Polish Mutual Fund Flows: Money market funds on the rise, again
We estimate that in March total inflows to capital market funds reached PLN 1.725bn. The money market gained PLN 2.0bn and fixed income funds gained PLN 190m. This was partially offset by outflows from equity funds of PLN 291m and absolute return funds of PLN 211m. Money market funds maintained their inflow momentum and in last five months have gained almost PLN 8bn.We calculate Polish mutual funds sold a net PLN 386m of equities of which a net PLN 14m was sold in foreign markets and PLN 372m was sold in the Polish market. Thus, despite flat AuM in capital market funds, their structure has changed. Equity allocation fell to 26.7% in favour of money market funds, which account for almost 30% of AuM.
PKO TFI saw the highest inflows followed by Union Investment TFI, while Quercus TFI suffered the biggest loss of assets under management.
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