Commentary on the aggregated balance sheet of investment funds
January 2026
Commentary on the aggregated sectoral balance sheet
Net assets value
The net assets value of investment funds was CZK 2,027.5 billion at the end of January. This represents an increase of CZK 21.9 billion compared to December (monthly transactions accounted for CZK +9 billion). Compared to the same period last year, the net assets value of investment funds rose by 31.8%. The biggest month-on-month change in the net assets value was recorded for equity funds, up by CZK 5.8 billion to CZK 269.2 billion.
Investment in bonds
The value of bond holdings was CZK 419.7 billion at the end of January. Compared to the previous month, the total volume of bonds in the funds’ portfolio decreased by CZK 2.8 billion (monthly transactions accounted for CZK -6.8 billion). The proportion of debt securities in the funds’ net assets value declined to 20.7% 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 1,136.6 billion, of which CZK 426.2 billion was investment in the shares and units of investment funds and CZK 710.4 billion was investment in shares and other equity. The value of equity securities grew by CZK 12.9 billion compared to December (monthly transactions accounted for CZK +4.2 billion). The proportion of equity securities in the funds’ net assets value increased to 56.1% compared to the previous month.
Other investment
The value of funds invested in other assets increased in the period under review. The total volume of other investment was CZK 558 billion in January, of which CZK 87.3 billion was fixed investment and CZK 115.9 billion investment in deposits. The proportion of other investment in the funds’ net assets value rose to 27.5% compared to the previous month.
Reporting population
At the end of January 2026, a total of 799 resident investment funds were active in the Czech Republic, of which 118 were equity funds, 71 bond funds, 72 mixed funds, 173 real estate funds and 365 other funds.
Chart 1 – Balance sheet total – breakdown by asset item
Source: ARAD data series system
Chart 2 – Net assets value – breakdown by investment policy
Source: ARAD data series system
Notes:
- In December 2025, entities were reclassified and the list of investment funds used for statistical purposes was adjusted in accordance with a recasted Regulation on investment fund statistics (ECB/2024/17). Investment funds with variable/fixed registered capital that establish sub-funds were newly classified as financial auxiliaries and are not included in this list.
- 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, price changes, exchange rate variations and other changes which do not arise from financial transactions (non-transaction effects).
- Other investment is understood to mean funds invested in assets other 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.