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Release: Worldwide Regulated Open-End Fund Assets and Flows

Worldwide Regulated Open-End Fund Assets and Flows
Third Quarter 2021

Washington, DC; December 14, 2021—Worldwide regulated open-end fund assets decreased 0.5 percent to $68.23 trillion at the end of the third quarter of 2021, excluding funds of funds. Worldwide net cash inflow to all funds was $786 billion in the third quarter, compared with $853 billion of net inflows in the second quarter of 2021.

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 2021 contains statistics from 45 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 decreased by US dollar appreciation over the third quarter of 2021. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 1.1 percent in the third quarter, compared with an increase of 1.5 percent on a euro-denominated basis.

Net Assets of Worldwide Regulated Open-End Funds
Billions of US dollars
  2020 2021  
  Q1 Q2 Q3 Q4 Q1 Q2 Q3  
All funds* 47,938 53,872 56,918 63,048 64,611 68,575 68,235  

Long-term

40,246 45,715 48,852 54,732 56,139 60,011 59,784  

Equity

19,185 22,847 24,579 28,327 29,756 32,087 31,832  

Bond

10,810 11,626 12,222 13,054 12,921 13,508 13,620  

Balanced/Mixed

5,854 6,490 6,991 7,801 7,946 8,542 8,493  

Guaranteed

42 44 44 46 43 40 36  

Real Estate

1,073 1,129 1,216 1,308 1,283 1,348 1,329  

Other

3,281 3,579 3,800 4,197 4,189 4,485 4,474  

Money market

7,692 8,157 8,065 8,316 8,473 8,564 8,450  
Memo items included above:  

ETFs

5,144 6,095 6,638 7,684 8,277 9,038 9,183  

Institutional

4,614 4,935 5,220 5,687 5,533 5,839 5,755  

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets decreased by 0.8 percent to $31.83 trillion at the end of the third quarter of 2021. Bond fund assets increased by 0.8 percent to $13.62 trillion in the third quarter. Balanced/mixed fund assets decreased by 0.6 percent to $8.49 trillion in the third quarter, while money market fund assets decreased by 1.3 percent globally to $8.45 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets
By type of fund, 2021:Q3 By region, 2021:Q3

At the end of the third quarter of 2021, 47 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 12 percent of the worldwide total.

By region, 52 percent of worldwide assets were in the Americas in the third quarter of 2021, 33 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
  2020 2021  
  Q1 Q2 Q3 Q4 Q1 Q2 Q3  
All funds 691 910 291 744 1,187 853 786  

Long-term

-223 424 487 654 924 774 765  

Equity

-19 -2 -31 192 347 256 219  

Bond

-229 307 325 326 318 304 337  

Balanced/Mixed

-26 52 129 115 186 120 175  

Guaranteed

-2 0 -1 -1 -1 -2 -2  

Real Estate

15 12 10 14 10 12 8  

Other

38 56 54 8 64 85 29  

Money market

914 486 -196 90 263 79 21  
Memo Items Included Above:  

ETFs

124 170 183 256 358 327 259  

Institutional

53 22 55 75 108 83 122  

Note: 46 jurisdictions reported data in Q1 2020 through Q2 2021 and 45 reported in Q3 2021.  Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2021: 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 $786 billion in the third quarter of 2021. Flows into equity funds worldwide were $219 billion in the third quarter, after experiencing $256 billion of net inflows in the second quarter of 2021.

Globally, bond funds posted an inflow of $337 billion in the third quarter of 2021, after recording an inflow of $304 billion in the second quarter.

Inflows from balanced/mixed funds worldwide totaled $175 billion in the third quarter of 2021, compared with $120 billion of inflows in the second quarter of 2021.

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 $21 billion in the third quarter of 2021 after registering an inflow of $79 billion in the second quarter of 2021.