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Commentary on the aggregated balance sheet of investment funds

June 2018

Commentary on the aggregated sectoral balance sheet

Net assets value

The net assets value of investment funds was CZK 455.6 billion at the end of June. This means an increase of CZK 3.2 billion compared to May (monthly transactions accounted for CZK +1.8 billion). Compared to the same period a year earlier, the net assets value of investment funds rose by 16.6%. The biggest month-on-month change in the net assets value was recorded for other funds, up by CZK 2.8 billion to CZK 47.5 billion.

Investment in bonds

The value of bond holdings was CZK 107.7 billion at the end of June. Compared to the previous month, the total volume of bonds in the funds’ portfolio increased by CZK 0.5 billion (monthly transactions accounted for CZK +0.6 billion). The proportion of debt securities in the funds' net assets value declined to 23.6% 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 224.2 billion, of which CZK 112.0 billion was investment in the shares and units of investment funds (including money market funds) and CZK 112.2 billion was investment in shares and other equity. The value of equity securities grew by CZK 2.8 billion compared to May (monthly transactions accounted for CZK +1.4 billion). The proportion of equity securities in the funds' net assets value increased to 49.2% compared to the previous month.

Other investment

The value of funds invested in other assets rose in the period under review. The total volume of other investment was CZK 161.5 billion in June, of which CZK 47.0 billion was fixed investment and CZK 57.6 billion investment in deposits. The proportion of other investment in the funds' net assets value was unchanged from the previous month at 35.5%.

Reporting population

At the end of June 2018, a total of 440 resident investment funds were active in the Czech Republic, of which 61 were equity funds, 58 bond funds, 81 mixed funds, 91 real estate funds, 147 other funds and two funds without an investment policy.

Balance sheet total – breakdown by asset item
Balance sheet total – breakdown by asset item – chart

Net assets value – breakdown by investment policy
Net assets value – breakdown by investment policy – chart

Notes:

  • 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.