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 1,093.5 billion at the end of September. This means an increase of CZK 2.0 billion compared to August (monthly transactions accounted for CZK +5.9 billion). Compared to the same period last year, the net assets value of investment funds rose by 31.6%. The biggest month-on-month change in the net assets value was recorded for bond funds, up by CZK 5.3 billion to CZK 324.3 billion.
Investment in bonds
The value of bond holdings was CZK 226.0 billion at the end of September. Compared to the previous month, the total volume of bonds in the funds’ portfolio increased by CZK 5.7 billion (monthly transactions accounted for CZK +6.3 billion). The proportion of debt securities in the funds’ net assets value went up to 20.7% 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 520.4 billion, of which CZK 191.9 billion was investment in the shares and units of investment funds and CZK 328.5 billion was investment in shares and other equity. The value of equity securities dropped by CZK 1.6 billion compared to August (monthly transactions accounted for CZK -0.4 billion). The proportion of equity securities in the funds’ net assets value declined to 47.6% compared to the previous month.
The value of funds invested in other assets decreased during the period under review. The total volume of other investment was CZK 404.2 billion in September, of which CZK 70.6 billion was fixed investment and CZK 135.7 billion investment in deposits. The proportion of other investment in the funds’ net assets value fell to 37.0% compared to the previous month.
At the end of September 2023, a total of 807 resident investment funds were active in the Czech Republic, of which 86 were equity funds, 72 bond funds, 78 mixed funds, 129 real estate funds, 423 other funds and 19 funds without an investment policy.
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
- 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 data series system.