EME Strategy: Polish Mutual Fund Flows – Equities out of favour (again) in November
In November, investors withdrew money from equities funds. The largest absolute outflows were reported by Polish S/M equities funds (-PLN 96m), followed by mixed funds (-PLN 94m) and Polish equities funds (-PLN 79m), while foreign equities (-PLN 13) saw smaller outflows. The rest of the mutual funds enjoyed inflows, with the largest ones reported by absolute return (+PLN 167m) and Polish bonds (+PLN 90m), while foreign bonds (+PLN 36m) and money market (+PLN 26m) funds realised more moderate inflows.Polish equities reported outflows of PLN 175m, while foreign equities suffered from outflows of PLN 18m in November. We estimate that net purchases of Polish equities were negative, again, reaching PLN 236m in November.
Outflows from ETFs tracking the MSCI Poland reached USD 28.5m in November, vs. inflows of USD 14.7m in October.
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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