POLISH PENSION FUND FLOWS: Selling locally, buying abroad.
In February, we estimate Polish pension funds bought a net PLN 303m of equities, of which PLN 960m was sold in the Polish market and PLN 1.264bn was bought in foreign markets. According to our estimates, Polish pension funds gained PLN 677m from the settlement of Robyg’s tender offer, which means that OFEs sold PLN 283m of equities in the Polish market.The average monthly rate of return amounted to -5.1% due to the poor performance of Polish equities, which together with net ZUS transfers of PLN -0.5bn resulted in decreasing OFEs’ AuM to PLN 174.3bn.
Apart from NN OFE, every OFE reduced their stake in equities. PZU OFE and Metlife OFE were the most active in selling stocks. OFE equity allocation dropped to 85.3%.
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