POLISH PENSION FUND FLOWS: Rebound in AuM
In April, we estimate Polish pension funds sold a net PLN 614m of equities, of which PLN 226m was sold in the Polish Market and PLN 388m was sold in foreign markets. According to our estimates, Polish pension funds gained PLN 538m from tender offers settlement, which means that OFEs bought PLN 312m of equities in the Polish market. We also estimate that in April OFEs received PLN 138m in dividends.The average monthly rate of return amounted to 2.1% due to the better performance of Polish and foreign equities. As a result, OFEs’ AuM rebounded to PLN 168.8bn from PLN 165.7bn in March. In April, NN OFE was the most active in buying stocks, while Aviva OFE was the most visible net seller of equities.
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