Commentary on the aggregated balance sheet of investment funds
Commentary on the aggregated sectoral balance sheet
Net assets value
The net assets value of investment funds was CZK 461.8 billion at the end of August. This means an increase of CZK 0.3 billion compared to July (monthly transactions accounted for CZK +1.1 billion). Compared to the same period a year earlier, the net assets value of investment funds rose by 15.1%. The biggest month-on-month change in the net assets value was recorded for bond funds, down by CZK 2.4 billion to CZK 134.6 billion.
Investment in bonds
The value of bond holdings was CZK 104.9 billion at the end of August. Compared to the previous month, the total volume of bonds in the funds’ portfolio fell by CZK 2.1 billion (monthly transactions accounted for CZK -0.7 billion). The proportion of debt securities in the funds' net assets value declined to 22.7% compared to the previous month.
Investment in equity securities
The volume of equity securities in the funds’ portfolio increased in the month under review. As of the end of the month, the value of holdings of equity securities amounted to CZK 228.0 billion, of which CZK 113.2 billion was investment in the shares and units of investment funds (including money market funds) and CZK 114.8 billion was investment in shares and other equity. The value of equity securities grew by CZK 2.5 billion compared to July (monthly transactions accounted for CZK +0.2 billion). The proportion of equity securities in the funds' net assets value increased to 49.4% compared to the previous month.
The value of funds invested in other assets rose in the period under review. The total volume of other investment was CZK 166.3 billion in August, of which CZK 47.1 billion was fixed investment and CZK 58.3 billion investment in deposits. The ratio of other investment to the funds' net assets value increased to 36.0% compared to the previous month.
At the end of August 2018, a total of 442 resident collective investment funds were active in the Czech Republic, of which 60 were equity funds, 58 bond funds, 81 mixed funds, 85 real estate funds, 156 other funds and two funds without an investment policy.
Balance sheet total – breakdown by asset item
Net assets value – breakdown by investment policy
- Investment funds mean investment and mutual funds other than money market funds. In accordance with Regulation of the European Central Bank concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33), money market funds fall into this sector and the data for money market funds are not part of the investment fund statistics.
- Transactions mean changes in stocks which occurred during the relevant period owing to purchases/sales of the given instrument. Monthly transactions are calculated from differences in outstanding amounts adjusted for reclassifications, other revaluations, exchange rate variations and other changes which do not arise from transactions (non-transaction effects).
- Other investment means funds invested in other assets than bonds and equity securities (especially deposits, loans and real estate)..
- The time series for investment fund statistics are available in the ARAD time series system.