Capital of Finnish open-end investment funds grew by more than EUR 30 billion in a year
The capital of Finnish open-end investment funds grew from September 2025 to September 2026, particularly driven by the growth of equity funds. By contrast, the capital of real estate funds contracted. The value of the funds’ equity investments grew especially in countries outside the EU, with the largest increase in euro terms in the United States.
At the end of September 2026, the aggregate fund capital of open-end investment funds registered in Finland was EUR 226.6 billion. Fund capital grew by EUR 30.1 billion, or 15.4%, over the year. Growth was particularly weighted towards equity funds, whose fund capital grew by EUR 20.7 billion. The capital of bond funds and mixed funds also grew significantly. By contrast, the capital of real estate funds contracted.
In September 2026, fund capital contracted slightly, by EUR 0.4 billion, from the previous month. In September, the value of bond funds declined by EUR 0.9 billion, which explains the majority of the contraction in fund capital. Bond funds received additional investments of EUR 0.3 billion in September. Net subscriptions to investment funds totalled EUR 0.4 billion. The capital of equity funds grew by EUR 0.5 billion during the month, of which EUR 0.3 billion was net subscriptions.
Equity fund capital grew strongly over the past year
At the end of September 2026, the fund capital of equity funds was EUR 112.9 billion, which is 22.5% more than in the corresponding period a year earlier. Equity fund capital accounted for almost half of the aggregate fund capital of Finnish open-end investment funds. Over the same period, the capital of bond funds grew by 8.1%, or EUR 5.8 billion, and the capital of mixed funds grew by 18.2%, or EUR 4.1 billion. The capital of real estate funds, by contrast, contracted by half a billion euro, or 9.1%. At the end of September, the capital of real estate funds was approximately EUR 5.0 billion.
In the development of fund capital this year, the start of the Iran war in March 2026 stands out particularly. In that month the capital of equity funds contracted by EUR 7.3 billion from the previous month. The development of equity fund capital returned quickly to its previous level: already in April 2026, fund capital grew by EUR 7.6 billion. Rapid growth continued in May. The capital of bond funds and mixed funds also contracted in March and then grew rapidly again in April-May. Real estate funds have differed from the other fund types: their capital has contracted almost continuously throughout the review period.
Equity allocation mainly outside the euro area
Most of the equity investments of Finnish open-end investment funds are allocated to countries outside the euro area. At the end of September 2026, the value of equity investments made in countries outside the EU was EUR 73.6 billion, of which investments in the United States accounted for EUR 46.1 billion. The value of equity investments in EU countries outside the euro area was EUR 7.8 billion. The value of equity investments in Finland was EUR 17.1 billion, and the value of investments in other euro area countries was EUR 11.0 billion.
The value of equity investments grew from September 2025 to September 2026 particularly in countries outside the EU. The value of equity investments in those countries grew by approximately EUR 15.2 billion, or 26.1%. Of the destination countries outside the EU, the largest growth of investments in euro terms took place in the United States; the value of investments grew by EUR 9.2 billion, or 24.9%. The value of equity investments in Finland grew by EUR 1.7 billion, or 11%, and the value of investments in other euro area countries likewise by EUR 1.7 billion, or 17.7%. The value of equity investments in EU countries outside the euro area grew more moderately, by approximately EUR 0.5 billion. The development of the value of equity investments is affected by both the net equity investments made by the funds and changes in the market values of equities and exchange rates.
Most of the figures discussed in this release have been published in the Saving and investing dashboard.
Statistical data are also available via an API from the Bank of Finland’s open data portal. For details, see www.suomenpankki.fi/en/statistics/open-data/.
The next news release on saving and investing will be published at 10 a.m. on 9 February 2027.