Poland: Poor equity performance defined OFEs' results
In May, we estimate Polish pension funds sold a net PLN 521m of equities, of which PLN 703m was sold in the Polish Market and PLN 183m was bought in foreign markets. According to our estimates, Polish pension funds gained PLN 552m from the Netia tender offer settlement, which means that OFEs sold PLN 151m of equities in Polish market. We also estimate that in May OFEs received PLN 466m of dividends. The average monthly rate of return amounted to -3.6% due to the poor performance of Polish equities. As a result, OFEs’ equity allocation tumbled to 84.3% and AuM dropped to PLN 162.3bn, from PLN 168.8bn in April.
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