WOOD Flash – EME Strategy: OFEs' 2025 annual assets structure
On 15 January, the Polish Pension Funds (OFEs) released their annual assets structure reports. OFEs’ total assets grew c.39% yoy and increased exposure to domestic equities. 2025 was a remarkable year for Polish equities, with the MSCI Poland advancing c.46% and the broader WIG Index c.47%, vs. the c.19.5% delivered by the MSCI World and c.16.4% by the S&P 500 Index. Moreover, the PLN strengthened its position vis-à-vis the USD by c.15.1% in 2025, and we estimate that OFEs were net buyers of Polish equities (+PLN 4.2bn), and that, even if rather marginally, they were net sellers of foreign equities in 2025 (-PLN 0.1bn). As such, OFEs’ exposure to domestic equities as a percentage of the total assets held by OFEs increased by c.1.6ppts, while their relative exposure to foreign equities fell by c.0.3ppts. Warsaw Stock Exchange estimates that, in 2025, OFEs could have seen c.PLN 5.4bn of net inflows.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.