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Investment fundsʼ net asset value up 5% in 2018

Net asset value (NAV) of investment funds in Hungary rose 5% to total some HUF 6.932 trillion in the twelve months to the end of 2018, show data published by the National Bank of Hungary (MNB), as reported by state news agency MTI.  

Property funds expanded the most rapidly last year: the NAV of funds investing indirectly in real estate rose 82% to HUF 262 billion at the end of 2018, while the NAV of funds investing directly in real estate rose 52% to HUF 1.83 tln.

The net asset value of absolute yield funds fell 13% to HUF 1.024 tln, and their market share fell to 15%, still the third biggest share.    Funds with a rapid expansion included balanced and dynamic mixed funds, noted the MNB.

Bond funds shrank last year, with the steepest, 29% contraction registered by short bond funds. The NAVs of liquidity funds and money market funds each dropped by 7%, while the NAV of share funds dropped 2% to HUF 450 bln.

The NAV of venture capital funds rose 30% last year to HUF 218 bln, and their number rose by nine to 49. The NAV of private capital funds rose 17% to HUF 156 bln, and their number by seven to 18.

There were 77 investment fund managers, including 33 venture capital fund managers, reporting data on 691 funds at the end of 2018. The number of fund managers rose by six, and the number of managed funds rose by 44 in 2018.

Excluding venture capital fund managers, the capital adequacy ratio of investment fund managers rose 11 percentage points to 374% at the end of December. Their solvency capital rose by one fifth to HUF 24.9 bln, and their capital requirement rose 16% to HUF 6.6 bln.