EME Strategy: OFEs' 2019 annual holdings
The Polish pension funds (OFEs) released their annual holding reports this week, containing all of their stakes. Over the past year, OFEs’ equities allocation has dropped by c.3ppts, from c.85% at the end of 2018 to 82% at the end of 2019. At the same time, the share of foreign equities in OFEs’ equities portfolio increased, from 7.1% to 8.2%. The value of their Polish equity portfolios dropped from c.PLN 124bn to c.PLN 117bn (-c.6% yoy), which, given the flat WIG index yoy, was related to the changes in asset allocation, as noted above, as well as outflows related to the zipper rule, in our view. The value of foreign equities rose by c.10%, from PLN 9.5bn to PLN 10.5bn, triggered by the very strong performance of foreign markets (MSCI World +29% yoy), in our view.
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