During the second quarter households continued to sell investment funds. Households had a net outflow of Swedish-registered funds amounting to SEK 4.5 billion. During the first half of 2011, households have sold funds for SEK 9.2 billion more than they bought for. Equity funds account for SEK 6.7 billion of the net outflow.
Households' directly owned wealth in funds dropped by SEK 5 billion and amounted to SEK 372 billion at the end of the quarter. Households' indirect fund holdings via the premium pension and unit linked funds amounted to SEK 344 billion and SEK 444 billion respectively. This is a decrease of SEK 1 billion for the premium pension part and an increase of SEK 16 billion for the unit-linked funds part. The increase for unit link funds is due to a high inflow during the quarter with net savings of SEK 17 billion.
Positive total net savings
Even though households accounted for a net outflow, total deposits in funds were larger than the withdrawals. Net savings during the second quarter were SEK 26.2 billion. This is explained because net deposits via financial corporations amounted to SEK 28.0 billion. It should be pointed out that unit-linked funds and premium pension savings as well as holdings by asset managers that may have households as final owners are included in this sector.
Total fund wealth amounted to SEK 1 646 billion at the end of the second quarter. This is an increase of SEK 15 billion compared to the previous quarter. Compared to the corresponding quarter in 2010, fund wealth has increased by SEK 193 billion.
Fund-of-funds most popular category
Sales of equity funds exceeded purchases by SEK 1.2 billion. A less favourable development on the stock market at the end of the quarter could be one reason for this. It should be noted that these statistics show the conditions at the end of June and thus do not include the development in July and the beginning of August when the stock market fell sharply.
The category that had the highest net savings is fund-of-funds where purchases exceeded sales by SEK 18.2 billion. Bond and money market funds had a positive net savings of SEK 5.7 billion. During the first half of 2011, net savings amounted to SEK 12.8 billion, of which SEK 11.1 billion consisted of money market funds.