EME Strategy: OFEs' 2020 annual holdings
The Polish pension funds (OFEs) released their annual holding reports on Friday (15 January), containing all of their stakes. Over the past year, OFEs’ equities allocation has increased by c.3ppts, from c.82% as at end-2019 to 85% as at end-2020. At the same time, the share of foreign equities in the OFEs’ equities portfolio continued to increase, from 8.2% to 9.4%. The value of their Polish equity portfolios dropped negligibly last year, from c.PLN 117bn to c.PLN 115bn, which was due mainly to the zipper rule, we believe, given the flat yoy WIG index. We also note that the value of foreign equities rose by c.14%, from PLN 10.5bn to PLN 11.9bn, triggered by the strong performance of the foreign markets (MSCI World +16% yoy in USD terms in 2020), in our view.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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