German household non-money-market fund transactions
German household non-money-market fund transactions stood at 25.4 EUR billion in Q1 2026, according to Deutsche Bundesbank. It is one of the indicators in the Household financial accounts table (Value · Quarterly), with a complete series running from Q1 1999 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Household financial accounts table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity and investment fund shares | 36.4 | 13.2 | 25.1 | 35.4 | 34.1 | 38 | 34.2 | 23.6 | 16.9 | 9 | |
| Investment fund shares | 27 | 18.4 | 21.5 | 24 | 28.3 | 40 | 23.1 | 16.8 | 13.4 | 6.7 | |
| Non-MMF investment fund shares | 25.4 | 17.4 | 19.2 | 20.2 | 21 | 19.2 | 13.9 | 14.8 | 11.9 | 5.9 |
Understanding german household non-money-market fund transactions
Household allocations directed toward open-end and closed-end mutual funds investing outside the money market make up this transaction aggregate. Included are equity funds, bond funds, mixed allocation funds, real estate funds, and commodity-linked collective schemes. The metric captures net cash flows, calculated as new capital subscriptions minus redeemed fund units. It excludes money-market funds, which serve as near-cash liquidity, and direct securities holdings, where investors own underlying stocks or bonds directly. Net asset value fluctuations stemming from market appreciation or asset devaluation are excluded, ensuring that the metric captures only deliberate retail investment decisions.
Interpreting this series requires distinguishing between net investment activity and portfolio market performance. A positive quarterly transaction confirms that households added capital to funds, regardless of whether underlying stock or bond markets suffered losses that reduced fund balances. Early quarterly estimates are subject to revision as mutual fund management data and cross-border custodial holdings are verified. Seasonal movements can emerge around annual tax assessment periods and year-end distribution cycles. Evaluating four-quarter moving sums provides a more balanced perspective on long-term wealth building than quarter-on-quarter changes, which are sensitive to fleeting financial sentiment.
Frequently asked questions
- Are open-ended real estate funds included in this metric?
- Yes, real estate investment funds are included alongside equity, fixed-income, and multi-asset funds.
- How does this series handle market gains achieved by fund managers?
- Unrealized capital gains and portfolio revaluations are treated as valuation changes and excluded from transaction figures.
- How does this row differ from direct bond and equity transactions?
- This row tracks collective fund vehicles managed by investment firms, whereas direct rows record individual corporate shares and standalone bonds.