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Worldwide Regulated Open-End Fund Assets and Flows
Second Quarter 2020

Washington, DC; September 24, 2020—Worldwide regulated open-end fund assets increased
12.4 percent to $53.87 trillion at the end of the second quarter of 2020, excluding funds of funds. Worldwide net sales to all funds was $899 billion in the second quarter, compared with $691 billion of net inflows in the first quarter of 2020.

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 second quarter of 2020 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.

Assets in regulated open-end funds reported in US dollars increased during the second quarter of 2020 in part because of US dollar depreciation. For example, on a US dollar–denominated basis, fund assets in Europe increased by 11.7 percent in the second quarter, compared with an increase of 9.3 percent on a euro-denominated basis.

Net Assets of Worldwide Regulated Open-End Funds
Billions of US dollars
  2019 2020
  Q1 Q2 Q3 Q4 Q1 Q2
All funds* 49,983 51,435 51,602 54,884 47,944 53,872
    Long-term 43,583 45,007 44,980 47,952 40,251 45,712
       Equity 22,071 22,708 22,635 24,516 19,195 22,856
       Bond 10,634 11,102 11,388 11,796 10,812 11,627
       Balanced/Mixed 6,189 6,358 6,465 6,850 5,854 6,480
       Guaranteed 56 57 51 50 42 44
       Real Estate 1,036 1,056 1,052 1,128 1,067 1,125
       Other 3,598 3,725 3,390 3,612 3,280 3,580
    Money market 6,400 6,429 6,622 6,932 7,693 8,160
Memo items included above:
       ETFs 5,222 5,464 5,600 6,160 5,144 6,095
       Institutional 4,578 4,778 4,861 5,072 4,614 4,935

*Excludes Funds of Funds where possible

On a US dollar–denominated basis, equity fund assets increased by 19.1 percent to $22.86 trillion at the end of the second quarter of 2020. Bond fund assets rose by 7.5 percent to $11.63 trillion in the second quarter. Balanced/mixed fund assets increased by 10.7 percent to $6.48 trillion in the second quarter. Money market fund assets rose by 6.1 percent to $8.16 trillion.

Percentage of Worldwide Regulated Open-End Fund Assets
By type of fund, 2020:Q2 By region, 2020:Q2

At the end of the second quarter of 2020, 42 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 22 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, 53 percent of worldwide assets were in the Americas in the second quarter of 2020, 34 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 dollars
  2019 2020
  Q1 Q2 Q3 Q4 Q1 Q2
All funds 320 339 675 835 691 899
    Long-term 284 267 365 548 -224 413
       Equity -28 -45 -3 143 -19 -2
       Bond 267 235 271 256 -229 306
       Balanced/Mixed 8 17 45 87 -27 42
       Guaranteed 1 0 -3 -3 -2 0
       Real Estate 11 13 13 16 15 11
       Other 26 48 42 49 38 56
    Money market 36 72 311 287 915 486
Memo Items Included Above:
       ETFs 86 112 141 204 124 170
       Institutional 43 54 68 79 53 22

Note: Forty-seven jurisdictions reported data from Q1 2019 through Q4 2019; 46 jurisdictions reported data in Q1 2020 and Q2 2020.  Assets of reporting jurisdictions represented 96 percent of assets of all jurisdictions at the end of 2020: Q2. 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 $899 billion in the second quarter of 2020. Flows out of equity funds worldwide were $2 billion in the second quarter, after experiencing $19 billion of net outflows in the first quarter of 2020.

Globally, bond funds posted an inflow of $306 billion in the second quarter of 2020, after recording an outflow of $229 billion in the first quarter.

Inflows from balanced/mixed funds worldwide totaled $42 billion in the second quarter of 2020, compared with $27 billion of outflows in the first quarter of 2020.

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 $486 billion in the second quarter of 2020 after registering an inflow of $915 billion in the first quarter of 2020.