Since 1 January 2022 up to date, 1 out of 10 CROBEX10 constituents outperformed the index more than 50% of the times.

For today, we decided to look at how often did each CROBEX10 constituent outperform/underperform the index. The figures relate to from 1 January 2022 to date.

In the mentioned period, the CROBEX10 has observed an increase of 2.4%, while half of the constituents outperformed the index. Of that, Atlantska Plovidba and Končar observed a double-digit increase YTD, with Atlantska Plovidba leading the list with 26.1% and Končar with 20.1%. On the flip side, AD Plastik noted a sharp decrease of 41.4% due to high material impact from the geopolitical situation in Russia.

How much did individual constituents out/underperform the index? (YTD) (p.p.)

based on data as of 10 Jun 2022

Among the CROBEX 10 constituents, only one of them outperformed the index more than 50% of the time. To be specific, Atlantska Plovidba is the only constituent to outperform the index 50.7% of the time. Also, the company reported the highest YTD return.

On the flip side, nine of CROBEX10 constituents underperformed the index most of the observed times. Of those, Podravka leads the list, underperforming the index 58.8% of the times. Also, we note that Podravka underperformed CROBEX10 by 4 p.p. YTD.

How often do CROBEX10 Constituents Outperform the Index? (%)

based on data as of 10 Jun 2022

At the share price before the proposed dividend, this would amount to a DY of 2.27%. The ex-date is set for 15 June 2022.

Span has published the resolutions of its GSM held yesterday, 13 June 2022. Among the decisions, the most interesting one is the approval of the proposed dividend payment from the profits the Company made in 2021. According to this decision, a total of HRK 9.55m will be paid out as dividends, representing a 40% payout ratio. This would yield a dividend of HRK 5 per share, representing a dividend yield of 2.27%.

This also follows the dividend payment policy the Company published in February 2022. According to it, 20 to 50% of the consolidated profit will be paid in the form of dividends. Of course, the policy is also subject to several conditions, including the Company’s development plans, the situation in the capital market, net profit, and revenue levels/growth, etc.

Finally, the ex-date is set for 15 June 2022, while the payment date is set for 1 July 2022.

At the end of May 2022, the total assets under management of Slovenian mutual funds amounted to EUR 4.07bn, representing a decrease of -0.4% MoM, -6.1% YTD, but an increase of 9.3% YoY.

Slovenian Securities Market Agency has published the monthly report on the developments recorded by the Slovenian mutual funds. According to the report, in May 2022, the Slovenian mutual funds had a total of EUR 4.07bn of assets under management (AUM). This would mean that during May, they recorded a decrease of -0.4% MoM, -6.1% YTD, but an increase of 9.3% YoY. The decline on a YTD basis is especially interesting, as it points toward the current situation in the capital markets, high inflation, and the rising interest rates (both by the Fed and ECB in order to counter the inflation), making investments in the riskier types of assets (such as stocks) even riskier.

Equity holdings of Slovenian UCITS funds (EURm)

The trend of declining AUM of the Slovenian mutual funds can be observed in both the domestic as well as foreign equity holdings. This would mean that in May, domestic equity holdings decreased by -3.8% MoM, -0.8% YoY, while foreign equity holdings decreased by -0.9% MoM, but still maintained some of their growth from last year, meaning they grew by 8.2% YoY. In absolute amounts, domestic equity holdings amounted to EUR 64.2m, while foreign equity holdings amounted to EUR 2.75bn.

Taking a look at the asset structure of the funds, during May, shares amounted to 69.2% (or EUR 2.81bn) of the total AUM, representing a decrease of -0.4% MoM, -0.8% YoY. Following them, we have bonds, which amounted to 15.8% of the total AUM, or EUR 645.5m in absolute amounts, representing roughly the same level MoM, but a decrease of -0.3% YoY. Next up, we have the Money market, deposits & cash, which holds 7.5% (or EUR 303.9m) of the total AUM, representing an increase of 0.3% MoM, 1.9% YoY. Finally, we have Investment funds, whose AUM amounted to EUR 272.3m (or 6.7% of the total AUM), representing a decrease of -0.1% MoM, and -1.2% YoY.

Total assets of Slovenian mutual funds (EURbn)

This information does point to the general trend that we have seen in the capital markets since the beginning of the year, i.e. the decrease in almost all types of investments (stocks, bonds, inv. funds), but at the same time, an increase of holdings in the money market or in the form of cash. With the current inflationary pressures only increasing, the expected rise in interest rates (already signaled by the ECB) will end the era of so-called „cheap money“, meaning that investments, especially into riskier assets, will, unfortunately, have to be reduced.

However, even with these trends, the net contributions into funds are continually rising, amounting to EUR 21m in May. This is especially evident if we look at the data for the last twelve months, as the net contributions during this period amounted to EUR 365.4m, representing an increase of 13.7% over the period in 2021. At the same time, the total number of subscribers also increased, reaching 501,205 (breaching half a million for the first time), which would mean that on a YoY basis, total subscribers grew by 4.5%.

Net contributions in Slovenian mutual funds (EURm)