Every fund category reported profits for the financial year under review2, but only money market funds posted higher total profits than in 2009. Equity funds’ share of the aggregate profit of investment funds was still by far the largest, totalling EUR 4.8 billion. Equity funds also led the fund categories in 2010 in terms of fund assets. The profits of bond funds amounted to EUR 1.2 billion; for mixed funds the total was EUR 0.5 billion.
Investment fund profits mainly comprised capital gains from securities transactions and unrealised value appreciation of securities holdings3. In the course of 2010, investment funds recorded EUR 5.1 billion worth of capital gains and EUR 2.8 billion worth of capital losses, resulting in a positive net contribution of EUR 2.4 billion to total profits from securities transactions. Unrealised value appreciation for securities holdings was reported at EUR 4.0 billion.
The bulk of dividend income from shares and income from fund shares received by investment funds (EUR 521 million) went to equity funds. Overall dividend income from shares and income from fund shares increased by EUR 124 million, due mainly to an increase in the shareholdings of investment funds. Of interest income (EUR 790 million), the bulk was recorded by bond funds and money market funds.
Net profit of investment funds, 2000-2010
Investment fund profits by fund type, 2009-2010
Financial statements of investment funds, 2010 and key figures 1995–2010.xls
Key financial figures of fund management companies, 2008-2010 (Financial Supervisory Authority)