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Big December purchases lift BAMOSZ investment fund assets

Assets of investment funds managed by members of the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) rose 4.9% year-on-year to HUF 6.464 trillion in December, lifted by big end-of-year purchases of investment fund units, state news wire MTI reports.

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Monthly data released by BAMOSZ show net purchases of investment fund units came to HUF 151.2 billion in December, pointing to a recovery after the Hungarian Government Securities Plus bonds for retail investors appeared to give BAMOSZ funds a run for their money.

The Plus bond, which pays an annualized yield of 4.95% if held for the full five-year maturity, has attracted record demand among retail investors since its launch in June and proven a formidable competitor for investment funds: between May and October, net redemptions of BAMOSZ funds reached HUF 327 bln. Only in November did BAMOSZ record net purchases again, albeit a slight HUF 12 bln.

The fresh BAMOSZ data show assets in money market funds plunged 87% to HUF 77 bln after a restructuring prompted by the application of stricter operating conditions under a European Union directive.

Assets in bond funds were up 53% at HUF 1,353 bln.

Assets in mixed funds increased by 23% to HUF 1.189 tln.

Assets in funds of funds were up 9% at HUF 1.380 tln.

Assets in absolute yield funds declined 6% to HUF 879 bln, while assets in real estate funds were practically flat at HUF 1.549 tln.

Assets in shares funds were up 23% at HUF 458 bln.