Ceska Narodni Banka

03/15/2023 | News release | Distributed by Public on 03/15/2023 03:05

Statistics on investment funds – commentary

January 2023

Commentary on the aggregated sectoral balance sheet

Net assets value

The net assets value of investment funds was CZK 922.4 billion at the end of January. This means an increase of CZK 25.3 billion compared to December (monthly transactions accounted for CZK +13.1 billion). Compared to the same period last year, the net assets value rose by 23.8%. The biggest month-on-month change in the net assets value was recorded for bond funds, up by CZK 11.6 billion to CZK 259.5 billion.

Investment in bonds

The value of bond holdings was CZK 198.7 billion at the end of January. Compared to the previous month, the total volume of bonds in the funds' portfolio increased by CZK 5.4 billion (monthly transactions accounted for CZK +3.8 billion). The proportion of debt securities in the funds' net assets value was unchanged from the previous month at 21.5%.

Investment in equity securities

During the month under review, the volume of equity securities in the funds' portfolio increased. As of the end of the month, the value of holdings of equity securities amounted to CZK 450.4 billion, of which CZK 171.7 billion was investment in the shares and units of investment funds and CZK 278.8 billion was investment in shares and other equity. The value of equity securities grew by CZK 12.6 billion compared to December (monthly transactions accounted for CZK +3.2 billion). The proportion of equity securities in the funds' net assets value was unchanged from the month at 48.8%.

Other investment

The value of funds invested in other assets increased in the period under review. The total volume of other investment was CZK 335.3 billion in January, of which CZK 62.6 billion was fixed investment and CZK 115.1 billion investment in deposits. The proportion of other investment in the funds' net assets value increased to 36.3% compared to the previous month.

Reporting population

At the end of January 2023, a total of 745 resident investment funds were active in the Czech Republic, of which 78 were equity funds, 67 bond funds, 76 mixed funds, 120 real estate funds, 391 other funds and 13 funds without an investment policy.

Chart 1 - Balance sheet total - breakdown by asset item

Chart 2 - Net assets value - breakdown by investment policy

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.