Slovenian Mutual Funds AUM Records a Slight Decrease in August 2023

At the end of August 2023, the total AUM of the Slovenian mutual funds amounted to EUR 4.51bn, representing an increase of 10.7% YoY, but a slight decrease of 0.7% MoM.

According to the latest report by the Slovenian Securities Market Agency, i.e. ATVP, the Slovenian mutual funds AUM amounted to EUR 4.51bn. This represents an increase of 10.7% YoY, but a decrease of 0.7% MoM. Taking a closer look at the asset structure of the funds, on a YoY basis, the largest increase was recorded by shareholdings, which increased by EUR 374m, or 12.9%. Due to the size of the shares in these funds, other assets didn’t record that large of an absolute increase. As such, following shares, the largest increase was recorded by bond holdings at EUR 5.2m, or 7.9%, money market, at EUR 2.5m, or 45.7%, and investment funds, at EUR 2.2m, or 7.9%. On the other hand, cash holdings recorded a decrease, of EUR 6.6m, or 30.1% YoY.

In terms of the MoM data, the largest increase was once again recorded by the shareholdings, which increased by EUR 93.3m, or 2.9%. Following them there are bond holdings, which increased by EUR 4.3m, or 0.6% MoM, and money market holdings, with an increase of 4.1m, or 5.4% MoM. Other holdings remained roughly unchanged.

Total assets of Slovenian mutual funds (June 2007 – August 2023, EURbn)

Source: ATVP, InterCapital Research

Turning our attention to the shareholdings, 98.2%, or EUR 3.17bn, of the shareholdings are foreign issuers’ equity securities. In terms of growth, these recorded a YoY increase of 14.2% and a MoM decrease of 1.3%. On the other hand, home issuers’ equity holdings, which accounted for the remaining 1.8% and amounted to EUR 54.6m, recorded a decrease of 6.6% MoM, and 8.7% YoY.

Equity holdings of Slovenian UCITS funds (October 2007 – August 2023, EURm)

Source: ATVP, InterCapital Research

Besides the change in the underlying value of the assets, net contributions also play a role in the change in the asset structure. In August 2023, the net contributions amounted to almost EUR 22m, representing a decrease of 3% MoM, but an increase of 5% YoY. On a trailing twelve-month basis, the net contributions amounted to EUR 243.5m, representing a decrease of 22.7% compared to the same period last year. In terms of the number of subscribers, it amounted to 523.1k, representing an increase of 0.4% MoM, and 3.6% YoY. Despite all the challenges faced in the current macroeconomic environment, this is one positive trend, as it shows that there is continued interest in voluntary investing in Slovenia.

Net contributions into the Slovenian mutual funds (January 2016 – August 2023, EURm)

Source: ATVP, InterCapital Research

Finally, taking a quick look at the current asset structure, 71.5% of the total is held by shareholdings, which is a decrease of 0.4 p.p. MoM, and an increase of 1.9 p.p. YoY. Next up, there are bond holdings at 16%, representing a decrease of 0.3 p.p. MoM, and an increase of 0.2 p.p. YoY. The final two noteworthy categories are investment funds at 6.5%, and money market, deposits & cash at 5.6%. These two categories recorded a MoM change of -0.1 p.p. and +0.3 p.p., respectively, and a YoY change of -0.5 p.p. and -1.6 p.p., respectively.  

Category : Flash News

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