BRATISLAVA, August 9, (WEBNOVINY) — The development of the global equities market last week affected the Slovak market of collective investments. Open-end mutual funds posted negative net sales of EUR 22.3 million last week, which is the worst weekly result so far this year. Redemptions in the case of equity funds exceeded total sales by EUR 3.5 million. „This is actually a common reaction. When there is a steep decline, some investors sell,” commented Ivan Znasik, Director General of the Slovak Association of Asset Management Companies (SASS) on last week’s sales of mutual funds. He added that the overall result was influenced by several factors.
Mixed funds reported unusually high negative net sales last week, too, of EUR 2.6 million. According to Znasik, behind this outflow is their equity component. Money market funds posted the highest outflow of EUR 11.8 million last week. According to the SASS head, this result does not stand out within developments of the previous month, being affected by other than the global factors.
The only category of funds to report inflow last week was special real estate funds, with positive net sales of
EUR 2.1 million. Total sales of the asset managers clustered in the association reached EUR 21.5 million on redemptions of EUR 43.8 million.
SITA
