Valuation Effects Drive the Increase in Cross-Border Portfolio Investment Assets 

Portfolio Investment Positions by Counterpart Economy (CPIS), Country Data, June 2025

Contributors: Silvia Amiel, Evrim Bese Goku, Rita Mesias, Wilson Phiri, Huong Lan Vu and Bedri Zymeri

Cross-border portfolio investment (CBPI) asset positions totaled US$89 trillion at end—June 2025, up 11.6 percent from end—December 2024—the largest six-month growth since the pandemic. Valuation effects (price and exchange rates) accounted for 9.1 percentage points (pp) of the increase, while net acquisitions contributed 2.5 pp. By the end of June 2025, 57 percent of CBPI assets were equities, while 43 percent were debt securities. Equities contributed 6.8 pp and debt securities 4.8 pp to the overall growth in portfolio investment between December 2024 and June 2025.

CBPI assets and liabilities increased across all regions, although the expansion was uneven. The Euro Area represented the largest portion of this growth, contributing 5.3 pp to the increase in assets and 5.1 pp to liabilities. Other Advanced Economies added 2.8 pp to assets increase and 3.0 pp to liabilities, while Emerging Markets and Developing Economies (EMDEs) contributed 1.3 and 1.6 pp, respectively, largely reflecting valuation effects associated with the depreciation of the U.S. dollar against other major currencies. The United States contributed 2.3 pp to the rise in CBPI assets and 1.9 pp to the increase in liabilities. Within the group of other economies, notable growth was observed in the United Kingdom, Japan, and Canada. 

Notes: The CBPI aggregates include only economies that reported data in this round (72 economies) as well as data from the Survey of Securities Held as Foreign Exchange Reserves (SEFER)). Comparisons are made using the same set of economies across reporting periods.

The IMF’s Portfolio Investment Positions (PIP) is a bi—annual survey of CBPI assets by counterpart economy, by sector of holder and nonresident issuer and distribution of assets by currency. About 80 economies report end-year CBPI assets data to the IMF, while about 70 economies report bi-annual data. Detailed data series are available in the PIP database.

The next CPIS (end-December 2025) data will be released in September 2026. If you have any questions or requests, please contact us at cpis@imf.org.

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