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Release: Worldwide Regulated Open-End Fund Assets and Flows

Worldwide Regulated Open-End Fund Assets and Flows
Second Quarter 2022

Washington, DC; September 21, 2022—Worldwide regulated open-end fund assets decreased 11.5 percent to $59.91 trillion at the end of the second quarter of 2022, excluding funds of funds. Worldwide net cash outflow to all funds was $130 billion in the second quarter, compared with $79 billion of net inflows in the first quarter of 2022.

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 second quarter of 2022 contains statistics from 46 jurisdictions.

Worldwide Assets of Regulated Open-End Funds
Trillions of US dollars, end of quarter
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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 decreased by US dollar appreciation over the second quarter of 2022. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 12.8 percent in the second quarter, compared with a decrease of 6.8 percent on a euro-denominated basis.

Net Assets of Worldwide Regulated Open-End Funds
Billions of US dollars
  2021 2022  
  Q1 Q2 Q3 Q4 Q1 Q2  
All funds* 64,491 68,450 68,238 70,930 67,670 59,911  

Long-term

56,019 59,878 59,708 62,087 59,023 51,430  

Equity

29,756 32,098 31,877 33,650 31,649 26,631  

Bond

12,921 13,508 13,639 13,716 13,047 11,889  

Balanced/Mixed

7,825 8,413 8,368 8,659 8,255 7,303  

Guaranteed

43 40 36 33 33 28  

Real Estate

1,284 1,334 1,316 1,356 1,370 1,307  

Other

4,189 4,484 4,473 4,673 4,669 4,270  

Money market

8,473 8,572 8,530 8,843 8,647 8,482  
Memo items included above:  

ETFs

8,277 9,039 9,183 9,941 9,690 8,522  

Institutional

5,533 5,839 5,755 5,839 5,661 5,017  

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets decreased by 15.9 percent to $26.63 trillion at the end of the second quarter of 2022. Bond fund assets decreased by 8.9 percent to $11.89 trillion in the second quarter. Balanced/mixed fund assets decreased by 11.5 percent to $7.30 trillion in the second quarter, while money market fund assets decreased by 1.9 percent globally to $8.48 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets
By type of fund, 2022:Q2 By region, 2022:Q2
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At the end of the second quarter of 2022, 44 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 20 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, 53 percent of worldwide assets were in the Americas in the second quarter of 2022, 32 percent were in Europe, and 16 percent were in Africa and the Asia-Pacific regions.

Net Sales of Worldwide Regulated Open-End Funds
Billions of US dollars
  2021 2022  
  Q1 Q2 Q3 Q4 Q1 Q2  
All funds 1,187 855 794 1,109 79 -130  

Long-term

924 776 772 800 291 -165  

Equity

347 257 223 297 198 -58  

Bond

318 304 337 235 -56 -123  

Balanced/Mixed

186 120 178 146 87 -45  

Guaranteed

-1 -2 -2 -2 -1 -2  

Real Estate

10 12 8 3 -2 11  

Other

64 85 29 120 65 52  

Money market

263 79 22 308 -212 36  
Memo Items Included Above:  

ETFs

358 327 260 337 298 158  

Institutional

108 83 122 116 86 46  

Note: 46 jurisdictions reported data in Q1 2021 through Q2 2022.  Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2022: Q2. 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 out of regulated open-end funds worldwide were $130 billion in the second quarter of 2022. Flows out of equity funds worldwide were $58 billion in the second quarter, after experiencing $198 billion of net inflows in the first quarter of 2022.

Globally, bond funds posted an outflow of $123 billion in the second quarter of 2022, after recording an outflow of $56 billion in the first quarter.

Outflows from balanced/mixed funds worldwide totaled $45 billion in the second quarter of 2022, compared with $87 billion of inflows in the first quarter of 2022.

Worldwide Net Sales of Regulated Open-End Funds by Region
Billions of US dollars
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Worldwide Long-Term and Money Market Net Sales
Billions of US dollars
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Money market funds worldwide experienced an inflow of $36 billion in the second quarter of 2022 after registering an outflow of $212 billion in the first quarter of 2022.