According to NBP data, at the end of November, Poles (private individuals) held PLN 889 billion on non-interest-bearing current accounts, i.e. PLN 70.5 billion more year on year. We had PLN 408 billion in term deposits (+PLN 7.5 billion y/y).
The latter did not give excessively high interest either, 3.5%. (average interest rate on new deposits in November) can hardly be considered very encouraging given the November inflation of 2.5%. After deducting Belka's tax, we are left with approximately 2.8%. interest, which is barely above the inflation rate.
As a result, many Poles are looking for an alternative. For many people, until recently, it was a matter of buying a flat for rent, but prices are starting to go up quickly and the market is becoming uncertain. One option is to put money aside in investment funds.
In December assets of investment funds increased by PLN 10.3 billioni.e. they increased by 2.4%. mdm and that was it the second best result last year. Throughout 2025, the assets of domestic funds increased in total by PLN 55.6 billion (+14.6%) to PLN 435.1 billion – said Analizy.pl and the Chamber of Fund and Asset Management in a joint report.
Throughout 2025 over PLN 48 billion of payments went “purely” to retail investment funds, breaking the record from 2024.
What funds do we choose most often?
It was reported that in 2025, debt funds strengthened their leadership position by increasing assets under management up to PLN 207.7 billion (+PLN 52.9 billion, +34.1% y/y) and share in the fund market – by 7 points. percent to 47.7 percent
In terms of annual dynamics (in percentage terms) the largest increase in assets was recorded by PPK funds in 2025 (+50.2% yoy)whose assets at the end of December amounted to PLN 39.7 billion (data only for TFI, excluding PTE and TU).
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Last year, most investment funds recorded an increase in assets under management at a double-digit rate. Only five investment funds in 2025 recorded a decrease in the value of net assets.
90 percent funds in the positive
“December was one of the better months of a very successful 2025. for holders of units and certificates of investment funds. Positive rates of return were achieved by approximately 90 percent. national funds and over 2/3 of foreign traditional funds. This is the result of good market conditions: shares and bonds have become more expensive, and precious metals have also made money,” the report said.
“We estimate that the management result increased the assets of domestic funds by approximately PLN +4 billion in total in the last month of last year. Customers themselves also contributed. In December, retail funds obtained PLN 4.5 billion, and PPK funds – almost PLN 0.7 billion. Only non-retail funds recorded an advantage in payouts – approximately -PLN 0.3 million,” it added.
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What are the effects of fund management?
“We estimate that Management results increased the assets of domestic funds by as much as PLN 36.5 billion throughout last year (against approx. PLN 13 billion in 2024),” it was written in the report.
It was reported that in December most debt funds generated positive rates of return and last month they received a total net inflow of PLN 3.4 billion. The increase in assets in the debt funds segment reached PLN 4.2 billion in December (+2.1% m/m).
Throughout 2025, the assets of debt funds increased by PLN 52.9 billion (34.1% y/y), to PLN 207.7 billion.
In the case of equity funds in December, assets increased by PLN 1.6 billion (+3.3% m/m), which was a result of both good management results and positive net sales (+PLN 260 million). Throughout 2025, assets in this segment increased by PLN 10.7 billion (27.7% y/y).
In a group Polish share funds recorded throughout 2025. net outflows of almost PLN -0.5 billion, but thanks to positive rates of return, assets increased by PLN 5.9 billion (+29.4% yoy).
It was reported that they also recorded a solid increase in assets mixed funds. Last month, most of them made profits, so the whole year was successful for them. At the same time, customers deposited more funds into them than they withdrew. In December, PLN 666 million flowed into their wallets, and in the entire last year, almost PLN 3.1 billion.
