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Release: Worldwide Regulated Open-End Fund Assets and Flows

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

Washington, DC; March 22, 2022—Worldwide regulated open-end fund assets increased 3.9 percent to $71.05 trillion at the end of the fourth quarter of 2021, excluding funds of funds. Worldwide net cash inflow to all funds was $1.1 trillion in the fourth quarter, compared with $794 billion of net inflows in the third 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 fourth quarter of 2021 contains statistics from 46 jurisdictions.

Worldwide Assets of Regulated Open-End Funds
Trillions of US dollars, end of quarter
Worldwide 2021 Q4 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 fourth quarter of 2021. For example, on a US dollar–denominated basis, fund assets in Europe increased by 2.6 percent in the fourth quarter, compared with an increase of 4.9 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 Q4  
All funds* 47,928 53,861 56,906 63,035 64,610 68,576 68,362 71,053  

Long-term

40,236 45,704 48,841 54,719 56,138 60,012 59,840 62,220  

Equity

19,177 22,837 24,569 28,315 29,756 32,088 31,867 33,638  

Bond

10,810 11,626 12,221 13,053 12,921 13,508 13,639 13,717  

Balanced/Mixed

5,854 6,489 6,991 7,800 7,945 8,542 8,496 8,780  

Guaranteed

42 44 44 46 43 40 36 33  

Real Estate

1,073 1,129 1,216 1,308 1,283 1,348 1,329 1,369  

Other

3,281 3,579 3,800 4,197 4,189 4,485 4,474 4,682  

Money market

7,692 8,157 8,065 8,316 8,473 8,564 8,522 8,833  
Memo items included above:  

ETFs

5,144 6,095 6,638 7,684 8,277 9,038 9,183 9,941  

Institutional

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

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets increased by 5.6 percent to $33.64 trillion at the end of the fourth quarter of 2021. Bond fund assets increased by 0.6 percent to $13.72 trillion in the fourth quarter. Balanced/mixed fund assets increased by 3.3 percent to $8.78 trillion in the fourth quarter, while money market fund assets increased by 3.7 percent globally to $8.83 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets
By type of fund, 2021:Q4 By region, 2021:Q4
Worldwide 2021 Q4 Figure 3

At the end of the fourth quarter of 2021, 47 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 12 percent. Money market fund assets represented 12 percent of the worldwide total.

By region, 53 percent of worldwide assets were in the Americas in the fourth 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 Q4  
All funds 692 911 292 744 1,187 855 794 1,109  

Long-term

-223 425 487 654 924 776 772 800  

Equity

-18 -2 -31 192 347 257 223 297  

Bond

-229 307 325 326 318 304 337 235  

Balanced/Mixed

-26 52 129 115 186 120 178 146  

Guaranteed

-2 0 -1 -1 -1 -2 -2 -2  

Real Estate

15 12 10 14 10 12 8 3  

Other

38 56 54 8 64 85 29 120  

Money market

914 486 -196 90 263 79 22 308  
Memo Items Included Above:  

ETFs

124 170 183 256 358 327 260 337  

Institutional

53 22 55 75 108 83 122 116  

46 jurisdictions reported data in Q1 2020 through Q4 2021. Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2021: Q4. 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 $1.1 trillion in the fourth quarter of 2021. Flows into equity funds worldwide were $297 billion in the fourth quarter, after experiencing $223 billion of net inflows in the third quarter of 2021.

Globally, bond funds posted an inflow of $235 billion in the fourth quarter of 2021, after recording an inflow of $337 billion in the third quarter.

Inflows from balanced/mixed funds worldwide totaled $146 billion in the fourth quarter of 2021, compared with $178 billion of inflows in the third quarter of 2021.

Worldwide Net Sales of Regulated Open-End Funds by Region
Billions of US dollars
Worldwide 2021 Q4 Figure 4
Worldwide Long-Term and Money Market Net Sales
Billions of US dollars
Worldwide 2021 Q4 Figure 5

Money market funds worldwide experienced an inflow of $308 billion in the fourth quarter of 2021 after registering an inflow of $22 billion in the third quarter of 2021.