Investment Fund Unit Subscription up in June
Net subscription of units of investment funds managed by members of the Association of Hungarian Investment Fund and Asset Management Companies (Bamosz) reached a record HUF 645 billion in June, ahead of the July 1 rollout of a new tax on capital gains, association data show.
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.
Net subscription of units in money market funds came to HUF 115 billion. Net subscription reached HUF 208 bln for units in short-term euro bond funds and HUF 88 bln for units in short-term dollar bond funds. Net subscription of open-ended guaranteed return funds was close to HUF 402 bln.
The net asset value of Bamosz funds reached HUF 11.351 trillion at the end of June, up 46% from 12 months earlier.
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