As of the end of October 2021, NAV of Croatian Mandatory Pension funds amounted to HRK 130.5bn, representing a +12.7% increase YoY
With the pension funds being such a key player on the Croatian capital market, it is worth seeing how well they performed in the recent period.
NAV of Croatian pension funds have experienced a steady increase of the 19th consecutive month, and as of the end of October stood at HRK 130.5bn (+12.7% YoY or HRK 14.7bn). At the same time, on a YTD basis, NAV is up by 9.6%, while on a MoM basis, NAV of mandatory pension funds is up by 1.1%. We would also like to note that the net contributions in October amounted to HRK 638.9m, reaching a total of HRK 6.1bn YTD.
AUM Structure – Mandatory Pension Funds (January 2018 – October 2021), HRK bn
Source: HANFA, InterCapital Research
Looking at the asset composition of the pension funds, bonds account for the vast majority of assets (62.5%), which as of the end of October amounted to HRK 82.2bn. This also means that the bond holdings observed a MoM decrease of -0.9% (or HRK 751.6m)
Current AUM Structure – Mandatory Pension Funds (October 2021), %
Source: HANFA, InterCapital Research
Shares come next, with 20.6% or HRK 27bn, representing an increase of 2.5% MoM (or HRK 664.8m). The mentioned increase came from both the foreign equity (+4.2% MoM or HRK 475.6m) as well as domestic equity (+1.3% MoM or HRK 181m). Note that domestic equity accounts for 56.1% of total equity holdings. On the other hand, in the bond market, the domestic bonds hold a vast majority with 94.6%.
