Commentary on the aggregated balance sheet of investment funds

September 2024

Commentary on the aggregated sectoral balance sheet

Net assets value

The net assets value of investment funds was CZK 1,422.6 billion at the end of September. This means an increase of CZK 21.1 billion compared to August (monthly transactions accounted for CZK +16.7 billion). Compared to the same period last year, the net assets value of investment funds rose by 28.3%. The biggest month-on-month change in the net assets value was recorded for bond funds, up by CZK 7.0 billion to CZK 420.4 billion.

Investment in bonds

The value of bond holdings was CZK 329.0 billion at the end of September. Compared to the previous month, the total volume of bonds in the funds’ portfolio increased by CZK 12.2 billion (monthly transactions accounted for CZK +9.5 billion). The proportion of debt securities in the funds’ net assets value went up to 23.1% compared to the previous month.

Investment in equity securities

The volume of equity securities in the funds’ portfolio increased in the month under review. As of the end of the month, the value of holdings of equity securities amounted to CZK 703.9 billion, of which CZK 256.9 billion was investment in the shares and units of investment funds and CZK 447.0 billion was investment in shares and other equity. The value of equity securities grew by CZK 5.7 billion compared to August (monthly transactions accounted for CZK +1.4 billion). The proportion of equity securities in the funds' net assets value decreased to 49.5% compared to the previous month.

Other investment

The value of funds invested in other assets increased in the period under review. The total volume of other investment was CZK 466.1 billion in September, of which CZK 74.0 billion was fixed investment and CZK 157.3 billion investment in deposits. The proportion of other investment in the funds’ net assets value fell to 32.8% compared to the previous month.

Reporting population

At the end of September 2024, a total of 886 resident investment funds were active in the Czech Republic, of which 97 were equity funds, 72 bond funds, 72 mixed funds, 148 real estate funds, 466 other funds and 31 funds without an investment policy.

Chart 1 – Balance sheet total – breakdown by asset item

Balance sheet total – breakdown by asset item – chart

Source: ARAD data series system

Chart 2 – Net assets value – breakdown by investment policy

Net assets value – breakdown by investment policy – chart

Source: ARAD data series system

Notes:

  • Investment funds mean investment and mutual funds other than money market funds. In accordance with Regulation of the European Central Bank concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33), money market funds fall into this sector and the data for money market funds are not part of the investment fund statistics.
  • Transactions mean changes in stocks which occurred during the relevant period owing to purchases/sales of the given instrument. Monthly transactions are calculated from differences in outstanding amounts adjusted for reclassifications, price changes, exchange rate variations and other changes which do not arise from financial transactions (non-transaction effects).
  • Other investment is understood to mean funds invested in assets other than bonds and equity securities (especially deposits, loans and real estate).
  • The time series for investment fund statistics are available in the ARAD data series system.