The Bank of Finland published data showing that the capital of Finnish open-end investment funds reached EUR 226.6 billion at the end of September 2026, up EUR 30.1 billion, or 15.4%, from a year earlier. Equity funds drove most of the increase, while real estate fund capital contracted. The value of equity holdings grew particularly outside the European Union, with the United States recording the largest increase in euro terms.
Equity fund capital rose EUR 20.7 billion, or 22.5%, to EUR 112.9 billion, accounting for almost half of total fund capital. Bond and mixed fund capital increased by 8.1% and 18.2%, respectively. Real estate fund capital fell 9.1% to approximately EUR 5.0 billion, having contracted almost continuously over the review period. Despite the annual increase, aggregate fund capital declined EUR 0.4 billion in September, mainly reflecting a EUR 0.9 billion decline in bond fund value. Net subscriptions across investment funds remained positive at EUR 0.4 billion during the month.
Equity investments outside the European Union reached EUR 73.6 billion, an annual increase of EUR 15.2 billion, or 26.1%. Holdings in the United States accounted for EUR 46.1 billion, up EUR 9.2 billion, or 24.9%. Equity investments in Finland and other euro area countries each increased by EUR 1.7 billion, reaching EUR 17.1 billion and EUR 11.0 billion, respectively. Changes in investment values reflect both net equity investments and movements in equity prices and exchange rates.