At the end of April 2023, the total AUM of Slovenian mutual funds amounted to EUR 4.21bn, representing an increase of 2.9% YoY, and a decrease of 0.1% MoM.
The Slovenian Securities Market Agency (ATVP) has published its latest monthly report on the development of assets under management of the Slovenian mutual funds for April 2023. According to the report, the total assets under management (AUM) amounted to EUR 4.21bn, representing an increase of 2.9% YoY, but a decrease of 0.1% MoM.
The most notable percentile development was recorded in Deposits and Loans, which increased by EUR 8m, representing an increase of 8.4% MoM. Shareholdings decreased by EUR 5.2m or 0.2% MoM. Finally, net contributions saw a significant slowdown to EUR 11m, down significantly compared to March when they equaled EUR 28m. Moving on to the current AUM structure, shares still hold the majority of the AUM, at 70.3%, a decrease of 0.1 p.p. MoM, but an increase of 0.7 p.p. YoY. Next up we have bond holdings at 16.5%, increasing by 0.6 p.p. both YoY and MoM. Investment funds meanwhile, remained unchanged at 6.7%, while money market, deposits & cash holdings amounted to 6.1%, a decrease of 0.4 p.p. MoM, and 1 p.p. YoY.
Total assets of Slovenian mutual funds (June 2007 – April 2023, EURbn)
Source: ATVP, InterCapital Research
Next up, we took a look at the largest category, i.e. equity holdings. Dividing it into domestic and foreign, we can see that the domestic equity holdings amounted to 63m, showing an increase of 2.6% MoM, and a decrease of 5.7% YoY, which also represents 2.1% of the total equity holdings. Meanwhile, foreign securities and deposits amounted to EUR 2.89bn, decreasing by 0.2 p.p. MoM, but increasing by 4.2% YoY.
Equity holdings of Slovenian UCITS funds (October 2007 – April 2023, EURm)
Source: ATVP, InterCapital Research
Finally, taking a look at the net contributions into the funds, they amounted to almost EUR 11m in April 2023, a decrease of 60.2% MoM, and 31.6% YoY. On a trailing 12 months basis, the net contributions amounted to EUR 217.6m, a decrease of 39.4% YoY. This slowdown in investment activity, however, is expected, as the last year has been one of volatility, marked by high inflation rates, escalating geopolitical conflicts, and increasing interest rates. Lastly, the number of subscribers amounted to 516.4k, an increase of app. 2k subscribers on a monthly basis (or 0.4%), and app. 16k on a YoY basis (or 3.3%). This would mean that despite this environment, there is continued growth in the number of people investing, which is certainly a piece of positive news for the capital market development.
Net contributions into the Slovenian mutual funds (January 2016 – April 2023, EURm)
Source: ATVP, InterCapital Research
