By the end of February 2023, the Slovenian mutual funds AUM amounted to EUR 4.13bn, which is a decrease of 1.1% MoM, and 0.3% YoY.
The Slovenian Securities Market Agency, ATVP, has published its latest monthly report on the changes recorded by the Slovenian mutual funds, for the month of February 2023. In the report, we can see that the total assets under management of the fund decreased by 1.1% MoM, 0.3% YoY, and amounted to EUR 4.13bn. This marks a slight reversal as compared to January 2023, when on a monthly basis, the funds recorded a solid 5.7% growth.
Breaking the AUM down by asset types, the largest absolute increase was recorded by the Money market holdings, which increased by EUR 7.5m, or 11.6%, followed by Other assets holdings, which increased by EUR 2.8m, or 14%. On the other hand, the largest MoM decrease was recorded by Cash holdings, which decreased by EUR 32.6m, or 15.1%, followed by a decrease in Shareholdings, which declined by EUR 12m, or 0.4%, as well as bond holdings, which declined by EUR 7.7m, or 1.2%.
Moving on to the yearly basis, here we can again see that the majority of the asset types recorded a decrease. Only the Money market, as well as Share holdings, recorded an increase, growing by EUR 39m, or 117%, and EUR 36m, or 1.25%, respectively. On the flip side, the largest decline was recorded by Other asset holdings, which decreased by EUR 29m, or 56%, followed by Deposit and Loan holdings, which decreased by EUR 22m, or 69%, as well as Cash holdings, which declined by EUR 16m, or 8.3%.
Taking a look at the current AUM structure, we can see that shares still have the largest percentage of the total, at 70.5%, representing an increase of 0.5 p.p. MoM, and 1.1 p.p. YoY. Following them, we have bonds, which hold 15.8% of the total AUM, remaining roughly unchanged MoM, but decreasing by 0.2 p.p. YoY, as well as investment funds, which hold 6.7% of the total, remaining unchanged MoM, but decreasing by 0.2 p.p. YoY. Finally, we have the money market, deposits & cash, which currently hold 6.4% of the total, representing a decrease of 0.5 p.p. MoM, but remaining unchanged YoY.
Total assets of Slovenian mutual funds (June 2007 – February 2023, EURbn)
Source: ATVP, InterCapital Research
Meanwhile, looking at the equity holdings more closely, and dividing them into domestic and foreign, we can see that domestic equity holdings amounted to EUR 61.3m, representing a decrease of 4% YoY, and 0.5% MoM, while foreign equity holdings, which account for the vast majority of equity holdings, amounted to EUR 2.85bn, representing a decrease of 0.5% MoM, but an increase of 1.4% YoY.
Equity holdings of Slovenian UCITS funds (October 2007 – February 2023, EURm)
Source: ATVP, InterCapital Research
Several other indicators are worth noting, such as the net contributions to the funds as well as the number of subscribers. The increase in net contributions into the fund is one of the several ways that the value of certain asset holdings can change (the others being the change in the inherent value of the underlying asset as well as the decision of the fund managers to increase/decrease their investments into certain assets). In February 2023, the net contributions amounted to EUR 25.9m, representing a decrease of 9.7% YoY. Furthermore, if we looked at the net contributions during the last twelve months, we can see that they amounted to EUR 200m, which compared to the same period last year when this value amounted to EUR 458m, this is a decrease of 56.3%. Even though this might seem slightly discouraging, the number of subscribers is anything but. In February, the total number of subscribers amounted to 513.3k, representing an increase of 3.2% YoY, meaning that despite the general situation, people are still willing to continually invest in the funds, while the number of subscribers is also growing.
Net contributions into the Slovenian mutual funds (January 2016 – February 2023, EURm)
Source: ATVP, InterCapital Research
All in all, February 2023 proved to be somewhat of a quiet month for the Slovenian mutual funds, as well as the underlying assets they invest in. There are both positive and negative developments in the funds, and considering the current macroeconomic and geopolitical situation that the funds are operating, this could be seen as quite encouraging news.
