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19 February 2019

ECB(欧州中央銀行)、2018年第4四半期のユーロ圏投資ファンド統計を公表


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The outstanding amount of shares/units issued by investment funds was lower than in the third quarter. Investment funds reduced their holdings of both equity and debt securities. In terms of investment funds by type, the largest transactions were recorded in bond funds.


In the fourth quarter of 2018 the outstanding amount of shares/units issued by investment funds other than money market funds was €667 billion lower than in the third quarter of 2018. This development was accounted for by -€611 billion in other changes (including price changes) and -€56 billion in net issuance of shares/units. The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was 3.0% in the fourth quarter of 2018.

Within the assets of investment funds other than money market funds, the annual growth rate of debt securities was 2.6% in the fourth quarter of 2018, with transactions amounting to -€52 billion during this period. In the case of equity, the corresponding annual growth rate was 2.2%, with transactions totalling -€26 billion. For holdings of investment fund shares/units, the annual growth rate was 1.8% and transactions amounted to -€15 billion.

In terms of the type of investment fund, the annual growth rate of shares/units issued by bond funds was -0.2% in the fourth quarter of 2018. In the same period, transactions in shares/units issued by bond funds amounted to -€36 billion. In the case of equity funds, the corresponding annual growth rate was 3.0%, with transactions of -€9 billion. For mixed funds, the corresponding figures were 4.3% and -€20 billion.

In terms of holdings by issuing sector, the annual growth rate of debt securities issued by euro area general government was 2.5% in the fourth quarter of 2018. In the same period, the net purchases of debt securities issued by the euro area general government amounted to €8 billion. In the case of debt securities issued by the private sector, the annual growth rate was 2.4%, whereby the net sales amounted to €18 billion. For debt securities issued by non-euro area residents, the corresponding annual growth rate was 2.6%, with net sales of €41 billion.

The outstanding amount of shares/units issued by money market funds was €33 billion higher than in the third quarter of 2018. This development was accounted for by €2 billion in other changes (including price changes) and €31 billion in net issuance of shares/units. The annual growth rate of shares/units issued by money market funds, calculated on the basis of transactions, was -0.5% in the fourth quarter of 2018.

Press release



© ECB - European Central Bank


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