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Mutual funds at record high level
statistikk
2010-11-25T10:00:00.000Z
Banking and financial markets
en
vpfondk, Mutual funds, quarterly figures, fund types (for example mutual fund, bond fund, money market fund), mutual fund shares capital, stocks, net subscriptionsSecurities markets , Banking and financial markets
false

Mutual funds, quarterly figures, Q3 2010

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Mutual funds at record high level

In the third quarter of 2010, the total value of shares in Norwegian registered mutual funds increased by NOK 28 billion, or 6.3 per cent. Net purchases increased in the third quarter, especially in terms of equity and bond funds.

From the end of the second quarter of 2010 to the end of the third quarter of 2010, the total value of mutual funds went up to a record high level of NOK 474.7 billion. The value of the equity funds went up most, by NOK 24 billion to NOK 266.6 billion. Compared to the second quarter of 2010, this constitutes an increase of 9.9 per cent.

Stocks of mutual fund shares in total and by type of mutual fund. Market value in NOK billion

The positive developments in the value of the Norwegian registered mutual funds in the third quarter can mostly be attributed to the increase in the values of the funds’ portfolios, but also to net purchases of mutual fund shares.

Total net purchases amounted to NOK 3.8 billion in the third quarter. This constitutes a fairly positive development when compared to the second quarter of the year, when net sales were NOK 7.2 billion. This could be a sign of the investor’s interest and trust in the mutual funds and illustrates the positive outlook towards the stock market’s developments.

Investors buy equity and bond funds and sell money market funds

Of the total net purchases of mutual fund shares, NOK 3.1 billion went to purchase equity funds. It was mostly life insurance companies that bought equity funds during the third quarter of the year.

The net value of bond funds purchased was NOK 2.6 billion in the third quarter 2010 and all the sectors net purchased this type of fund. Investors chose to net sell NOK 2.4 billion worth of money market funds instead. Looking at the figures, it can be assumed that the same investors switched their capital from one type of fund to the other.

Households continued to net sell mutual funds

Households net sold NOK 0.7 billion in shares issued by money markets and NOK 0.3 billion worth of shares of equity funds in the third quarter of 2010. Although they bought bond funds and hybrid funds, the total picture shows that they have net sold mutual funds by NOK 0.1 billion.

Net purchases of shares in equity funds by purchasing sector. NOK billion.

Life insurance companies invested in equity funds

Companies in the life insurance sector invested a total of NOK 3.8 billion in all types of funds. Most of this; NOK 3.7 billion, was placed in the equity funds. NOK 0.6 billion was placed in bond funds and approximately the same amount was drawn from money market funds.

Slight increase in the net purchases of foreign investors

Foreign investors net purchased NOK 0.4 billion compared to the net sold amount of NOK 1.9 billion in the previous quarter. During the last year, however, from the end of the third quarter 2009 to the end of the third quarter 2010, foreigners invested a total sum of NOK 8.2 billion in equity funds.

Life insurance companies still the largest owner

At the end of the third quarter of 2010, life insurance companies were still the largest owner sector in mutual funds, with an owner share of 29.1 per cent. Households’ owner share of 26.8 per cent has not changed since last quarter. Foreign investors’ owner share increased slightly to 14.2 per cent at the end of the third quarter of 2010.

Mutual funds shares capital and net purchases. Market value in NOK million
 
  Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
 
Total            
Mutual funds shares capital  366 313  407 386  448 739  474 148  446 428  474 658
Net purchases 13 682 15 711 20 414 12 272 -7 157 3 794
             
General government            
Mutual funds Mutual funds shares capital capital 14 192 14 883 14 776 15 323 14 453 14 699
Net purchases  283  232 -457 -129 -624 -153
             
Financial corporations            
Mutual funds shares capital  170 074  185 298  200 007  208 157  200 423  213 992
Net purchases 8 055 5 385 7 720 6 137 -583 3 806
             
Non-financial corporations            
Mutual funds shares capital 42 350 46 513 50 666 53 989 49 309 51 473
Net purchases -418 1 478 1 842 1 883 -2 756  157
             
Households            
Mutual funds shares capital  101 221  112 277  122 332  129 397  119 670  127 085
Net purchases 3 390 2 882 3 321 2 467 -2 114 -122
             
Rest of the world            
Mutual funds shares capital 38 476 48 415 60 958 67 282 62 573 67 409
Net purchases 2 372 5 734 7 988 1 914 -1 080  106
 

Adjustments made in the mutual fund statistics due to nominee ownership

In order to show the actual owners in mutual funds, adjustments have been made in the statistical material. This has caused a decrease in banks and financial auxiliaries’ owner share, while employees/households have had their owner share increased.

 

The adjustments, which include both owner positions and net purchases of mutual fund shares, have been made in all quarters dating back to the first quarter of 2008. In the statistics for the third quarter of 2010, owner positions of NOK 13.3 billion have been transferred to employees/households, of which NOK 5.7 billion was moved from banks and NOK 7.6 billion taken from financial auxiliaries.

 

Nominee-ownership is where parties other than the actual owners are registered in the investment companies’ registers. In this context, this means that banks and financial auxiliaries have been registered as owners on behalf of employees/households.

 

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