By the end of July 2023, the total AUM of Slovenia mutual funds amounted to EUR 4.54bn, an increase of 9.4% YoY, and 2.3% MoM.
Recently, the Slovenian Securities Market Agency, ATVP has published the latest report regarding the changes recorded by the Slovenian mutual funds, for July 2023. According to the report, the total AUM of the Slovenian mutual funds amounted to EUR 4.54bn, representing an increase of 2.3% MoM, 14.8% YTD, and 9.4% YoY. Breaking this down further, and starting off with the yearly data, the largest growth was recorded by shares, which increased by EUR 374m, or 12.9%. Following them we have bonds which increased by EUR 52m, or 7.9% YoY, money market holdings, which increased by EUR 25m, or 45.7%, and finally, investment funds, which increased by EUR 22m, or 7.9%. It should be noted that the vast majority of investments in Slovenian mutual funds are into shares, both domestic and foreign.
Moving on to the monthly data, the largest absolute increase was recorded by shareholdings, which increased by EUR 93m, or 2.9%, while bonds, money market, and investment fund holdings all recorded smaller increases, of EUR 4.3m (or 0.6%), EUR 4.1m (or 5.4%), and EUR 1.5m (or 0.5%), respectively. This would mean that the vast majority of increases in mutual funds came from investments into shareholdings.
Total assets of Slovenian mutual funds (June 2007 – July 2023, EURbn)
Source: ATVP, InterCapital Research
Breaking the shareholdings further by origin, foreign issuers’ equity securities amounted to EUR 3.21bn, which accounts for 99.4% of the total shareholdings. This category grew by 13.3% YoY, and 3% MoM, and it would also mean that the vast majority of investments of the Slovenian mutual funds are into foreign equity holdings. Domestic issuers’ equity securities meanwhile, amounted to EUR 58.5m, a decrease of 4.7% YoY, but an increase of 2.3% MoM.
Equity holdings of Slovenian UCITS funds (October 2007 – July 2023, EURm)
Source: ATVP, InterCapital Research
Besides the changes in the value of assets themselves, the increase/decrease can stem from the net contributions to the funds. In July 2023, the net contributions amounted to EUR 22.8m, representing a decrease of 21% MoM, and 1.9% YoY. Meanwhile, on a TTM basis, the net contributions amounted to EUR 242.5m, representing a decrease of 24.4% compared to the same period a year ago. Moving on to the number of subscribers to the funds, they amounted to 521.9k, representing an increase of 3.6% YoY, and 0.4% MoM, meaning that there is continued interest in investing in the mutual funds, which is a piece of positive news.
Net contributions into the Slovenian mutual funds (January 2016 – July 2023, EURm)
Source: ATVP, InterCapital Research
Lastly, in terms of the prevalence of the asset classes in the total AUM of the funds, shares still hold the majority at 72%, which is an increase of 0.4 p.p. MoM, and 2.2 p.p. YoY. Following them we have bonds, which accounted for 15.7% of the total, decreasing by 0.3 p.p. MoM, and 0.2 p.p. YoY, as well as investment funds, which accounted for 6.6% of the total, decreasing by 0.1 p.p. both YoY and MoM. Finally, we have the money market, deposits & cash, which accounted for 5.3% of the total, remaining the same MoM, but decreasing by 1.9 p.p. YoY.
