In the fourth quarter of 2019 the outstanding amount of shares/units issued by investment funds
other than money market funds was €12,939 billion, €398 billion higher than in the third quarter
of 2019.
• The outstanding amount of shares/units issued by exchange-traded funds (ETFs) was €852
billion, which was €73 billion higher than in the third quarter of 2019.
• The outstanding amount of shares/units issued by money market funds was €1,237 billion, €10
billion lower than in the third quarter of 2019.
In the fourth quarter of 2019 the outstanding amount of shares/units issued by investment funds other than
money market funds was €398 billion higher than in the third quarter of 2019 (see Chart 1). This
development was accounted for by €185 billion in net issuance of shares/units and €213 billion in other
changes (including price changes). The annual growth rate of shares/units issued by investment funds
other than money market funds, calculated on the basis of transactions, was 4.7% in the fourth quarter of
2019.
Within the assets of investment funds other than money market funds, the annual growth rate of debt
securities was 7.0% in the fourth quarter of 2019, with transactions amounting to €41 billion during this
period (see Chart 2). The annual growth rate of equity and investment fund shares/units was 2.6% in the
fourth quarter of 2019, with transactions amounting to €120 billion during this period (see Chart 3). In the
case of equity, the corresponding annual growth rate was 2.0%, with transactions totalling €75 billion. For
holdings of investment fund shares/units, the annual growth rate was 3.7% and transactions amounted to
€45 billion.
In terms of holdings by issuing sector, the annual growth rate of debt securities issued by euro area
general government was -3.3% in the fourth quarter of 2019. In the same period, the net sales of debt
securities issued by the euro area general government amounted to €17 billion (see Chart 2). In the case of
debt securities issued by the private sector, the annual growth rate was 10.2%, whereby the net purchases
amounted to €22 billion. For debt securities issued by non-euro area residents, the corresponding annual
growth rate was 9.0%, with net purchases of €36 billion.
In terms of the type of investment fund, the annual growth rate of shares/units issued by bond funds was
8.5% in the fourth quarter of 2019. In the same period, transactions in shares/units issued by bond funds
amounted to €59 billion (see Chart 4). In the case of equity funds, the corresponding annual growth rate
was 0.9%, with transactions of €46 billion. For mixed funds, the corresponding figures were 3.8% and €29
billion.
The shares/units issued by exchange-traded funds (ETFs), which are presented as a separate category
within total investment funds, recorded an annual growth rate of 15.7% in the fourth quarter of 2019, with an
outstanding amount of €852 billion (see Chart 5). In terms of assets held by ETFs, in the fourth quarter of
2019, 64% were equity, 26% were debt securities and 9% were other assets (including financial derivatives,
deposit and loan claims and investment fund shares/units).
The outstanding amount of shares/units issued by money market funds was €10 billion lower than in the
third quarter of 2019. This development was accounted for by -€8 billion in net issuance of shares/units and
-€2 billion in other changes (including price changes). The annual growth rate of shares/units issued by
money market funds, calculated on the basis of transactions, was 4.5% in the fourth quarter of 2019.
Within the assets of money market funds, the annual growth rate of debt securities holdings was 8.5% in
the fourth quarter of 2019, with transactions amounting to -€11 billion, which reflected net sales of €26
billion related to debt securities issued by euro area residents and net purchases of €16 billion in debt
securities issued by non-euro area residents. For deposits and loan claims, the annual growth rate was
-5.0% and transactions during the fourth quarter of 2019 amounted to €6 billion.
