In March 2022, the Slovenian mutual funds had EUR 4.18bn of assets under management, an increase of 1% MoM and 15.3% YoY.
The Slovenian Securities Market Agency has published a monthly report on the developments of the Slovenian mutual funds. In March 2022, the Slovenian mutual funds had EUR 4.18bn of AUM (assets under management). This would amount to an increase of 1% MoM, but at the same time, a decrease of -3.5% since the beginning of the year. On a YoY basis, this would equate to an increase of 15.3%. March marks the first month in 2022 that the total assets under management increased, stopping the decline that was experienced during January and February. The decline could partially be attributed to the flight from equity that was recorded in January due to the expected interest rate hikes, further exacerbated by the Russian invasion of Ukraine that started in February, but at the same time, the trend that has set in the last couple of weeks of a slowdown and a partial recovery can also be seen here, being the main contributor to the increase in March.
Equity Holdings of Slovenian UCITS funds (EUR bn)
Changing our view to the net contributions of the funds, in March 2022, they amounted to EUR 5.05m. Compared to the same period last year, when net contributions amounted to EUR 72.9m, this represents a decrease of -93% YoY. Meanwhile, the total number of subscribers still continued its increase, amounting to 497,871 in March (+5% YoY). If we would look at the net contributions over the last twelve months, they amounted to a total of EUR 390.2m, representing an increase of 46% over the same period of 2021.
Net contributions in the Slovenian mutual funds (EUR m)
In terms of the asset structure of the funds, in March 2022, Shares amounted to 70% (or EUR 2.93bn), an increase of 0.6 p.p. MoM and 0.9 p.p. YoY. The second-largest asset class, Bond holdings, amounted to 16% (or EUR 670m), growing by 0.1 p.p. MoM but losing -0.3. p.p. YoY. Next up we have Investment funds, which hold 7% (or EUR 292.3m), and have remained at roughly the same level MoM but experienced a decrease of -1.1. p.p. YoY. Lastly, we have the Money market, deposits & cash, and Other assets, which hold 6.4% (or EUR 266.3m) and 0.6% (or EUR 25.1m), respectively.
Total assets of all Slovenian mutual funds (EUR bn)
Out of that amount, domestic equity holdings amounted to EUR 68.6m, an increase of 7.3% MoM and 14.2% YoY. After the sell-off of Krka (on average, the most traded stock on the LJSE) that was experienced during February due to the fact that Krka derives significant revenue from Russia and Ukraine, some of the increase in the domestic equity holdings can be attributed to the recovery that Krka also experienced. This is evidenced by the fact that Krka’s share price amounted to EUR 107 per share before the invasion, before plummeting to EUR 80.8 per share, and recovering to EUR 96 per share by the end of March. On the flip side, foreign equity holdings increased to EUR 2.86bn, an increase of 1.7% MoM and 17% YoY.
