Abstract

This study is the first to analyse the portfolio investments underlying the Italian asset management products held by Italian households in the period 2014-16. The indirect portfolio is primarily composed of Italian government bonds, while the proportion of Italian corporate bonds and shares is negligible. The share of the bonds and equities issued by foreign intermediaries and firms rose over the three years: at the end of 2016, Italian households were indirectly investing a greater amount in French and US non-financial corporations than in Italian non-financial corporations. As a result of the reclassification of indirect investments, Italian households hold a larger share of Italian government bonds, foreign debt securities and mutual fund shares.