Commentary on the aggregated balance sheet of investment funds

April 2022

Commentary on the aggregated sectoral balance sheet

Net assets value

The net assets value of investment funds was CZK 781.4 billion at the end of April. This means a decrease of CZK 0.4 billion compared to March (monthly transactions accounted for CZK +9.1 billion). Compared to the same period last year, the net assets value of investment funds rose by 18.9%. The biggest month-on-month change in the net assets value was recorded for mixed funds, down by CZK 3.4 billion to CZK 160.3 billion.

Investment in bonds

The value of bond holdings was CZK 172.7 billion at the end of April. Compared to the previous month, the total volume of bonds in the funds’ portfolio decreased by CZK 1.8 billion (monthly transactions accounted for CZK -1.0 billion). The proportion of debt securities in the funds’ net assets value declined to 22.1% compared to the previous month.

Investment in equity securities

The volume of equity securities in the funds’ portfolio decreased in the month under review. As of the end of the month, the value of holdings of equity securities amounted to CZK 390.6 billion, of which CZK 157.0 billion was investment in the shares and units of investment funds and CZK 233.6 billion was investment in shares and other equity. The value of equity securities dropped by CZK 0.3 billion compared to March (monthly transactions accounted for CZK +2.5 billion). The proportion of equity securities in the funds’ net assets value was unchanged at 50.0%.

Other investment

The value of funds invested in other assets decreased during the period under review. The total volume of other investment was CZK 275.7 billion in April, of which CZK 72.0 billion was fixed investment and CZK 83.7 billion investment in deposits. The proportion of other investment in the funds’ net assets value was unchanged at 35.3%.

Reporting population

At the end of April 2022, a total of 672 resident collective investment funds were active in the Czech Republic, of which 72 were equity funds, 64 bond funds, 76 mixed funds, 108 real estate funds, 341 other funds and 11 funds without an investment policy.

Chart 1 – Balance sheet total – breakdown by asset item

Balance sheet total – breakdown by asset item – chart

Chart 2 – 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, price changes, exchange rate variations and potential 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.