EFAMA has today published its International Quarterly Statistical Release regarding the developments in the worldwide investment fund industry during the third quarter of 2022.
Bernard Delbecque, Senior Director for Economics and Research, commented “Net outflows from bond funds in Europe and the United States slowed down significantly in Q3 2022, confirming the view that the outlook for bond funds has improved in recent months thanks to the rise in bond yields observed since May.”
The main developments through Q3 2022 are as follows:
Net assets of worldwide investment funds increased slightly in euro terms.
- Net assets of worldwide investment funds remained stable at EUR 62 trillion. Measured in US dollar terms, net assets measured dropped by 6.1% due to the strong appreciation of the US dollar vis-à-vis the Euro.
- Measured in local currency, net assets in the two largest fund markets, the United States and Europe, fell by 4.8% and 2.6%, respectively
Net investment fund assets declined, both in Europe and the United States, as financial markets performed poorly over the quarter.
Net outflows from long-term funds slowed down.
- Worldwide long-term funds recorded net outflows of EUR 53 billion, compared to net outflows of EUR 190 billion in Q2 2022. Net outflows amounted to EUR 111 billion in Europe and EUR 53 billion in the United States. The Asia-Pacific region registered net inflows of EUR 125 billion.
- Global net sales of equity funds remained in negative territory with net outflows amounting to EUR 77 billion. The bulk of these net outflows were registered in Europe (EUR 98 billion) and the United States (EUR 19 billion). Japanese equity funds on the other hand attracted solid net inflows (EUR 42 billion).
- Bond funds reversed course, with net inflows of EUR 41 billion, compared to net outflows of EUR 115 billion in Q2 2022. Net sales remained negative in Europe (EUR 31 billion) and the United States (EUR 12 billion), but China and Brazil registered strong net inflows of EUR 58 billion and EUR 25 billion, respectively.
- Multi-asset funds recorded EUR 46 billion of net outflows, compared to net outflows of EUR 62 billion in Q2 2022. The Americas accounted for most of these negative net sales, with net outflows in Brazil (EUR 17 billion) and Canada (EUR 11 billion).
Volatile stock and fixed-income markets resulted in net outflows in Europe and the United States. The Asia-Pacific region performed better thanks to strong net inflows in Chinese bond funds and Japanese equity funds.
Net sales of global money market funds were positive.
- Worldwide money market funds (MMFs) recorded net inflows of EUR 18 billion, compared to EUR 32 billion in Q2 2022.
- Europe continued to register net outflows of MMFs (EUR 19 billion), slightly higher than the net outflows in Q2 2022 (EUR 18 billion)..
- Net sales of MMFs in the United States moved back into positive territory with net inflows of EUR 28 billion, compared to net outflows of EUR 38 billion in Q2 2022.
- In China, net inflows were relatively low (EUR 6 billion) compared to Q2 2022 (EUR 76 billion).
Net sales of worldwide MMFs were positive in Q3 2022, thanks to net inflows in the United States and China.
About the EFAMA Quarterly International Statistical Releases:
The EFAMA Worldwide Investment Fund Assets and Flows quarterly release focuses on net assets and net sales of worldwide investment funds, whilst also presenting a commentary on the trends in the industry during the quarter. The report contains data on the largest domiciles of investment funds around the globe and the position of Europe in the worldwide context. The report contains statistics from the following 46 countries: Argentina, Brazil, Canada, Chile, Costa Rica, Mexico, United States, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lichtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, Australia, China, India, Japan, Republic of Korea, New Zealand, Pakistan, Philippines, Taiwan, and South Africa.
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