Polish investment funds' AuM down by 8.3 pct m/m to PLN 361 bln in March
Poland's domestic mutual funds had PLN 361 billion (EUR 86 bln) in assets under management in March, down by 8.3 percent month on month, according to chamber of fund and asset managers IZFiA's data.
It was pointed out that the scale of the March decline corresponds to the amount by which the assets of domestic investment funds were depleted throughout the difficult year 2022 and, as a result, the net asset value retreated to the level last seen in June 2024.
"Such a large decrease in the value of investment fund assets in March is solely the result of the redemption of part of the certificates of one of the approximately 20 closed-end funds managed by Ipopema TFI with the nature of being dedicated to a single investor, i.e. one where all key decisions concerning, among other things, the fund's assets require the approval of the investors' meeting," the wrote.
It was reported that the redemption was a planned element of the reorganisation of the fund's portfolio of non-public foreign assets. The redemption value reached PLN 36 billion (EUR 8.6 bln).
"We estimate that management performance added around PLN 0.9 billion (EUR 214.5 mln) to domestic investment fund assets in total in March. Indeed, it was a nervous but ultimately successful month for investors - in total, more than 50 percent of investment funds recorded positive returns." it added.
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