At the end of October 2023, the Slovenian mutual funds recorded an AUM of EUR 4.37bn, representing a decrease of 1.9% MoM, an increase of 10.6% YTD, and 9.8% YoY.
According to the latest report on the performance of the Slovenian mutual funds, released by the Slovenian Securities Market Agency, the AUM of the funds continued growing, on a YTD and YoY basis, while it recorded a slowdown on a MoM basis. As such, the total AUM amounted to EUR 4.37bn, which is a decrease of 1.9% MoM, but an increase of 10.6% YTD, and 9.8% YoY. This would mark the 3rd month in a row that on the MoM basis the AUM decreased, but on a YoY basis growth has been solid, averaging 12% YoY during this period.
Looking at the drivers of this change more closely, on the MoM basis, the largest absolute decrease in AUM was recorded by shareholdings, which declined by EUR 80m, or 2.5%. Following them there are inv. funds, whose AUM declined by EUR 13.7m, or 5%, and other assets, which decreased by EUR 13.1m, or 47%. Meanwhile, on a YoY basis, shares recorded the largest increase in AUM, growing by EUR 308m, or 11.1%, followed by bonds at EUR 82m, or 13%, and inv. funds, at EUR 16m, or 6.6%.
Total assets of Slovenian mutual funds (June 2007 – October 2023, EURm)
Source: ATVP, InterCapital Research
Besides looking at the change in the inherent value of the different types of assets, it is also worthwhile to see the net contributions to the funds. In October, the net contributions were positive at EUR 45.8m, growing by more than 181% YoY, and 29% MoM. Furthermore, if we were to look at the last twelve months, the total net contributions amounted to EUR 287.4m, declining by only 1% compared to the same period last year. As such, the increase in net contributions recorded during October was the highest ever since December 2021. Moving on to the number of subscribers, Slovenian mutual funds recorded 527.1k of them, which is an increase of 0.3% MoM, and 4.2% YoY. Taking these 2 data points together would indicate that there was app. the same amount of investments made into these funds by Slovenians while there were more Slovenians investing, both of which are positive developments.
Net contributions into the Slovenian mutual funds (January 2016 – October 2023, EURm)
Source: ATVP, InterCapital Research
Finally, looking at the current asset structure of the funds, shares continue to hold the vast majority of the AUM, standing at 70.4%, a decrease of 0.42 p.p. MoM, but an increase of 0.82 p.p. YoY. Following them there are bonds at 16.3%, increasing by 0.34 p.p. MoM, and 0.46 p.p. YoY, the money market, deposit & cash holdings, at 7.1%, increasing by 0.56 p.p. MoM, but decreasing by 1 p.p. YoY. Lastly, we have the investment funds, which hold 5.9% of the total, declining by 0.19 p.p. MoM, and 0.18 p.p. YoY, respectively. As the shares hold the vast majority, it is also worthwhile to see how they developed, based on domestic and foreign origin. Foreign issuers’ equity securities still hold the vast majority, at 98.2% (or EUR 3.02bn) of all equity holdings, decreasing by 2.6% MoM, but growing by 11.3% YoY. Home issuers’ equity securities meanwhile, accounted for the remaining 1.8% (or EUR 55m), and have increased by 1.6% MoM, and 1.1% YoY.
Equity holdings of Slovenian UCITS funds (October 2007 – October 2023, EURm)
Source: ATVP, InterCapital Research
