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Release: Worldwide Regulated Open-End Fund Assets and Flows

Worldwide Regulated Open-End Fund Assets and Flows
Third Quarter 2023

Washington, DC; January 9, 2024—Worldwide regulated open-end fund assets decreased 2.6 percent to $63.39 trillion at the end of the third quarter of 2023, excluding funds of funds. Worldwide net cash inflow to all funds was $403 billion in the third quarter, compared with $513 billion of net inflows in the second quarter of 2023.

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 2023 contains statistics from 45 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 third quarter of 2023. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 3.0 percent in the third quarter, compared with a decrease of 0.6 percent on a euro-denominated basis.

Net Assets of Worldwide Regulated Open-End Funds
Billions of US dollars
  2022 2023
  Q1 Q2 Q3 Q4 Q1 Q2 Q3
All funds* 67,612 59,849 56,139 60,119 63,106 65,072 63,391

Long-term

58,968 51,370 47,843 51,273 53,650 55,356 53,447

Equity

31,638 26,623 24,762 26,963 28,522 29,833 28,707

Bond

13,049 11,888 11,252 11,529 11,992 12,209 11,970

Balanced/Mixed

8,196 7,251 6,585 7,029 7,227 7,221 6,834

Guaranteed

33 28 26 30 32 33 35

Real Estate

1,380 1,313 1,258 1,366 1,370 1,385 1,341

Other

4,672 4,266 3,960 4,356 4,507 4,675 4,560

Money market

8,643 8,479 8,295 8,846 9,456 9,716 9,944
 Memo items included above:

ETFs

9,691 8,523 8,082 8,943 9,544 10,122 9,945

Institutional

5,661 5,012 4,685 5,105 5,289 5,323 5,172

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets decreased by 3.8 percent to $28.71 trillion at the end of the third quarter of 2023. Bond fund assets decreased by 2.0 percent to $11.97 trillion in the third quarter. Balanced/mixed fund assets decreased by 5.4 percent to $6.83 trillion in the third quarter, while money market fund assets increased by 2.3 percent globally to $9.94 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets
By type of fund, 2023:Q3 By region, 2023:Q3
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At the end of the third quarter of 2023, 45 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 19 percent and the asset share of balanced/mixed funds was 11 percent. Money market fund assets represented 16 percent of the worldwide total.

By region, 54 percent of worldwide assets were in the Americas in the third quarter of 2023, 31 percent were in Europe, and 15 percent were in Africa and the Asia-Pacific regions.

Net Sales of Worldwide Regulated Open-End Funds
Billions of US dollars
  2022 2023
  Q1 Q2 Q3 Q4 Q1 Q2 Q3
All funds 77 -156 -39 122 686 513 403

Long-term

290 -180 -55 -210 123 199 127

Equity

198 -68 -79 -51 8 -32 58

Bond

-56 -122 42 -123 145 226 107

Balanced/Mixed

85 -51 -47 -50 -57 -53 -66

Guaranteed

-1 -2 * 2 1 1 -1

Real Estate

-2 11 11 15 4 7 5

Other

65 52 19 -2 22 49 23

Money market

-212 24 17 332 563 314 276
 Memo Items Included Above:

ETFs

298 158 143 260 148 225 220

Institutional

86 49 66 20 -3 35 30

* Indicates an amount that is less than $0.500 million.

Note: 43 jurisdictions reported data in Q1 2022 through Q3 2023. Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2023: 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 $403 billion in the third quarter of 2023. Flows into equity funds worldwide were $58 billion in the third quarter, after experiencing $32 billion of net outflows in the second quarter of 2023.

Globally, bond funds posted an inflow of $107 billion in the third quarter of 2023, after recording an inflow of $226 billion in the second quarter.

Outflows from balanced/mixed funds worldwide totaled $66 billion in the third quarter of 2023, compared with $53 billion of outflows in the second quarter of 2023.

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 $276 billion in the third quarter of 2023 after registering an inflow of $314 billion in the second quarter of 2023.