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Release: Worldwide Regulated Open-End Fund Assets and Flows

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

Washington, DC; December 14, 2022—Worldwide regulated open-end fund assets decreased 6.1 percent to $56.19 trillion at the end of the third quarter of 2022, excluding funds of funds. Worldwide net cash outflow to all funds was $33 billion in the third quarter, compared with $146 billion of net outflows in the second 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 third quarter of 2022 contains statistics from 46 jurisdictions.

Worldwide Assets of Regulated Open-End Funds
Trillions of US dollars, end of quarter
2022 Q3 Worldwide Figure 1

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 2022. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 8.6 percent in the third quarter, compared with a decrease of 2.7 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 Q3  
All funds* 64,439 68,393 68,185 70,871 67,614 59,868 56,187  

Long-term

55,966 59,821 59,655 62,031 58,968 51,385 47,881  

Equity

29,756 32,098 31,872 33,644 31,644 26,629 24,768  

Bond

12,921 13,508 13,639 13,716 13,047 11,888 11,249  

Balanced/Mixed

7,773 8,356 8,310 8,598 8,195 7,251 6,602  

Guaranteed

43 40 36 33 33 28 26  

Real Estate

1,284 1,334 1,323 1,364 1,378 1,315 1,260  

Other

4,189 4,484 4,475 4,675 4,671 4,273 3,976  

Money market

8,473 8,572 8,530 8,840 8,645 8,483 8,305  
Memo items included above:  

ETFs

8,277 9,039 9,183 9,941 9,690 8,522 8,082  

Institutional

5,533 5,839 5,755 5,839 5,661 5,012 4,692  

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets decreased by 7.0 percent to $24.77 trillion at the end of the third quarter of 2022. Bond fund assets decreased by 5.4 percent to $11.25 trillion in the third quarter. Balanced/mixed fund assets decreased by 8.9 percent to $6.60 trillion in the third quarter, while money market fund assets decreased by 2.1 percent globally to $8.31 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets
By type of fund, 2022:Q3 By region, 2022:Q3
2022 Q3 Worldwide Figure 3

At the end of the third 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 15 percent of the worldwide total.

By region, 54 percent of worldwide assets were in the Americas in the third quarter of 2022, 31 percent were in Europe, and 16 percent were in Africa and the Asia-Pacific regions.

  2021 2022  
  Q1 Q2 Q3 Q4 Q1 Q2 Q3  
All funds 1,186 853 793 1,107 77 -146 -33  

Long-term

923 773 770 799 289 -180 -50  

Equity

347 257 223 297 198 -69 -76  

Bond

318 304 337 235 -56 -123 41  

Balanced/Mixed

184 118 176 145 85 -51 -46  

Guaranteed

-1 -2 -2 -2 -1 -2 0  

Real Estate

10 12 8 3 -2 11 12  

Other

64 85 29 120 65 52 19  

Money market

263 79 22 308 -212 35 18  
 Memo Items Included Above:  

ETFs

358 327 260 337 298 158 143  

Institutional

108 83 122 116 86 49 67  

Note: 46 jurisdictions reported data in Q1 2021 through Q3 2022.  Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2022: 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 out of regulated open-end funds worldwide were $33 billion in the third quarter of 2022. Flows out of equity funds worldwide were $76 billion in the third quarter, after experiencing $69 billion of net outflows in the second quarter of 2022.

Globally, bond funds posted an inflow of $41 billion in the third quarter of 2022, after recording an outflow of $123 billion in the second quarter.

Outflows from balanced/mixed funds worldwide totaled $46 billion in the third quarter of 2022, compared with $51 billion of outflows in the second quarter of 2022.

Worldwide Net Sales of Regulated Open-End Funds by Region
Billions of US dollars
2022 Q3 Worldwide Figure 4
Worldwide Long-Term and Money Market Net Sales
Billions of US dollars
2022 Q3 Worldwide Figure 5

Money market funds worldwide experienced an inflow of $18 billion in the third quarter of 2022 after registering an inflow of $35 billion in the second quarter of 2022.