May was the first month this year when assets managed by Hungarian investment funds decreased. Absolute return funds saw the biggest fall in assets, followed by bond and mixed funds. The decrease in total assets managed by investment funds may be correlated to the high demand for the recently introduced government security MÁP+.
May bucked the 2019 trend and brought a drop in total assets managed, the latest figures released by the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) show. Funds managed HUF 6,351 billion at the end of May, nearly HUF 28 billion less than a month earlier.
Both returns and sales contributed to the May decrease as net sales were negative at minus HUF 9 billion, while the return side contributed another HUF 19 billion shortfall.
It is probable that the Hungarian Government Security Plus (MÁP+), on sale since early June, was a factor behind the lower demand seen by investment funds. The biggest outflow was registered among absolute return funds in May at HUF 26 billion, followed by bond and mixed funds.
Meanwhile, closed funds attracted the most new investments at HUF 13.2 billion in May, followed by property funds with HUF 12.7 billion.
As for the January-May period, net sales of the main categories remain positive this year and aside from a some rearrangement between money market and bond funds, property funds are still the most popular category, slightly ahead of mixed investment funds.
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