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Worldwide Regulated Open-End Fund Assets and Flows
Fourth Quarter 2020

Washington, DC; March 17, 2021—Worldwide regulated open-end fund assets increased 10.8 percent to $63.06 trillion at the end of the fourth quarter of 2020, excluding funds of funds. Worldwide net cash inflow to all funds was $743 billion in the fourth quarter, compared with $291 billion of net inflows in the third quarter of 2020.

The Investment Company Institute compiles worldwide regulated open-end fund statistics on behalf of the International Investment Funds Association (IIFA), the organization of national fund associations. The collection for the fourth quarter of 2020 contains statistics from 46 jurisdictions.

Worldwide Assets of Regulated Open-End Funds
Trillions of US dollars, end of quarter

Note: Regulated open-end funds include mutual funds, exchange-traded funds, and institutional funds.

The growth rate of total regulated open-end fund assets reported in US dollars was increased by US dollar depreciation over the fourth quarter of 2020. For example, on a US dollar–denominated basis, fund assets in Europe increased by 11.9 percent in the fourth quarter, compared with an increase of 6.8 percent on a euro-denominated basis.

Net Assets of Worldwide Regulated Open-End Funds
Billions of US dollars
  2019 2020
  Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

All funds*

49,983

51,435

51,595

54,877

47,939

53,876

56,925

63,059

    Long-term

43,583

45,006

44,975

47,948

40,249

45,722

48,862

54,745

       Equity

22,071

22,708

22,625

24,505

19,189

22,855

24,590

28,342

       Bond

10,634

11,102

11,388

11,795

10,811

11,627

12,223

13,055

       Balanced/Mixed

6,189

6,358

6,465

6,850

5,854

6,490

6,991

7,801

       Guaranteed

56

57

51

50

42

44

44

46

       Real Estate

1,036

1,056

1,056

1,135

1,072

1,129

1,215

1,306

       Other

3,598

3,725

3,390

3,613

3,280

3,578

3,799

4,195

    Money market

6,400

6,429

6,620

6,929

7,690

8,154

8,063

8,314

Memo items included above:

       ETFs

5,222

5,464

5,600

6,160

5,144

6,095

6,638

7,684

       Institutional

4,578

4,778

4,861

5,072

4,614

4,935

5,220

5,688

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets increased by 15.3 percent to $28.34 trillion at the end of the fourth quarter of 2020. Bond fund assets increased by 6.8 percent to $13.05 trillion in the fourth quarter. Balanced/mixed fund assets increased by 11.6 percent to $7.80 trillion in the fourth quarter, while money market fund assets increased by 3.1 percent globally to $8.31 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets

By type of fund, 2020:Q4

By region, 2020:Q4

At the end of the fourth quarter of 2020, 45 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 21 percent and the asset share of balanced/mixed funds was 12 percent. Money market fund assets represented 13 percent of the worldwide total.

By region, 51 percent of worldwide assets were in the Americas in the fourth quarter of 2020, 35 percent were in Europe, and 14 percent were in Africa and the Asia-Pacific regions.

Net Sales of Worldwide Regulated Open-End Funds
Billions of US dollars
  2019 2020
  Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

All funds

320

339

675

835

691

910

291

743

    Long-term

284

267

365

548

-223

424

487

653

       Equity

-28

-45

-3

142

-19

-2

-31

191

       Bond

267

235

271

256

-229

307

325

326

       Balanced/Mixed

8

17

45

87

-26

52

129

115

       Guaranteed

1

0

-3

-3

-2

0

-1

-1

       Real Estate

11

13

13

16

15

12

10

14

       Other

26

48

42

49

38

56

54

8

    Money market

36

72

311

287

914

486

-196

90

Memo Items Included Above:

       ETFs

86

112

141

204

124

170

183

256

       Institutional

43

54

68

79

53

22

55

75

Note: Forty-seven jurisdictions reported data from Q1 2019 through Q4 2019; 46 jurisdictions reported data in Q1 2020 through Q4 2020.  Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2020: Q4. Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. Components may not add to the total because of rounding or unclassified funds.  Funds of funds are excluded where possible.

Net sales of regulated open-end funds worldwide were $743 billion in the fourth quarter of 2020. Flows into equity funds worldwide were $191 billion in the fourth quarter, after experiencing $31 billion of net outflows in the third quarter of 2020.

Globally, bond funds posted an inflow of $326 billion in the fourth quarter of 2020, after recording an inflow of $325 billion in the third quarter.

Inflows from balanced/mixed funds worldwide totaled $115 billion in the fourth quarter of 2020, compared with $129 billion of inflows in the third quarter of 2020.

Worldwide Net Sales of Regulated Open-End Funds by Region
Billions of US dollars
Worldwide Long-Term and Money Market Net Sales
Billions of US dollars

Money market funds worldwide experienced an inflow of $90 billion in the fourth quarter of 2020 after registering an outflow of $196 billion in the third quarter of 2020.