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
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 |
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
Worldwide Long-Term and Money Market Net Sales
Billions of US dollars
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.