International Statistical Release - efama.org

1 International Statistical Release This Release and additional tables of International statistics are available on efama s website ( ). Worldwide Regulated Open-ended Fund Assets and Flows Trends in the Fourth Quarter of 2017 Brussels, March 27, 2018 Worldwide regulated open-ended fund assets increased percent to EUR trillion in the fourth quarter of Worldwide net cash flow to all funds amounted to EUR 635 billion, compared to EUR 694 billion in the third quarter of 2017. The information presented in this report was compiled by EFAMA and the Investment Company Institute (ICI) on behalf of the International Investment Funds Association (IIFA), an organization of national investment fund associations.

2 statistics from 47 countries are included in this report. Assets of Regulated Open End Funds(EUR trillions, end of quarter)Total Regulated Open End AssetsFunds of funds Assets20162017 1 All data presented in this report include funds of funds, exchange-traded funds and institutional funds. EFAMA International Statistical Release (2017:Q4) 2 Measured in dollars, worldwide investment fund net assets increased to USD trillion at the end of 2017. This represented an increase of percent, compared to an increase of percent on a euro-denominated basis.

3 The following two graphs compare the net asset growth in the six largest countries/regions. 19,786 14,832 1,767 1,675 1,394 1,408 20,31515,1691,7881,6041,4161,467 - 5,000 10,000 15,000 20,000 25,000 USAE uropeAustraliaBrazilCanadaJapanGeographi cal Trends in Investment Fund Assets at 2017:Q4(EUR billions, end of quarter)2017:Q32017 change in local t y11,0534,429819763961,323 % chg in EUR (1) % chg i n l oc. cur. (2) ond3,8533,556561,01016137 % chg in EUR (1) % chg i n l oc. cur. (2) oney M ar k et2,3741,272--661796 % chg in EUR (1) % chg i n l oc.

4 Cur. (2) anced / M i xed2,9783,188--356830-- % chg in EUR (1) % chg i n l oc. cur. (2) ther (3)572,723913961311 % chg in EUR (1) % chg i n l oc. cur. (2) (1) 2017:Q4 compared t o 2017:Q3.(2) 2017:Q4 compared t o 2017:Q3, using t he euro as t he local currency f or Europe.( 3 ) I n cl udi n g guar an t eed/ p r o t ect ed f un ds an d r eal est at e f un ds. EuropeA ust ral i a Br azi lGeogr aphical T r ends in N et A ssets by T ype of Fund, 2017:Q 4 (EUR billions, end of quarter)U SAEFAMA International Statistical Release (2017:Q4) 3 On a euro-denominated basis, equity fund net assets increased percent to EUR trillion at the end of 2017.

5 Bond funds net assets remained more or less stable at EUR trillion. Balanced/mixed fund assets increased percent to EUR trillion, and money market fund assets increased percent to EUR trillion. At the end of 2017, 42 percent of worldwide regulated open-ended fund net assets were held in equity funds. The net asset share of bond funds was 21 percent and the net asset share of balanced/mixed funds was 18 percent. Money market fund net assets represented 11 percent of the worldwide total. Worldwide Regulated Open End Funds Net Assets by Type of Fund, 2017.

6 Q4 Equity, , , , Estate, Market, , Funds36,69138,14939,59441,47743,38142,50 943,29044,296 Long Term32,24433,65335,07336,60638,55837,838 38,44539,376 Equity14,37714,87315,51616,44917,56317,3 8117,69518,429 Bond7,7948,3368,6668,8379,2509,0029,1189 ,105 Balanced/mixed6,5786,8617,0547,3437,7077 ,5557,6707,807 Guaranteed6463616365625957 Real Estate495524536576596595607630 Other2,9362,9983,2403,3383,3773,2433,294 3,347 Money Market4,4474,4964,5214,8714,8234,6714,84 54,919 M e mo Ite ms Include d Above : ETFs2,4722,5922,8523,1453,5093,5063,6263 ,870 Institutional2,9823,1913,3223,3773,5533, 5073,5903,6502016 Net Assets of Worldwide Regulated Open End Funds(Billions of Euros)2017 EFAMA International Statistical Release (2017:Q4) 4 Looking at the worldwide distribution of investment fund net assets at end 2017, the United States and Europe held the largest shares in the world market, with percent and percent, respectively.

7 Australia ( ), Brazil ( ), Japan ( ), Canada ( ), China ( ), Rep. of Korea ( ), India ( ) and South Africa ( ) follow in this ranking. Overall, five European countries ranked among the top ten largest fund domiciles: Luxembourg (with percent of worldwide investment fund assets), Ireland ( ), Germany ( ), France ( ), and the United Kingdom ( ). of 10 Domiciles of Worldwide Investment Fund Assets(Market share at end Q4 2017) 10 Domiciles of Worldwide Investment Fund Assets(Market share at end Q4 2017)EFAMA International Statistical Release (2017:Q4) 5 Net sales of regulated worldwide open-ended funds amounted to EUR 635 billion in the fourth quarter of 2017, compared to EUR 694 billion in the third q uarter.

8 Long-term funds recorded net sales of EUR 523 billion, up from EUR 430 billion in the third quarter. Globally, equity funds recorded net sales of EUR 245 billion, compared to EUR 121 billion in Q3 2017. Bond funds recorded net sales of EUR 138 billion, down from EUR 193 billion in the previous quarter. Net sales into balanced/mixed funds worldwide totalled EUR 112 billion, up from EUR 65 billion in the third quarter. Finally, net flows of money market funds fell to EUR 112 billion, from EUR 264 billion in the previous quarter. 192218390299583460430523-38-114289281142 64112Q1Q2Q3Q4Q1Q2Q3Q4 Worldwide Long-term and Money Market Flows(EUR billions) Long Term Flows Money Market Flows20172016Q1Q2Q3Q4Q1Q2Q3Q4 All Funds154206432388611574694635 Long Term192218390299583460430523 Equity48-1740114164113121245 Bond7313125388254200193138 Balanced/mixed355859641028265112 Guaranteed-20-122-1-3-3 Real Estate9757118911 Other2838342451574521 Mone y Marke t-38-11428928114264112 M e mo Ite ms Include d Above.

9 ETFs5737109126174132107140 Institutional5260578069416477 Net Sales of Worldwide Regulated Open End Funds(Billions of Euros)20172016 Note: Net sales are calculated by subtracting redemptions from the sum of new sales, reinvested dividends and net exchanges. Components may not sum to total due to rounding or unclassified funds. EFAMA International Statistical Release (2017:Q4) 6 Net sales of regulated open-ended funds reached EUR 187 billion in Europe, EUR 304 billion in the United States, EUR 18 billion in emerging markets, EUR 50 billion in Japan, and EUR 34 billion in Canada.

10 The United States, Canada and Japan all experienced an increase in net sales compared to Q3 2017, whereas Europe and the emerging markets experienced a decrease in net sales. 200148435326317923998694518304187503467- 50050100150200250300350 USEuropeJapanCanadaEmergingMarketsWorldw ide Net Sales of Regulated Open End Funds (Billions of Euros, Q4 2017)EquityBondBalanced/MixedMoney Market Other77274146166158219304391141711252542 412441872219443846042502113152928241534- 22421225510514816967-5050150250350450550 650Q1Q2Q3Q4Q1Q2Q3Q4 Worldwide Net Sales of Regulated Open End Funds (Billions of Euros)Emerging marketsCanadaJapanEuropeUnited States20162017 EFAMA International Statistical Release (2017.)