As of the end of November 2021, the NAV of Croatian UCITS funds stood at HRK 21.57bn (21.5% YoY).

As the assets managers play an important role in the Croatian capital market, we decided to bring you an overview of how well they performed since the beginning of 2021. The NAV of all funds in November 2021 amounted to HRK 21.57bn, which marks the first decrease in the funds experienced in the last 20 months (a decrease of -0.57% MoM).

This decrease is mainly driven by the decline in cash as well as domestic securities and deposits, which decreased by -5.67% (or HRK -204.94m), and -0.8% (or HRK 87.8m), respectively. The main drivers of the decrease in domestic securities and deposits were shares as well as deposits, which decreased by -2.34% (or HRK 14.8m) and -3% (or HRK 47.94m), respectively. At the same time, foreign securities and deposits increased by 1.18% (or HRK 90m) to HRK 7.71bn.

Looking over to the asset composition of the Croatian UCITS funds, investment funds have noted an increase in AUM of 2.9%, and currently hold 6.9% of total AUM, which is higher than the 10-year average of 3%.

We would also like to note that domestic shares account for 25.1% of total equity holdings. Domestic equity has thus far in 2021 seen a 22% YTD increase, while foreign equity increased by 48.9% YTD.

Bond holdings still continue their trend as the largest asset class of Croatian UCITS funds, accounting for 56.7% of total AUM. This represents a decrease of 5.5 p.p. YTD. This is due to the increase in other asset classes such as investment funds, shares, and loans on the money market. Bonds did experience a 6.6% (or HRK 777.3m) YTD increase in its assets, amounting to HRK 12.5bn.

Total Assets of All Croatian UCITS funds (2015 – October 2021) (HRKm)

Net contributions in November amounted to HRK 10.1m, reaching a total of HRK 3.23bn YTD. When comparing it with 2020 when net contributions in the 11 months of 2020 were at HRK 5.41bn, an improvement can be seen in 2021.