EME Strategy: Polish mutual fund flows – One-year high inflows into Polish S/M funds
Following seven consecutive months of outflows, Polish Small and Mid-Cap (S/M) equities funds reported one-year high inflows in December (+PLN 63m), for the first time since April 2017, or c.2.4% of their assets. Money market funds continued to attract investor attention (+PLN 1,161m), while smaller inflows were also seen among the mixed (+PLN 137m) and Polish bonds (+PLN 105m) funds. On the other hand, outflows were recorded by absolute return (-PLN 298m), foreign equities (-PLN 176m), foreign bonds (-PLN 46m) and Polish equities (-PLN 57m) funds.Foreign equities funds reported outflows of PLN 179m, while Polish equities funds saw negligible inflows of PLN 6m in December. We estimate that net purchases of Polish equities were slightly negative (-PLN 23m) in December.
Following USD 10m of outflows in November, the ETFs tracking the MSCI Poland reported inflows of c.USD 14m in December.
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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