The fund capital of investment funds registered in Finland grew during 2015 by a total of EUR 12.4 bn. EUR 8.7 bn of the growth stemmed from net subscriptions to investment funds and EUR 3.8 bn from valuation changes in investments. Fund capital was affected in the course of the year e.g. by euro area developments, internal investment arrangements in the sector and, particularly towards the end of the year, by China.

In the first quarter of the year, the value of Finnish fund capital increased considerably, especially as a result of rising share prices in Finland and elsewhere in Europe. At the same time, euro depreciation boosted the value of investments quoted in other currencies, notably the US dollar.

As in the previous year, the flow of new investments at the beginning of 2015 focused on bond funds. Investments in equity funds, in turn, were modest in the first quarter of the year.

In April and May, Finnish investment funds attracted as much as EUR 4.8 bn in net subscriptions. However, about EUR 3 bn of this was actually inter-fund investments, so that capital inflows from outside of the Finnish investment fund sector comprised much less than half of the net subscriptions.

In summer, there was a turnaround in the fund markets which cast a shadow on the remainder of the year. The most prominent single factor in these developments was China. The Shanghai Composite Index, which measures Chinese share prices, reached its annual peak before end-June, after which it recorded high volatility while falling 41% by end-September.

Net investments in and valuation changes of Finnishinvestment funds, quarterly breakdown 2010–2015


Finnish investment funds' assets in the BRICS countries 2009–2014


​Developments in China were widely reflected in global share prices and also in Finland, as e.g. large valuation changes in domestic investment funds. From early-June to end-September, valuation changes reduced Finnish investment funds’ shareholdings by EUR 4.6 bn (13.4%). Of the total fund capital, EUR 7.2 bn (7.1%) was lost due to valuation changes.

Net subscriptions to Finnish investment funds turned negative in June and remained fairly modest throughout the rest of the year. New investments focused mainly on real-estate and equity funds, whereas bond funds were subject to withdrawals. Inflows of new capital into Finnish investment funds amounted to just EUR 0.2 bn in the latter half of the year. Valuation changes turned to a positive EUR 3.8 bn in the fourth quarter of the year.

At the end of 2015, the total value of Finnish fund capital was EUR 98.5 bn.

Investments in the euro area and the United States on the increase

New investments of Finnish investment funds concentrated largely on developed economies in 2015. Finnish investment funds’ domestic net investments amounted to about EUR 1.8 bn*, while net investments to other euro area countries and the United States totalled about EUR 1.7 bn and EUR 1 bn, respectively. Of total investments in the United States, 80% was made in debt securities issued by non-financial corporations and financial institutions. Investments in the euro area focused more clearly on other funds.

Valuation changes were clearly positive also for the whole year in most of the key market areas. In absolute terms, the value of domestic investments grew the most. Here, the valuation changes were about EUR 1 bn.* Investments in the United States and other euro area countries increased due to valuation changes by EUR 0.8 bn and EUR 0.4 bn, respectively.

Relative to the investment stock, valuation changes were significant e.g with respect to investments in Japan (+38%) and China (-11%).

In addition to changes in the prices of shares and debt securities, valuation changes were significantly affected by the depreciation of the euro. This was particularly evident in investments quoted in the US dollar, where exchange rate changes amounted to a positive EUR 1.5 bn.

*) Excluding inter-fund investments.

Development of investments by Finnish investment funds, regional breakdown 2015


Finnish investment funds' assets in the BRICS countries 2009–2014


Key statistical data on investment funds registered in Finland, preliminary data

For further information, please contact
Topias Leino, tel. +358 10 831 2315, email: topias.leino(at)
Tommi Aarnio, tel. +358 10 831 2480, email:

The next investment fund news release will be published at 1 pm on 2 May 2016.

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