First-time publication of data on closed-end investment funds

The Bundesbank is expanding its provision of data on the domestic investment fund industry. In addition to the long-standing publications on open-end investment funds, from now on data on the closed-end fund sector in Germany will also be published on a monthly basis.

Closed-end investment funds are a form of long-term collective investment. They invest, in particular, in real assets such as property, land, aircraft, renewable energy plants, ships and containers. In contrast to open-end investment funds, shares in closed-end funds are not issued continuously. Instead, capital is collected during a placement phase. Hence, already existing assets are acquired. It is generally not possible to return the shares until the assets are liquidated. 

In January 2016, more than 3,500 closed-end domestic investment funds were included in the statistical survey. These funds' assets amounted to around €83 billion. In comparison, the aggregate assets of the approximately 6,000 open-end investment funds recorded in the statistics came to more than €1,800 billion at the beginning of 2016. Additional data on the composition of the assets of open-end domestic investment funds are available below.

Closed-end funds have chiefly invested in property. In January 2016, this asset class accounted for around €27 billion or 33% of the aggregate assets. Furthermore, about €10 billion or 12% of the assets were invested in participating interests in and loans to property companies. Participating interests in other companies amounted to just over €14 billion or 17% of the aggregate assets of closed-end funds. Ships and aircraft accounted for a further €11 billion and thus 13% of the assets. The shareholders of closed-end investment funds were predominantly private investors.

Monthly data on the composition of the assets of closed-end domestic investment funds are available - with retroactive effect from September 2015 - below.