As of end March 2021, NAV of Croatian UCITS funds stood at HRK 19.3bn (+23.4% YoY)
Since asset managers play a significant role in the Croatian capital market, it is particularly interesting to see how they have been performing since the beginning of 2021. As visible from the graph below, NAV of all funds has witnessed a steady increase for 12th consecutive month, and as of end March stood at HRK 19.3bn (+2.1% MoM or +23.4% YoY). Meanwhile NAV of Croatian mutual funds increased by as much as 6% YTD (Q1 2021).
As a reminder, in March of 2020, UCITS funds observed a sharp decrease in their NAV of 32.2% or HRK 7.42bn. We note that most of the mentioned decrease could be attributed to the withdrawals from the funds, while a smaller portion reflects the change in value of assets in which the funds invest in.
The biggest (nominal) YTD increase was observed in deposits and cash by HRK 502.4m (or 11%) and Money market by HRK 246.5m. Shares follow with a very solid increase of 12.8% or 224m. On the flip side, bonds observed a slight decrease of 72m or 0.6%.
Looking at the asset composition of Croatian UCITS funds, bonds remain the largest asset class, accounting for 58.6% of total assets. Shares come next with 9.9% or HRK 1.97bn. Of that, domestic shares account for 28.5% or HRK 560m. Note that domestic equity holdings observed a solid increase of 10.5% YTD.
Total Assets of All Croatian UCITS Funds (2015 – March 2021) (HRK bn)
