Record growth in fund assets. Poles flocked to bonds and precious metals

The assets of investment funds increased by almost PLN 7 billion in November, to a record PLN 424.7 billion, and this increase was the result of both positive management results and a solid sales balance – announced Analizy.pl and the Chamber of Fund and Asset Management in a joint report.

It was reported that the assets of investment funds increased by almost PLN +7 billion (+1.7% m/m), reaching PLN 424.7 billion. Since the beginning of the year, the value of funds managed by TFI has increased by PLN 45.2 billion.

November's growth was driven by both good management results and inflows of new funds. In total, nearly 70 percent investment funds ended the month above the mark. The largest increases were again concentrated around precious metals, as well as Polish debt funds, which benefited from reduced yields and expectations of further rate cuts. Our estimates show that in November, TFIs earned a total of approximately PLN +1.8 billion for their clients. During this time, the balance of deposits and withdrawals amounted to PLN +5.2 billion. Retail funds acquired +PLN 4.7 billion net – it was written in the report.

The assets of equity funds increased by slightly over PLN +0.3 billion (+0.7% m/m) to almost PLN 48 billion, which was mainly the result of the inflow of new funds. The total balance of payments and withdrawals in this segment amounted to PLN +0.3 million, of which over PLN +0.2 billion went to foreign equity funds. The total result of managing equity funds in November is estimated at approximately PLN 40 million.

November is another very good month for the bond market

It was reported that November was another very good month for the bond market, which benefited from the global drop in yields and the growing belief that another rate cut will soon appear in Poland.

We estimate that the management result in this segment amounted to approximately PLN 1 billion. There were also good inflows. In November, customers paid over PLN +3.8 billion net to debt funds. The majority of new funds – PLN 2.5 billion – went to short-term bond funds – it was written in the report.

The assets of debt funds increased in November by almost PLN +4.9 billion (+2.5% m/m), reaching PLN 203.6 billion. It was reported that the largest share was held by Polish debt funds, which ended the month with assets of PLN 188.2 billion. In their case, the nominal increase amounted to PLN +4.5 billion (+2.4% m/m). Short-term strategies grew the most: treasury funds increased their assets by nearly PLN +1.6 billion, and short-term universal strategies by +PLN 1.4 billion.

In turn, the assets of mixed funds increased in November by PLN +0.7 billion (1.3% m/m), reaching almost PLN 51.7 billion. This growth was supported by both positive investment results (in total, the funds earned approximately PLN 0.3 billion) and stable net inflows (+PLN 0.3 billion, similarly to the previous months).

PKO TFI remains the market leader

At the end of November, PKO TFI remains the market leader, managing PLN 77.3 billion in the capital market segment and PLN 668 million in the non-public assets segment.

Goldman Sachs TFI takes second place with assets of PLN 42.1 billion, and third place goes to Pekao TFI, which manages PLN 40.3 billion.

In November, the largest nominal increase in assets was recorded by PKO TFI, increasing them by PLN +2.3 billion, which means an increase of +3%. mdm. The decline in assets was recorded by 7 societies, and the largest one concerned Skarbiec TFI (-PLN 167 million, or -4.4% m/m).

PFR TFI remains the leader on the non-public asset fund market, with its funds having accumulated PLN 19.5 billion. (PAP Business)

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