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Investment fund redemptions continue to moderate after March sell-off

Net redemptions of Hungarian investment fund units came to HUF 32 billion in May, declining from HUF 39 bln in the previous month, data released by the National Bank of Hungary (MNB) on Monday show, according to a report by state news wire MTI.

The monthly redemptions pale in comparison to the HUF 263 bln sell-off of investment fund units in March, amidst market volatility caused by the coronavirus crisis.

In the period before March, there was a net subscription of Hungarian investment fund units each month since November.

The net asset value of Hungarian investment funds came to HUF 7.205 trillion at the end of May, down 0.32% or HUF 23 bln from the previous month. In addition to net redemptions, exchange rate changes erased HUF 21 bln of fundsʼ value, while price changes added HUF 30 bln.