As of end September 2021, NAV of Croatian Mandatory Pension funds amounted to HRK 129.1bn.
As pension funds could be seen as the key player on the Croatian capital market, it is worth seeing how they have performed in the recent period.
NAV of pension funds has witnessed a steady increase for the 18th consecutive month, and as of end-September stood at HRK 129.1bn (+11.5% YoY or HRK 13.3bn). Meanwhile, on a YTD basis, NAV is up by 8.4%, while on a MoM basis, NAV of Mandatory Pension funds is up by 0.3%. We also note that net contributions in September amounted to HRK 650.8m, reaching a total of HRK 5.5bn YTD.
AUM Structure – Mandatory Pension Funds (September 2021)
Looking at the asset composition of pension funds, one can notice that bonds account for the vast majority of total assets (63.9%) which as of end-September amounted to HRK 83bn. We note that bond holdings observed a MoM increase of 0.9% (or HRK 780.7m).
AUM Structure – Mandatory Pension Funds (September 2021)
Source: HANFA, InterCapital Research
Shares come next, with 20.3% or HRK 26.4bn, representing a decrease of 0.2% MoM (or HRK -59.2m). The mentioned decrease came from foreign equity (-2.2% MoM or HRK 258.4m). Meanwhile, domestic equity witnessed an increase of 1.3% or HRK 199m. Note that domestic equity accounts for 56.8% of total equity holdings. On the other hand, in the bond market, the domestic bonds hold vast majority with 94.2%.
