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UPDATE - Investment funds shrink more than 5% in August

Assets in investment funds managed by members of the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) fell 5.1% to HUF 3,489 billion in August from the previous month as share prices fell and units that were part of assets transferred from private pension funds to the state were converted, BAMOSZ said on Thursday.

Pullouts from the funds came to HUF 110 billion in August, albeit less than the HUF 130 billion in July. The funds had a net loss of HUF 76.8 billion on price changes.

Assets in open-ended securities funds fell 2.3% as investors took out almost HUF 23 billion and the funds had a negative yield of HUF 25.6 billion. The funds accounted for 58.7% of all investment fund assets.

Assets in money market funds rose 1.2% to HUF 1,287 billion. Investors bought almost HUF 10 billion of new units and yields came to HUF 5.5 billion.

Bond funds contracted 2% to HUF 369 billion. The funds had a yield of HUF 2.9 billion, but investors took out HUF 10 billion.

Property fund assets were practically unchanged.