Assets in Hungarian investment funds increased 35% to Ft 2,540 billion at net asset value in 2006, figures compiled by the Hungarian Association of Fund and Asset Managers (Bamosz) show.
Assets growth slowed from 76% in 2005. Special funds, such as guaranteed funds and derivatives funds, however, multiplied their assets and grew well above the rates experienced in 2005. Only assets in bond funds decreased in 2006, Bamosz noted.
Among public open-end funds, the biggest increase in assets was seen for mixed funds but their growth rate still halved compared to 2005. Share funds were the only ones among public open-end funds whic rose at a rate similar to last year. Assets in bond funds fell 51% in 2006 to Ft 276 billion at the end of last year. Assets in mixed funds rose 154% to Ft 165 billion. Assets of money market funds rose 33% to Ft 784 billion at the end of 2006. Assets in share funds grew 83% to Ft 299 billion and assets in real estate funds increased 60% to Ft 577 billion.
Among special funds, the assets of funds of funds rose 124% to Ft 378 billion at the end of 2006. The assets of guaranteed funds rose 207% last year to Ft 264 billion and assets in derivatives funds rose 505% to Ft 18 billion. The assets of private funds rose by 76% last year to Ft 74 billion.
In December alone, investors made Ft 20 billion of withdrawals from funds, but yields came to Ft 30 billion, boosting assets of all funds 0.4% compared to November. Only guaranteed and derivative funds attracted new investments in December. Investors put Ft 11.7 billion into guaranteed funds. This, together with a Ft 4.5 billion yield, increased assets in these funds 6.5% to Ft 264 billion. Assets in derivative funds increased 2.5% to Ft 18 billion, attracting Ft 70 million in fresh capital and recording Ft 360 million in yields. Assets in real estate funds fell 2.2% to Ft 577 billion, as the result of Ft 16 billion in withdrawals and Ft 3.5 billion in yields. Assets of funds investing in Hungarian real estate fell even more, dropping 3.5% to Ft 107 billion. Real estate funds accounted for 23% of all investment fund assets at the end of 2006. Money market funds had assets of Ft 784 billion at the end of December, 0.6% less than a month earlier. Withdrawals came to Ft 8.6 billion and yields generated Ft 3.6 billion. Money market funds still had the largest share among investment funds at the end of last year. Assets of share funds rose 2.5% to Ft 299 billion in December, resulting from Ft 2.4 billion in withdrawals and Ft 10 billion in yields. Assets of mixed funds fell 0.8% to Ft 165 billion because of Ft 3.4 billion in withdrawals and Ft 2 billion in yields. Withdrawals from bond fund slowed slightly in December. Investors took Ft 5.7 billion out of the funds, while yields added Ft 2 billion to assets. Assets in these funds fell 1.3% to Ft 276 billion during the month.