As of December 2024, Japan held United States treasury securities totaling about 1.06 trillion U.S. dollars. Foreign holders of United States treasury debt According to the Federal Reserve and U.S. Department of the Treasury, foreign countries held a total of 8.5 trillion U.S. dollars in U.S. treasury securities as of December 2024. Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 759 billion U.S. dollars in U.S. securities. The U.S. public debt In 2023, the United States had a total public national debt of 33.2 trillion U.S. dollars, an amount that has been rising steadily, particularly since 2008. In 2023, the total interest expense on debt held by the public of the United States reached 678 billion U.S. dollars, while 197 billion U.S. dollars in interest expense were intra governmental debt holdings. Total outlays of the U.S. government were 6.1 trillion U.S. dollars in 2023. By 2029, spending is projected to reach 8.3 trillion U.S. dollars.

The value of U.S. Treasury securities held by residents of Russia amounted to ** million U.S. dollars in March 2025, marking a stark contrast to ***** billion U.S. dollars held in January 2020. The lowest over the period under consideration was recorded in November 2023 at ** million U.S. dollars. Furthermore, in March 2020, the figure plummeted to **** billion U.S. dollars, down from **** billion U.S. dollars one month prior. Russia’s holdings of U.S. treasury securities have decreased since 2014 following the Western sanctions over the annexation of Crimea and have further dropped in 2022 after more restrictions were imposed over the war in Ukraine. What are U.S. treasury holdings? U.S. treasury holdings are government debt instruments that contribute to the funding of various government projects in the country. The U.S. Department of Treasury allows individuals and organizations to invest in treasury notes, bills, and bonds, which are the main three types of securities. Just under half of the outstanding ** trillion U.S. dollars as of May 2024 were in the form of treasury notes. The notes have varying maturities and coupon payment frequencies, which are different from the maturity periods of treasury bills and bonds. Main foreign holders of U.S. treasury securities Foreign holdings of U.S. treasury debt amounted to ***** trillion U.S. dollars as of January 2024. Japan and China held the largest portions, with China possessing ***** billion U.S. dollars in U.S. securities. Additionally, other significant foreign holders included oil exporting countries and Caribbean banking centers.

Holdings of US Treasury Securities data was reported at 784.300 USD bn in Feb 2025. This records an increase from the previous number of 760.802 USD bn for Jan 2025. Holdings of US Treasury Securities data is updated monthly, averaging 937.400 USD bn from Mar 2000 (Median) to Feb 2025, with 300 observations. The data reached an all-time high of 1,316.700 USD bn in Nov 2013 and a record low of 58.900 USD bn in Nov 2000. Holdings of US Treasury Securities data remains active status in CEIC and is reported by U.S. Department of the Treasury. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FF: Holdings of US Treasury Securities.

The yield on China 10Y Bond Yield eased to 1.66% on July 17, 2025, marking a 0 percentage point decrease from the previous session. Over the past month, the yield has edged up by 0.02 points, though it remains 0.60 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. China 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on July of 2025.

In March 2025, the average yield on ten-year government bonds in the United States was 4.27 percent. This was the highest of the selected developed economies considered in this statistic. Except Germany, Luxembourg, and Japan, all countries had a yield higher than three on their government bonds. Bonds and yields – additional information The bond yield indicates the level of return that the investor can expect from a given type of bond. The government of Italy, for instance, offered the investors 3.9 percent yield on ten-year government bonds for borrowing their money in March 2025. In the United States, government needs are also financed by selling various debt instruments such as Treasury bills, notes, bonds and savings bonds to investors. The largest holders of U.S. debt are the Federal Reserve and Government accounts in the United States. The major foreign holders of the United States treasury securities are Japan, Mainland China, and the United Kingdom.

Graph and download economic data for Federal Debt Held by Foreign and International Investors (FDHBFIN) from Q1 1970 to Q1 2025 about foreign, debt, federal, and USA.

China Bond: Foreign Investor: Spot: Sell data was reported at 723.300 RMB bn in Mar 2025. This records an increase from the previous number of 617.200 RMB bn for Feb 2025. China Bond: Foreign Investor: Spot: Sell data is updated monthly, averaging 556.750 RMB bn from Dec 2020 (Median) to Mar 2025, with 52 observations. The data reached an all-time high of 867.900 RMB bn in Mar 2024 and a record low of 264.000 RMB bn in Feb 2021. China Bond: Foreign Investor: Spot: Sell data remains active status in CEIC and is reported by National Interbank Funding Center. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: Bond Foreign Investment.

Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield North America data was reported at 28.360 USD mn in Feb 2025. This records an increase from the previous number of 25.545 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield North America data is updated monthly, averaging -7.343 USD mn from Jan 2023 (Median) to Feb 2025, with 26 observations. The data reached an all-time high of 53.836 USD mn in Jul 2024 and a record low of -75.187 USD mn in Dec 2024. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield North America data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.

As of December 2024, the countries with the highest 10-year yields are the United Kingdom, the United States and Australia with 4.68, 4.38 and 4.21 percent, respectively. Of the largest economies by GDP, the United States saw the sharpest fall in absolute terms for 10-year government bond yields due to the coronavirus (COVID-19) pandemic. From a level of 1.51 percent in January 2020, yields on 10-year government bonds fell to 0.65 percent by April 2020, and had further fallen to 0.53 percent by July 2020 before starting to recover towards the end of the year. Conversely, countries that went into 2020 with already low bond yields like Japan, Germany and France actually saw a small increase in March 2020 - although these already low yields mean that these small changes are significant in relative terms.

The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 percent of the national gross domestic product. The debt-to-GDP ratio In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2024, the estimated national debt of Japan amounted to about 250 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate. Development in China China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.

Graph and download economic data for Interest Rates: Long-Term Government Bond Yields: 10-Year: Main (Including Benchmark) for United States (IRLTLT01USM156N) from Apr 1953 to May 2025 about long-term, 10-year, bonds, yield, government, interest rate, interest, rate, and USA.

Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: Corporate Global data was reported at -51.081 USD mn in Feb 2025. This records a decrease from the previous number of -27.986 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: Corporate Global data is updated monthly, averaging 25.158 USD mn from Jan 2023 (Median) to Feb 2025, with 26 observations. The data reached an all-time high of 129.064 USD mn in Sep 2024 and a record low of -51.081 USD mn in Feb 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: Corporate Global data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.

Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: North America data was reported at -268.555 USD mn in Feb 2025. This records an increase from the previous number of -594.586 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: North America data is updated monthly, averaging 228.711 USD mn from Jan 2023 (Median) to Feb 2025, with 26 observations. The data reached an all-time high of 1.279 USD bn in Aug 2024 and a record low of -594.586 USD mn in Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: North America data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.

Hong Kong SAR (China) HK Investment Fund: Gross Sales: Bond: High Yield North America data was reported at 76.180 USD mn in Feb 2025. This records an increase from the previous number of 71.497 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Gross Sales: Bond: High Yield North America data is updated monthly, averaging 58.748 USD mn from Jan 2023 (Median) to Feb 2025, with 26 observations. The data reached an all-time high of 107.833 USD mn in Jul 2024 and a record low of 39.325 USD mn in May 2024. Hong Kong SAR (China) HK Investment Fund: Gross Sales: Bond: High Yield North America data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.

The global bond fund sales market exhibits robust growth, driven by increasing investor demand for fixed-income securities amidst market volatility and low interest rate environments. The market size in 2025 is estimated at $2.5 trillion, reflecting a Compound Annual Growth Rate (CAGR) of 7% from 2019 to 2024. This growth is propelled by several factors: a rising global population nearing retirement, necessitating secure investment options; the diversification benefits of including bonds in investment portfolios; and the availability of diverse bond funds catering to various risk appetites, from conservative to more aggressive investment strategies. The increasing complexity of financial markets further fuels demand for professionally managed bond funds, which offer expertise in managing risk and selecting high-yield investments. Significant growth is anticipated in regions such as Asia-Pacific, fueled by expanding economies and growing investor sophistication in countries like China and India. Segment-wise, mutual funds dominate the bond fund sales market share, followed by ETFs and closed-end funds. Indirect sales channels (through financial advisors and brokers) continue to hold a significant market share, although direct sales (online platforms and direct purchases) are witnessing substantial growth, reflecting a shift towards digital investment platforms and greater investor autonomy. However, regulatory changes, evolving investor sentiment towards risk and return, and macroeconomic factors (such as interest rate fluctuations and inflation) pose potential restraints on market expansion. Competition within the industry is fierce, with major players like BlackRock, Vanguard, and Fidelity Investments continuously innovating and expanding their product offerings to maintain their market positions. The forecast period of 2025-2033 projects sustained growth, with the market likely exceeding $4 trillion by 2033, driven by ongoing economic growth, evolving investor preferences, and strategic industry developments.

Hong Kong SAR (China) HK Investment Fund: Net Sales: ESG: Bond data was reported at -15.937 USD mn in Feb 2025. This records an increase from the previous number of -19.448 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: ESG: Bond data is updated monthly, averaging -1.257 USD mn from Jan 2023 (Median) to Feb 2025, with 26 observations. The data reached an all-time high of 59.002 USD mn in Jan 2024 and a record low of -35.504 USD mn in Dec 2024. Hong Kong SAR (China) HK Investment Fund: Net Sales: ESG: Bond data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.

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Mutual Funds Market Size 2025-2029

The mutual funds market size is forecast to increase by USD 85.5 trillion, at a CAGR of 9.9% between 2024 and 2029.

The market is characterized by the significant growth of mutual fund assets in developing nations, driven by increasing financial literacy and expanding middle classes. This trend is fueled by the desire for diversified investment opportunities and the convenience of mutual funds as an investment vehicle. Asset managers must mitigate these risks through effective risk management software and practices and transparent communication with investors. However, these regions also pose risks such as political instability, regulatory uncertainties, and currency fluctuations. Banks, FIIs, insurance companies, and other financial institutions offer mutual funds, providing access to a diverse range of securities. Companies seeking to capitalize on market opportunities must navigate these challenges effectively by implementing robust risk management strategies and maintaining transparency with investors.
Additionally, they can explore partnerships with local financial institutions and offer tailored investment solutions to cater to the unique needs of developing markets. By focusing on risk mitigation and local market expertise, mutual fund providers can effectively tap into the vast potential of emerging markets and drive sustainable growth.

What will be the Size of the Mutual Funds Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the ever-evolving mutual fund market, dynamics continue to unfold, shaping the landscape across various sectors. Index funds, with their passive investment strategy, have gained significant traction, challenging active management's traditional dominance. Performance measurement remains a critical focus, with benchmarks providing a yardstick for evaluation. Fund compliance adheres to regulations, ensuring transparency and fairness. Active management persists, with fund managers employing diverse investment strategies, from value investing to ESG and quantitative approaches. Fund holdings and returns are closely monitored, with tax implications and volatility influencing investor decisions. Fund advisory services offer guidance, while private equity and alternative investments broaden the investment universe.

Expense ratios and fund administration costs are under constant scrutiny, with risk management and fund distribution channels optimizing accessibility. The investment horizon, asset allocation, and fund ratings influence investor behavior. Fund sales, rebalancing, and redemption processes continue to evolve, ensuring flexibility for investors. Fund transparency and disclosure are paramount, with share classes catering to different investor needs. Hedge funds and mutual funds coexist, offering distinct investment opportunities. Fund prospectuses provide essential information, while marketing and comparison tools facilitate informed decisions. Investment objectives and reviews enable continuous improvement. The mutual fund market's continuous dynamism underscores the importance of adaptability and knowledge.

How is this Mutual Funds Industry segmented?

The mutual funds industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD trillion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Stock funds
  Bond funds
  Money market funds
  Hybrid funds


Distribution Channel

  Advice channel
  Retirement plan channel
  Institutional channel
  Direct channel
  Supermarket channel


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    Australia
    China
    India


  Rest of World (ROW)

By Type Insights

The stock funds segment is estimated to witness significant growth during the forecast period.

Mutual funds, specifically stock mutual funds, offer investors a diverse range of investment opportunities in corporate equities. These funds differ significantly, with various types catering to distinct investment objectives. For instance, growth funds focus on stocks with high growth potential, while income funds prioritize stocks yielding regular dividends. Index funds mirror a specific market index, such as the S&P 500, and sector funds invest in a particular industry sector. The mutual fund market is regulated, ensuring transparency and compliance with securities laws. Portfolio management plays a crucial role in selecting and managing the fund's holdings to achieve the investment strategy's objectives.

The fund's liquidity, represented by its ability to buy and sell shares, is essential for investors. Exchange-traded funds

Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield Global data was reported at 86.108 USD mn in Feb 2025. This records a decrease from the previous number of 101.270 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield Global data is updated monthly, averaging 16.847 USD mn from Jan 2023 (Median) to Feb 2025, with 26 observations. The data reached an all-time high of 219.382 USD mn in Jan 2024 and a record low of -45.433 USD mn in Mar 2023. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield Global data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.

Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield Asia Pacific data was reported at -25.261 USD mn in Feb 2025. This records a decrease from the previous number of -7.582 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield Asia Pacific data is updated monthly, averaging -20.736 USD mn from Jan 2023 (Median) to Feb 2025, with 26 observations. The data reached an all-time high of 125.147 USD mn in Mar 2023 and a record low of -124.778 USD mn in Aug 2023. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: High Yield Asia Pacific data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.

Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: Target Maturity data was reported at -2.954 USD mn in Feb 2025. This records a decrease from the previous number of -1.807 USD mn for Jan 2025. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: Target Maturity data is updated monthly, averaging -0.872 USD mn from Jan 2023 (Median) to Feb 2025, with 25 observations. The data reached an all-time high of 0.000 USD mn in Mar 2024 and a record low of -10.946 USD mn in Feb 2024. Hong Kong SAR (China) HK Investment Fund: Net Sales: Bond: Target Maturity data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.Z036: HK Investment Funds Association Statistics.