billion during the quarter, compared to 48 billion in the first quarter of the year. Equity funds worldwide registered net outflows of 4 billion in the second quarter, after experiencing 6 billion of net outflows in the first quarter of the year. European equity funds experienced a turnaround in net flows during the quarter to record net outflows of 8 billion, against net inflows of 9 billion in the previous quarter. In the United States, net withdrawals from equity funds amounted to 8 billion, up from billion of net outflows in the previous quarter. Bond funds worldwide continued to record strong net inflows in the second quarter, albeit at a reduced pace, to register net inflows of billion. Bond funds in Europe reported net inflows of 4 billion in the second quarter, being a modest reduction compared to the previous quarter ( 49 billion). Bond funds in the United States recorded 65 billion of net inflows, compared to 86 billion in the second quarter. Balanced/mixed funds worldwide registered a steep reduction in net inflows during the quarter falling from 44 billion in the first quarter to billion in the second quarter. Outflows from balanced/mixed funds in Europe were 7 billion in the second quarter versus inflows of 8 billion in the United States. Money market funds worldwide experienced 4 billion of net outflows in the second quarter of 0, compared to 55 billion in the first quarter. Europe experienced a turnaround in net flows to money market funds during the quarter registering net outflows of billion, versus net inflows of billion in the first quarter. Money market funds in the United States posted net outflows of 53 billion in the second quarter after witnessing net outflows of 83 billion in the previous quarter. 4
Composition of Worldwide Investment Fund Assets, 0:Q (*) (Percent of total assets, end of quarter) Balanced-Mixed 0% Other / Unclassified % Bond 4% Equity 37% Money Market 7% At the end of the second quarter of 0, 37 percent of worldwide investment fund assets were held in equity funds. The asset share of bond funds was 4 percent and the asset share of balanced/mixed funds was 0 percent. Money market fund assets represented 7 percent of the worldwide total. The number of investment funds worldwide stood at 83,40 at the end of the fourth quarter. By type of fund, 34 percent were equity funds, 0 percent were balanced/mixed funds, 6 percent were bond funds, and 4 percent were money market funds. Composition of Worldwide Investment Funds, 0:Q (*) (Percent of funds, end of quarter) Balanced-Mixed 0% Other / Unclassified 6% Bond 6% Money Market 4% Equity 34% 5
Looking at the worldwide distribution of investment fund assets, the United States and Europe held the largest share in the world market, 49.5 percent and 7.8 percent, respectively. Australia, Brazil, 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 35.3 percent at end June 0. The chart below highlights the top ten domiciles worldwide of investment fund assets at end June 0. 6
Table TOTAL NET ASSETS, 007-0:Q Billions of U.S. dollars, end of period ITEM 007 008 009 00 0 0 Q Q3 Q4 Q Q All Reporting Countries 6,3 8,90,953 4,699 5,930 3,9 3,79 5,597 4,770 Equity,34 6,434 8,87 0,467,00 9,039 9,484 0,558 9,95 Bond 4,89 3,400 4,567 5,433 5,867 5,638 5,84 6,68 6,350 Money Market 4,940 5,786 5,37 4,995 4,933 4,746 4,695 4,685 4,584 Balanced/Mixed,76,86,40,775 3,05,699,737,969,834 Other 884 676 840,09,04,007,034,6,077 Countries Reporting in Every Period 5,88 8,899,96 4,658 5,883 3,086 3,750 5,556 4,77 Equity,78 6,48 8,863 0,46 0,995 9,035 9,479 0,553 9,90 Bond 4,54 3,394 4,554 5,43 5,855 5,66 5,830 6,59 6,335 Money Market 4,907 5,780 5,305 4,993 4,93 4,744 4,693 4,683 4,58 Balanced/Mixed,683,83,398,770 3,08,693,730,964,89 Other 876 676 840,00,083 988,08,096,06 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, 008-0:Q Billions of U.S. dollars ITEM 008 009 00 0 0 0 Q Q3 Q4 Q Q All Reporting Countries 76 73 9 0 09-7 85 93 9 Equity -373 87 33-97 4-08 -70-9 -8 Bond -96 68 468 38 00 0 66 5 55 Money Market 888-640 -70-5 -85-63 97-8 -53 Balanced/Mixed -79 7 74 85 59-0 - 58 3 Other 35-9 34 7 0 0-7 0 4 Countries Reporting in Every Period 3 43 57 04 0 39-58 35 69 4 Equity -37 74 4-05 4-03 -69 - -6 Bond -04 597 495 6 77 5 57 06 8 Money Market 86-64 -738-00 -03-54 50-89 -55 Balanced/Mixed -76 8 77 76 50-0 - 58 4 Other 33-9 9 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, 007-0:Q End of period ITEM 007 008 009 00 0 0 Q Q3 Q4 Q Q All Reporting Countries 66,347 68,574 67,55 69,58 70,875 7,80 7,657 73,63 73,490 Equity 7,94 7,854 7,489 7,76 7,83 8,065 8,09 8,30 8,39 Bond 3,34,5,453,808,884,947,97 3,089 3,35 Money Market 3,450 3,700 3,5 3,344 3,0 3,89 3,59 3,07 3,005 Balanced/Mixed 3,744 4,50 4,656 5,893 6,50 6,79 6,84 7,036 7,56 Other 5,69 7,70 6,7 6,858 7,4 7,738 8,04 8,09 8,746 Countries Reporting in Every Period 6,689 66,330 65,37 67,87 68,496 69,454 69,85 70,458 70,686 Equity 4,694 6,08 5,668 5,987 6,098 6,383 6,47 6,639 6,53 Bond,884,070,5,598,665,78,75,83,84 Money Market 3,358 3,659 3,479 3,308 3,79 3,53 3,5 3,04,973 Balanced/Mixed 3,449 4,38 4,444 5,74 6,38 6,597 6,667 6,86 6,909 Other 5,406 7,68 6,70 6,68 7,09 7,536 7,796 7,984 8,34 Components may not sum to total because of unclassified funds. Number of countries is 4. 7
Table 4 TOTAL NET ASSETS, 007-0:Q Billions of euros, end of period ITEM 007 008 009 00 0 0 Q Q3 Q4 Q Q All Reporting Countries 7,75 3,595 5,933 8,485 7,94 7,9 8,387 9,65 9,674 Equity 8,383 4,63 6,58 7,833 7,6 6,694 7,39 7,905 7,883 Bond,94,443 3,70 4,066 4,060 4,75 4,55 4,693 5,043 Money Market 3,356 4,58 3,69 3,738 3,43 3,55 3,69 3,508 3,64 Balanced/Mixed,85,3,667,077,093,999,5,3,5 Other 600 486 583 770 764 746 799 836 856 Countries Reporting in Every Period 7,78 3,580 5,908 8,454 7,909 7,097 8,355 9,34 9,640 Equity 7,960 4,69 6,5 7,89 7,608 6,69 7,36 7,90 7,879 Bond,8,439 3,6 4,058 4,05 4,67 4,506 4,686 5,03 Money Market 3,333 4,53 3,68 3,737 3,4 3,53 3,67 3,507 3,639 Balanced/Mixed,83,30,665,073,088,994,0,9,47 Other 595 486 583 756 749 73 787 8 843 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, 008-0:Q Billions of euros ITEM 008 009 00 0 0 0 Q Q3 Q4 Q Q All Reporting Countries 93 95 45 7 75-4 63 47 7 Equity -60 30 96-7 6-79 -5-7 -4 Bond -45 445 354 7 70 7 49 64 Money Market 635-446 -53-06 -59-46 7-6 -4 Balanced/Mixed -58 80 3 60 4-4 - 44 Other -4 6 9 7 7-5 8 3 Countries Reporting in Every Period 3 68 85 78-7 -5 6 9 3 Equity -59 0-77 0-75 -5-9 -0 Bond -5 43 373 56 54 4 57 9 Money Market 64-43 -55-4 -7-39 37-68 -43 Balanced/Mixed -57 88 33 54 35-5 - 44 3 Other 0-4 9 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 June 0 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,7 40,035 76,304,35 75,8 94,653 80 64,853 8,650 Belgium,749 85,593 07,76,78 79,56 99,783 3 6,337 7,979 Bulgaria 9 5 7 9 3 69 3 Czech Republic 4 4,79 5,6 4,094 5,54 3 85 07 Denmark 847 49,84 88,68 509 7,35 9,057 338 77,499 97,57 Finland 373 59,534 74,953 373 5,440 64,763 0 8,094 0,90 France,688,467,504,847,587 7,595,07,504,394,347 4,093 360,000 453,40 Germany 5,874,9,353,50,73,089 30,79 90,567 3,785 96,56,0,606 Greece 33 5,695 7,70 7 3,93 4,950 6,763,0 Hungary 505 0,84 3,67 39 6,68 8,4 66 4,4 5,5 Ireland 5,76,57,073,456,755 3,09 90,964,36,83,067 54,09 39,93 Italy 970 85,874 34,06 69 33,45 67,755 34 5,69 66,60 Liechtenstein 869 30,743 38,705 65 6,43 33,55 44 4,39 5,45 Luxembourg 3,407,4,479,800,69 9,449,86,506,343,636 3,958 36,973 456,983 Malta 555 0,33 3,007 64,307,904 49 8,04 0,0 Netherlands 565 64,63 80,78 459 53,073 66,89 06,090 3,96 Norway 406 66,9 84,4 404 66,780 84,077 3 65 Poland 65 9,879 37,68 55 6,0 0,397 360 3,678 7, Portugal 559,595 8,448 89 5,566 7,007 370 7,030,44 Romania 86 3,3 4,068 6,780,40 5,45,87 Slovakia 8 3,379 4,54 68,393 3,0 4 986,4 Slovenia 40,798,63 40,798,63 0 0 0 Spain,455 5,4 90,378,393 45,780 83,537 6 5,434 6,84 Sweden 543 55,989 96,390 53 54,73 94,30,75,60 Switzerland 863 99,097 380,585 673 33,608 98,34 90 65,489 8,45 Turkey 405 0,704 6,067 353,98 5,005 5 8,786,06 United Kingdom,837 893,906,5,48,060 700,363 88,757 777 93,544 43,67 Europe 3 54,79 8,437, 0,66,359 35,766 5,95,386 7,496,86 8,43,485,737 3,9,54 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