Investment Fund Unit Subscription Jumps in June
Net subscription of units of Hungarian investment funds soared to HUF 737 billion in June, ahead of the July 1 rollout of a new tax on capital gains, monthly data released by the National Bank of Hungary (MNB) on Monday show, according to news agency MTI.
The government introduced the 13% social contribution on investment returns, on top of the 15% tax on capital gains, to channel more savings into government securities, which are exempt from both taxes.
The net asset value (NAV) of Hungarian investment funds reached HUF 15.077 trillion at the end of June. Price changes added HUF 145 bln to NAV, but exchange rate changes subtracted HUF 5 bln during the month. The investment fund NAV was up from HUF 10.866 tln 12 months earlier.
Fixed income funds had the biggest NAV (HUF 4.207 tln), followed by equities funds (HUF 3.981 tln), real estate funds (HUF 3.217 tln), and mixed funds (HUF 2.088 tln) at the end of the month.
There were 869 investment funds under the oversight of MNB in June.
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