France long-term state debt: non-MMF investment funds
France long-term state debt: non-MMF investment funds stood at 29,851.31 EUR million in Q2 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Debt securities holders table (Value · Quarterly), with a complete series running from Q1 2008 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Debt securities holders table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial corporations | 998,847.52 | 1,034,016.81 | 1,069,536.03 | 1,090,339.4 | 1,083,923.67 | 1,075,706.96 | 1,085,580.07 | 1,090,809.11 | 1,023,951.41 | 1,038,603.99 | |
| Other financial institutions excluding insurance and pension funds | 30,476.98 | 31,737.13 | 31,111.23 | 29,728.82 | 30,955.78 | 29,792.36 | 29,539.46 | 31,162.37 | 26,446.12 | 28,323.78 | |
| Non-money market investment funds | 29,851.31 | 29,125.11 | 29,541.78 | 28,028.62 | 28,499.14 | 28,183.08 | 28,507.7 | 29,706.51 | 25,499.05 | 26,262.56 |
Understanding france long-term state debt: non-MMF investment funds
This dataset tracks the holdings of long-term central government debt securities maintained by resident non-money market investment funds, encompassing equity, bond, and mixed mutual funds. It measures portfolio allocations to sovereign fixed-income assets by collective investment vehicles that are not constrained by money market fund regulations, excluding commercial banks and insurance companies. This series highlights the role of institutional and retail mutual funds in absorbing government debt.
Interpreting investment fund holdings requires accounting for market-to-market valuation effects, as these funds hold securities at current market prices, making their portfolios sensitive to secondary market yield fluctuations. Quarter-on-quarter changes reflect both net investor subscriptions or redemptions and active portfolio rebalancing by fund managers. Revisions are typical as fund managers finalize end-of-quarter net asset value calculations. A common analytical pitfall is attributing all variations in this series to new debt purchases, ignoring the large valuation swings caused by shifting bond yields.
Frequently asked questions
- What funds are included in non-money market investment funds?
- Bond funds, equity funds, and mixed mutual funds that operate outside strict money market constraints.
- How do market yield fluctuations affect this series?
- Because these funds report holdings at market value, changes in bond yields directly alter portfolio valuations regardless of net purchases.
- Why do quarterly estimates for these funds frequently undergo revision?
- Finalized net asset value reports submitted by fund administrators after the initial reporting date prompt standard revisions.