Slovenian Mutual Fund Asset Structure – February 2022

In February 2022, the Slovenian mutual funds had EUR 4.14bn under management, a decrease of -2.9% MoM and an increase of 21.9% YoY.

The Slovenian Securities Market Agency has posted its monthly report on the Slovenian mutual funds. In it, we can see that Slovenian mutual funds had EUR 4.14bn AUM (assets under management) in February 2022. This represents a decrease of -2.9% MoM, continuing the trend in January, and a decrease of -4.5% YTD. On a YoY basis, however, this would equate to an increase of 21.9%. This decrease could be attributed to the increase in uncertainty and volatility experienced since the beginning of the year, due to the inflation and interest rates uncertainty, as well as the volatility experienced on the market since the Russian invasion of Ukraine.

Equity Holdings of Slovenian UCITS funds (EUR bn)

Looking over to the net contributions of the funds, in February 2022, they amounted to EUR 28.7m. Compared to the same period last year, when net contributions amounted to EUR 37.2m, this is a decrease of 22.9%. At the same time, the total number of subscribers increased to 497,584, continuing the trend of the increasing amount of subscribers, and once again marking an all-time high. When looking at the net contributions over the last twelve months, they amounted to EUR 457.9m, which is 139% higher than the same period during 2021.

Net contributions in the Slovenian mutual funds (EUR m)

In terms of the asset structure of the funds, in February 2022, shares amounted to 69.4% (or EUR 2.88bn) of AUM, a decrease of -1.6 p.p. MoM, and roughly the same level YoY. Bond holdings, which amount to 16% of total AUM, experienced an increase of 0.6 p.p. MoM and a decrease of -1.3 p.p. YoY and amounted to EUR 660.9m. Next up, we have investment funds, which remained roughly at the same level MoM and YoY, and amounted to EUR 289.1m. Following them,  we have the money market, deposits & cash, which increased by 0.4 p.p. MoM, 0.7 p.p. YoY and amounted to EUR 265.1m, and other assets, which grew by 0.8 p.p. MoM, 0.7 p.p. YoY, and amounted to EUR 51.1m. The effects of the aforementioned uncertainty regarding the effects of the Russian invasion can also be seen here, with the slight reduction in shares percentage in total AUM, and an increase in lower-risk assets, like bonds.

Total assets of all Slovenian UCITS funds (EUR bn)

Of that amount, domestic equity holdings amounted to 63.9m, a decrease of -17.4% MoM, and an increase of 8.7% YoY. The decrease in domestic equity could be attributed to the sell-off of Krka shares (on average, the most traded stock on the LJSE)  which has exposure on the Russian & Ukrainian markets. At the same time, foreign equity holdings which amount to EUR 2.81bn, also experienced recorded a decrease of -4.8% MoM, but still, maintain an increase on a YoY basis of 22.2%.

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