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In the fourth quarter of 2018 the outstanding amount of shares/units issued by investment funds other than money market funds was €667 billion lower than in the third quarter of 2018. This development was accounted for by -€611 billion in other changes (including price changes) and -€56 billion in net issuance of shares/units. The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was 3.0% in the fourth quarter of 2018.
Within the assets of investment funds other than money market funds, the annual growth rate of debt securities was 2.6% in the fourth quarter of 2018, with transactions amounting to -€52 billion during this period. In the case of equity, the corresponding annual growth rate was 2.2%, with transactions totalling -€26 billion. For holdings of investment fund shares/units, the annual growth rate was 1.8% and transactions amounted to -€15 billion.
In terms of the type of investment fund, the annual growth rate of shares/units issued by bond funds was -0.2% in the fourth quarter of 2018. In the same period, transactions in shares/units issued by bond funds amounted to -€36 billion. In the case of equity funds, the corresponding annual growth rate was 3.0%, with transactions of -€9 billion. For mixed funds, the corresponding figures were 4.3% and -€20 billion.
In terms of holdings by issuing sector, the annual growth rate of debt securities issued by euro area general government was 2.5% in the fourth quarter of 2018. In the same period, the net purchases of debt securities issued by the euro area general government amounted to €8 billion. In the case of debt securities issued by the private sector, the annual growth rate was 2.4%, whereby the net sales amounted to €18 billion. For debt securities issued by non-euro area residents, the corresponding annual growth rate was 2.6%, with net sales of €41 billion.
The outstanding amount of shares/units issued by money market funds was €33 billion higher than in the third quarter of 2018. This development was accounted for by €2 billion in other changes (including price changes) and €31 billion in net issuance of shares/units. The annual growth rate of shares/units issued by money market funds, calculated on the basis of transactions, was -0.5% in the fourth quarter of 2018.