The value of portfolio investments held by Dutch households continued to increase in the second quarter of 2023. The total value of portfolio investments at the end of June was €165.9 billion, an increase of €5.1 billion (+3.2%) compared to the previous quarter. The rise was driven entirely by share price gains.
© Jonge investeerders overleggen over hun beleggingen.
This rise in value follows an earlier increase of €7.7 billion in the first quarter (+5.0% quarter-on-quarter). Overall, the total value of portfolio investments held by Dutch households rose for the third quarter in a row, following sharp losses during the first nine months of 2022.
The value of listed shares owned by Dutch households rose by €1.6 billion (+2.9% quarter-on-quarter) to €57.2 billion. The shares booking the greatest increase in value in the investment portfolios were Tesla (+€185 million), ING Group (+€153 million), Aegon N.V. (+€145 million), Shell PLC (+€143 million) and Microsoft (+€139 million). The increase was due to rising stock exchange prices, particularly in June. In total, households sold a net €168 million worth of equities in the second quarter of this year. The AEX index rose 2.4% to 774 points in the same period.
Positions in investment funds increased by €3.0 billion (+3.0% quarter-on-quarter) to €103.1 billion.
Bond holdings among Dutch households rose to €5.6 billion in the second quarter of 2023 due to net purchases of €548 million, bringing these investments in debt securities to the highest level since the end of 2017 (then €5.9 billion). A potential explanation for this is the higher interest rate, which increases the yield for investors when purchasing new bonds.
At De Nederlandsche Bank, we independently compile statistics on the Dutch financial sector and economy. This article is based on these statistics. More information on our statistics and all dashboards can be found on our Statistics homepage.
According to figures from Statistics Netherlands (CBS), there are 8.3 million private households in the Netherlands. Of these, 1.9 million invest, according to research (in Dutch) conducted by the Dutch Authority for the Financial Markets (AFM).
The total securities holdings of Dutch households consist of listed shares (€57.2 billion), investment fund positions (€103.1 billion) and debt securities (€5.6 billion), totalling €165.9 billion. By comparison, savings deposits in accounts held by Dutch households amounted to €447.7 billion at the end of June 2023.
Dutch households also hold substantial assets with pension funds, insurers, in their own enterprises and in the housing market; these assets have been excluded from this analysis.
Thanks to buoyant stock markets worldwide, Dutch pension funds recorded strong price gains of almost €36 billion on their equity and investment fund shares, according to macroeconomic data from DNB.
Read more Dutch pension funds see assets grow due to price gains on equities
Dutch investors had a profitable first quarter: in the first three months of 2024, the value of their combined investments rose by €13.1 billion. Households posted returns of €11.3 billion due to higher stock prices, and they made additional net purchases of €1.8 billion.
Read more Banner first quarter for household portfolio investments in 2024: 11.3 billion gain
The proportion of bonds carrying negative yields fell sharply in the first half of 2021 on the back of rising market rates. As of 30 June 2021, the combined nominal value of Dutch bonds with negative yields totalled €624 billion, down €142 billion on 31 December 2020.
Read more Volume of Dutch bonds with negative yields has fallen sharply
The market for Dutch green securitisations of residential mortgages and for green covered bonds more than tripled in size in 2023 compared to 2022, DNB figures show, reflecting investor demand for green investments.
Read more Sharp increase in green securitisations in 2023
