POLISH PENSION FUND FLOWS: Selling locally, buying abroad.
In January, we estimate Polish pension funds sold a net PLN 541m of equities, of which PLN 855m was sold in the Polish market and PLN 314m was bought in foreign markets.The average monthly rate of return amounted to 3.0% due to the strong performance of Polish and foreign equities, which offset the negative impact of net ZUS transfers of PLN -0.6bn. As a result, OFE’s AuM increased for a second month in a row to PLN 184.3bn.
Apart from minor purchases by Metlife OFE and Generali OFE, every OFE was reducing their stake in Polish equities. AVIVA OFE was the most active in selling stocks. Nevertheless, OFE equity allocation increased to 85.7%.
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