Fund Assets Decreased by 3.22% in November

In November, the growth of assets in open investment funds was halted, and all groups except bond funds recorded a decline in assets.

According to data from the Croatian Financial Services Supervisory Agency, the total assets of open investment funds with public offerings amounted to 12.891 billion kuna at the end of November, which is a decrease of 3.22% or 428.4 million kuna compared to the previous month.

Equity Funds
The assets of equity funds decreased by 1.55% in November, amounting to 2.868 billion kuna, which is 45.303 million less compared to the end of October. The fund with the largest relative growth in this group was Ilirika BRIC, whose assets increased by 64.11%, reaching 30.023 million kuna at the end of November, making it the biggest winner in absolute terms with an increase of 11.729 million kuna. More pronounced declines in assets in November were recorded by the MP-Mena HR fund, which saw a decrease of 38.36% (-3.207 million kuna), and Alternative A1, which decreased by 33.20% or -4.942 million kuna. Regarding returns, twenty-eight equity funds recorded an increase in value in November, with the most successful being the NFD Aureus US Algorithm fund, which grew by 15.43%, followed by Platinum Global Opportunity (+6.44%), NFD Aureus Global Developed (+5.94%), and MP Global HR, which increased by 5.93%. The largest declines among equity funds were recorded by FIMA Equity (-6.69%), Alternative A1 (-6.36%), and KD Victoria, whose share value decreased by 5.74%.

Mixed Funds
Mixed funds saw a decrease in assets of 1.47% in November, which is 28.869 million kuna less compared to the previous month, totaling 1.929 billion kuna. The biggest winner in this group of funds, for the fifth consecutive month, was the Raiffeisen Prestige fund, which increased its assets by 6.631 million kuna, representing a growth of 3.62%. The largest absolute decline of 11.695 million kuna was recorded by the PBZ Global fund, which represents a decrease of 4.04%, now managing 277.8 million kuna. Observing the returns, five mixed funds recorded an increase in value, with the most successful being NFD Aureus Emerging Markets Balanced (+2.71%) and C-Premium (+0.52%), while the largest decline was recorded by the OTP Balanced fund, which saw its value decrease by 4.89%, followed by ICF Balanced with a decline of 3.41%.

Bond Funds
Bond funds have recorded asset growth for the fifth consecutive month. Among all groups of funds, only bond funds recorded growth in November. Their assets increased by 9.17% in November, amounting to 1.096 billion kuna, which is an increase of 92.147 million kuna compared to the end of October. The largest absolute increase was recorded by Erste Bond, which ended the period with assets of 194.6 million kuna, representing a growth of 32.549 million kuna or 20.08%. No bond fund recorded a decrease in assets under management in November. Regarding returns, Capital One (+1.04%) and HPB Bond (+0.28%) recorded increases, while the largest declines were noted by OTP Eurobond (-1.24%) and Raiffeisen Bonds (-0.37%).

Money Market Funds
Money market funds also recorded a decline in assets last month, with a decrease of 6.00% in November, totaling 6.996 billion kuna, which is 446.4 million less compared to the end of October. The biggest winner in absolute terms was the PBZ Money fund, with an increase of 88.066 million kuna, representing a growth of 9.23%, bringing its total to 1.042 billion kuna. A decline of 29.94% was recorded by the ST Cash fund, which is 12.610 million kuna less than the previous month, making it the largest relative loser among money market funds. In absolute terms, the largest loss was suffered by ZB Plus, whose assets decreased by 192.2 million to 2.078 billion kuna. Regarding returns, all money market funds achieved positive results, with none recording a decline. They achieved returns ranging from 0.12% to 0.35%. The most successful were ST Cash and VB Cash, with growth of 0.35% and 0.32%, respectively.

Fund Management Companies
When viewed by management companies, ZB Invest continues to hold the largest market share, managing 4.118 billion kuna at the end of November, which is 31.94% of the market (a decrease of 0.41%). In second place is PBZ Invest with 2.608 billion kuna, representing a market share of 20.23% (an increase of 1.50%), while Raiffeisen Invest holds third place with a market share of 16.33%, managing 2.105 billion kuna. Erste Invest also manages over a billion kuna, with assets amounting to 1.844 billion kuna. Among non-banking companies, the largest assets under management belong to Ilirika Investments, which manages 194 million kuna. In second place is NFD Aureus Invest with 111.7 million kuna, while KD Investments holds third place with 100.8 million kuna in assets. (www.hrportfolio.com)