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Home Research & Statistics Statistics Worldwide Market

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

Washington, DC; December 21, 2020—Worldwide regulated open-end fund assets increased during the third quarter of 2020 by 5.6 percent to $56.91 trillion at the end of the quarter, excluding funds of funds. Worldwide net cash inflow to all funds was $292 billion in the third quarter, compared with $910 billion of net inflows in the second 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 third 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 third quarter of 2020. For example, on a US dollar–denominated basis, fund assets in Europe increased by 7.4 percent in the third quarter, compared with an increase of 2.7 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
All funds* 49,983 51,435 51,596 54,879 47,941 53,877 56,911
    Long-term 43,583 45,007 44,975 47,949 40,249 45,722 48,843
       Equity 22,071 22,708 22,626 24,508 19,190 22,856 24,590
       Bond 10,634 11,102 11,388 11,795 10,811 11,627 12,222
       Balanced/Mixed 6,189 6,358 6,465 6,850 5,854 6,490 6,990
       Guaranteed 56 57 51 50 42 44 45
       Real Estate 1,036 1,056 1,056 1,133 1,071 1,127 1,212
       Other 3,598 3,725 3,390 3,613 3,280 3,578 3,785
    Money market 6,400 6,429 6,620 6,931 7,691 8,155 8,068
Memo items included above:
       ETFs 5,222 5,464 5,600 6,160 5,144 6,095 6,638
       Institutional 4,578 4,778 4,861 5,072 4,614 4,935 5,220

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets increased by 7.6 percent to $24.59 trillion at the end of the third quarter of 2020. Bond fund assets increased by 5.1 percent to $12.22 trillion in the third quarter. Balanced/mixed fund assets increased by 7.7 percent to $6.99 trillion in the third quarter, while money market fund assets decreased by 1.1 percent globally to $8.07 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets
By type of fund, 2020:Q3 By region, 2020:Q3

At the end of the third quarter of 2020, 43 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 14 percent of the worldwide total.

By region, 52 percent of worldwide assets were in the Americas in the third quarter of 2020, 34 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 dollars
  2019 2020
  Q1 Q2 Q3 Q4 Q1 Q2 Q3
All funds* 320 339 675 835 692 910 292
    Long-term 284 267 365 548 -223 424 487
       Equity -28 -45 -3 143 -18 -2 -31
       Bond 267 235 271 256 -229 307 325
       Balanced/Mixed 8 17 45 87 -26 52 129
       Guaranteed 1 0 -3 -3 -2 0 -1
       Real Estate 11 13 13 16 15 12 10
       Other 26 48 42 49 38 56 54
    Money market 36 72 311 287 914 486 -196
Memo items included above:
       ETFs 86 112 141 204 124 170 183
       Institutional 43 54 68 79 53 22 55

Note: Forty-seven jurisdictions reported data from Q1 2019 through Q4 2019; 46 jurisdictions reported data in Q1 2020 through Q3 2020.  Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2020: Q3. 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 $292 billion in the third quarter of 2020. Flows out of equity funds worldwide were $31 billion in the third quarter, after experiencing $2 billion of net outflows in the second quarter of 2020.

Globally, bond funds posted an inflow of $325 billion in the third quarter of 2020, after recording an inflow of $307 billion in the second quarter.

Inflows from balanced/mixed funds worldwide totaled $129 billion in the third quarter of 2020, compared with $52 billion of inflows in the second 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 outflow of $196 billion in the third quarter of 2020 after registering an inflow of $486 billion in the second quarter of 2020.


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