Record growth in first-half-year 2024
In six months, assets under management (AUM) increased by PLN 38.1 billion (+11.9%), reaching a record high of PLN 358.8 billion. The good streak in the TFI industry (Towarzystwo Funduszy Investycyjnych) extended to 16 months. The best month was June when assets increased by PLN 8.2 billion (2.4%).
The increase in AUM is the combined effect of new inflows into funds, as well as positive management performance. The advantage of inflows over outflows withdrawals in first-half-year 2024 amounted to PLN 22.3 billion, of which retail funds raised PLN 19.3 billion, and defined-date funds operating within the framework of PPKs (Pracownicze Plany Kapitałowe) raised another PLN 3.3 billion. Non-retail funds, meanwhile, recorded net outflows of more than PLN 0.3 billion.
The management result increased the AUMs of funds by about PLN 12 billion. It was a good six months for TFI clients. The majority of mutual funds generated positive returns, in every fourth case counted at a double-digit rate. This was the result of good performance on the stock markets, especially on Wall Street in the technology sector. Bonds, both treasury and corporate, also made money.
Overview of asset classes
In the first half of 2024, the dominance of debt funds, which became the largest segment, continued. At the end of June, they had accumulated PLN 132.4 billion, 19.2% more than at the end of December 2023. They were favored by both the good situation in the debt market and the high balance of inflows/outflows. In the first half of 2024, clients paid PLN 18 billion into debt funds. Second place was held by non-public asset funds, whose assets increased by 4.9% to PLN 104.7 billion.
Equity funds also saw increases to PLN 40 billion, albeit with net outflows (PLN -0.2 billion), reflecting investors' cautious attitude despite market optimism.
Mixed funds, which combine investments in stocks and bonds, attracted more inflows than outflows (PLN +0,7bn), confirming investors' appetite for diversified portfolios.
Absolute return funds also saw asset growth (up 20% to PLN 7.0 billion) and defined-date funds of employee capital plans, which saw significant growth (+26.9% to PLN 24.1 billion), driven by systematic contributions from employees and employers (+PLN 3.3 billion).
Commodity funds, however, faced challenges, with net outflows amounting to PLN 0.3 billion in first half of 2024.
Conclusion
In the first half of the year 2024, most mutual fund companies reported asset growth. In many cases, it was in double digits, reflecting the industry's overall resilience and potential for further growth.
Ipopema TFI remained the market leader, with PLN 55.0 billion in assets under management at the end of June 2024, followed by PKO TFI and TFI PZU.
By Analizy Online
As of October 2024