Central European Review of Economics & Finance Vol. 17, No. 1(2017), pp. 65–81
Dariusz Filip1
MARKET CONDITIONS
OF MUTUAL FUNDS FUNCTIONING IN POLAND
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Moreover, the study focusses on the presentation of the environment of the mutual funds function- LQJLQ3RODQGZKLFKLVSRVVLEOHE\FRPSDULQJWKHOHYHORIDVVHWVYDOXHVLQPDLQJURXSVRIÀQDQFLDO
institutions over the long-term perspective. Furthermore, it is essential in the cognitive context to de- WHUPLQHWKHLQÁXHQFHRIPDUNHWWUHQGVRQWKHSRSXODULW\RIJLYHQVHJPHQWVRIIXQGV7KHDQDO\VLVKDV
shown that the development of collective investment institutions industry in Poland is incontestable.
(YHQWKRXJKWKHPXWXDOIXQGVKDYHJDLQHGDUHODWLYHO\VWURQJSRVLWLRQRQWKHÀQDQFLDOLQWHUPHGLDU- ies market, they clearly give priority to the banking sector institutions. The volume of market shares of main types of funds has changed over time, which could be dependent on capital market factors.
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Keywords:PXWXDOIXQGLQGXVWU\GHYHORSPHQWRIÀQDQFLDOLQVWLWXWLRQVDVVHWVXQGHUPDQDJH- ment, market competition.
Introduction
In terms of subject matter, the scope of this study concerns mutual funds as one of the types of collective investment institutions. Mutual funds are the entities that pool money from many individual investors to invest the thus FROOHFWHGIXQGVLQDGLYHUVLÀHGSRUWIROLRRIVHFXULWLHVHVSHFLDOO\FRPELQDWLRQ
of stocks, bonds, money-market instruments or other assets. Each unit of the
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fund share represents an investor’s proportionate ownership of the fund’s KROGLQJVDQGWKHLQFRPHWKRVHKROGLQJVPD\JHQHUDWH 6(&
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in turn, is the ability to readily redemption shares for any reason at their cur- rent net value. Last but not least, many investors perceive the low operational FRVWDVWKHJUHDWHVWDGYDQWDJHRIDOO0XWXDOIXQGVDUHUHODWLYHO\OHVVH[SHQ- sive in comparison to the investments made directly on capital markets.
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in the past is not a reliable indicator of their performance in the future.
7KHSXUSRVHRIWKLVVWXG\LVWRGLVFXVVWKHVWUXFWXUHRIÀQDQFLDOLQWHUPHGL- aries market, with particular reference made to mutual funds, it also aims at DQVZHULQJWKHTXHVWLRQZKHWKHUWKHPXWXDOIXQGVLQ3RODQGKDYHSOD\HGDQ
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in the financial market to be determined and analyzed in this study. The analysis also comprises the assets of different mutual fund types with the YLHZWRÀQGLQJRXWDERXWWKHWUHQGVZLWKLQWKHLQYHVWRUVJURXSVIRUGLIIHUHQW
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1. Conceptual issues and a brief literature review
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dynamic development of mutual funds industry has led to an increased in- WHUHVWLQWKHVHÀQDQFLDORUJDQL]DWLRQVDVDVXEMHFWPDWWHURIUHVHDUFK0DLQ
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different perspectives.
The functional conditions in which the discussed entities operate are the subject matter analyzed by Khorana and Servaes (2008) in the study con- FHUQLQJWKHIXWXUHRIWKHLQGXVWU\DURXQGWKHZRUOG7KHDERYHPHQWLRQHG
DXWKRUVKDYHQRWLFHGWKDWWKHUHDUHVWLOOVRPHÀQDQFLDOLQWHUPHGLDU\LQGXV- tries in the analyzed countries where the mutual funds market is poorly de- YHORSHGHJWKRVHUHJDUGHGDVHPHUJLQJPDUNHWV,QRWKHUFRXQWULHVZLWK
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still a lot of room for improvement, especially outside the U.S., in the areas such as services and the transparent presentation of offers with clear speci- ÀFDWLRQRIIHHVDQGH[SHQVHVDPRQJRWKHUV
The study of Khorana et al. (2005) obtained results from 56 countries con- FHUQLQJWKHLQÁXHQFHRILPSOHPHQWDWLRQRIÀQDQFLDOLQQRYDWLRQVRQWKHVL]HRI
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have been taken into consideration, they include economic development, ÀQDQFLDOGHYHORSPHQWLQYHVWRUSURWHFWLRQDQGWKHTXDOLW\RIOHJDOLQVWLWXWLRQV
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conclude that the funds achieved better performance in the countries with DKLJKOHYHORIWUDGLQJDFWLYLW\DQGORZWUDGLQJFRVWV7KH\KDYHDOVRQRWLFHG
that mutual funds located in countries with common law tradition obtain KLJKHUUHWXUQV0RUHRYHUJRRGLQYHVWRUSURWHFWLRQDQGODZHQIRUFHPHQWDOVR
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However, it needs to be noticed that the primary analyses covered only short time periods, or only a small study sample was applied. The authors of more UHFHQWSDSHUVHQMR\HGDSULYLOHJHGSRVLWLRQEHFDXVHWKHIXQGPDUNHWHQWLWLHV
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concluded that mutual funds had achieved better or worse performance lev- HOVLQUHODWLRQWRPDUNHWSRVVLELOLWLHVXQGHUFKDQJLQJLQYHVWPHQWFRQGLWLRQV
2. Collective investment institutions and their competitors on the ÀQDQFLDOPDUNHW
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mutual funds.
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in current prices.
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above mentioned period before the crisis, the share of bank assets in the
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thanks to the expansive policy that commercial banks pursued at the time.
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was resulted from the upward market trends for mutual funds and their rela- WLYHO\ODUJHSRSXODULW\7KHZDYHRIXQLWV·ZLWKGUDZDOVIURPDOWHUQDWLYHIRUPV
of investments was notable when the downward market trends prevailed on WKHVWRFNPDUNHWLQ'HVSLWHWKHVKUDQNVL]HRIWKHHFRQRP\
Table 1. 7KHYDOXHRIDVVHWVKHOGE\PDMRUW\SHVRIÀQDQFLDOLQWHUPHGLDULHV 1997199819992000200120022003200420052006200720082009201020112012201320142015 banking sector assets [PLN bn]
247,7318,7363,4428,4469,7466,5489,3540,8588,6684,7797,31034,71056,71158,51293,91349,51404,71529,31599,9 assets/GDP0,470,530,540,570,600,580,580,580,590,640,670,800,770,800,830,830,850,890,89
change assets/GDP
n.a.11%3%6%5%-4%1%0%3%8%5%20%-4%4%3%0%2%5%0%
credit unions (SKOK) assets [PLN bn]
0,40,60,91,21,82,53,34,25,36,07,39,511,614,015,616,818,713,612,23 assets/GDP0,000,000,000,000,000,000,000,000,010,010,010,010,010,010,010,010,010,010,01
change assets/GDP
n.a.37%34%23%40%35%30%15%19%4%10%19%15%14%3%4%9%-30%-14%
pension funds assets [PLN bn]
n.a.n.a.n.a.n.a.19,531,845,464,486,1116,6140,0138,3178,6221,3224,7269,6299,3149,1140,9 assets/GDPn.a.n.a.n.a.n.a.0,030,040,050,070,090,110,120,110,130,150,140,170,180,090,08
change assets/GDP
n.a.n.a.n.a.n.a.n.a.57%37%29%26%25%8%-9%21%18%-6%15%9%-52%-9%
insurance companies assets [PLN bn]
13,220,729,037,948,257,667,777,989,6108,6126,4137,9138,8145,2146,2162,7167,2178,5180,0 assets/GDP0,030,030,040,050,060,070,080,080,090,100,110,110,100,100,090,100,100,100,10
change assets/GDP
n.a.35%26%18%22%15%13%4%8%12%5%1%-6%-1%-7%7%1%3%-3%
mutual funds assets [PLN bn]
1,901,803,197,0212,1323,0332,9737,5561,5799,16134,5076,0095,70120,10115,00146,20189,40209,10252,40 assets/GDP0,000,000,000,010,020,030,040,040,060,090,110,060,070,080,070,090,110,120,14
change assets/GDP n.a.-18%60%98%66%83%37%3%54%49%22%-48%18%19%-12%22%27%6%16% 6RXUFH DXWKRU·VHODERUDWLRQRQWKHEDVLVRIDQQXDOUHSRUWVRIWKH1DWLRQDO%DQNRI3RODQG 1%3 WKH3ROLVK)LQDQFLDO6XSHUYLVLRQ $XWKRULW\ .1) DQGWKH&HQWUDO6WDWLVWLFDO2IÀFHRI3RODQG *86
the ratio described above declined about 48% to the 0.06 level. The recovery LQLPSRUWDQFHRIWKDWJURXSRIÀQDQFLDOLQWHUPHGLDULHVIRUWKHHFRQRP\DQG
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Poland. The development of such institutions was accompanied by a declin- LQJGLVSURSRUWLRQEHWZHHQWKHQXPEHURIOLIHLQVXUDQFHDQGQRQOLIHLQVXU- DQFHFRPSDQLHVRZLQJWRDUHODWLYHO\KLJKFRPSHWLWLRQRQWKHPDUNHWDQGWKH
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In turn, the pension system reform, reconstructed at the second half of
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can drastically transform the picture of the entire market.
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which meant increased security of assets deposited by clients. However, the FXUUHQWVLWXDWLRQFDXVHGE\VRPHÀQDQFLDOSUREOHPVDQGIDFHGE\VRPH
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sector as a whole but its further development as well. The share of SKOSs’
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mutual funds allows to the presentation of conditions of the mutual funds IXQFWLRQLQJZKLOHFRPSHWLQJIRUFOLHQWV·VDYLQJV)LJXUHVKRZVWKHPDUNHW
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Figure 1. T
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which was favorable for investments. In spite of the above-mentioned, in- FUHDVLQJO\LPSRUWDQWDQGLPSUHJQDEOHSRVLWLRQRIWKHEDQNLQJVHFWRULQ3RO- LVKHFRQRP\WKHUHZDVVSDFHIRUWKHSRVVLEOHGHYHORSPHQWRIQRQEDQNLQJ
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fell down to 66%, but that of the collective investment institutions increased WRDQGUHVSHFWLYHO\,QWKHFUXFLDO\HDUSRVLWLRQRIEDQNV
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in Poland, mainly due to the downturn on the market. Moreover, the total market share of the other intermediaries never went above the level reached WKDW\HDU,QJHQHUDOWKHGHYHORSPHQWRIFROOHFWLYHLQYHVWPHQWLQVWLWXWLRQV
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their functional environment.
3. Some selected aspects regarding the development of mutual fund industry in Poland
3.1. 0HDVXUHPHQWRIWKHPDUNHWVL]HDQGWKHLQGXVWU\GHYHORSPHQWIURPWKH
product viewpoint
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investments of market institutions. The entry into force of the Act of 22 0DUFK RQWKH3XEOLF7UDGLQJLQ6HFXULWLHVDQG7UXVW)XQGVHQDEOHGWKH
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viewpoint of both, investors on the capital market and the whole economy $O.DEHU +RZHYHUDORQJZLWKWKHKHLJKWHQHGDZDUHQHVVRQFDSLWDO
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Figure 2. T
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he number of mutual funds operating in Poland in the 1992–2015 period
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One of the indicators of the market development is a number of entities RSHUDWLQJRQDJLYHQPDUNHW)LJXUHSUHVHQWVDQXPEHURIPXWXDOIXQGVDV
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The pace of development can be illustrated by the fact that, while there ZHUHRQO\LQYHVWPHQWIXQGFRPSDQLHVPDQDJLQJIXQGVDWWKHHQGRI
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ended mutual funds was introduced and, modelled after the American sys- WHPHDFKIXQGZDVJLYHQDOHJDOSHUVRQDOLW\$VSUHVHQWHGLQ)LJXUHIURP
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Poland could be observed. At the end of 2004, the number of funds totaled
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example fund of funds, which resulted in a number of funds increased even IXUWKHU+RZHYHUWKHQH[WWZR\HDUVEURXJKWDERXWWKHGHFUHDVHRIWKHLU
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followed, which was the time of sustainable development of the whole in- GXVWU\)XUWKHUPDUNHWJURZWKZDVDOVRODUJHO\DWWULEXWDEOHWRWKHDPHQGHG
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The volume of the fund units purchases may be a way to measure the of- IHUDYDLODEOHRQWKHPDUNHW)LJXUHSUHVHQWVLQFUHDVHGLQWHUHVWLQPXWXDO
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On the left scale, the net values of assets are collated, while the one on the ULJKWSUHVHQWVWKHG\QDPLFVRIFKDQJHVLQSHUFHQWDJHWHUPV
Figure 3. T
-80%
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120%
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0 50 100 150 200 250 300
NAV [bn. PLN] change [%]
he net asset value of mutual funds and their change dynamics
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may also be perceived as a measure to determine the rate of industry devel- RSPHQW7KHDQQXDOYDOXHRIWKHPXWXDOIXQGPDUNHWLQ3RODQGLQWKHÀUVW
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of the fund’s allocated units totaled around PLN 3.2bn, and over PLN 7bn, UHVSHFWLYHO\$WWKHVDPHWLPHLWZDVDSHULRGRIWKHELJJHVWDQQXDOJURZWKLQ
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almost a half (the fall of 43% over to the previous year), and it went down to
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DSSUR[2QFHDJDLQLQWKHPXWXDOIXQGVPDUNHWIDFHGVRPHQHJD- tive developments, partly due to the euro-zone crisis. In the case of Polish mutual fund industry, this adverse trend prevailed for a short time only. Since
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of the market totaled PLN 252.4bn, which means an increase of about 88%
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that, in accordance with the analysis presented here, the development of the PXWXDOIXQGLQGXVWU\FDQQRWEHFKDOOHQJHG+RZHYHULWFDQDOVREHQRWLFHG
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3.2. The structure of mutual fund industry
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in particular the institutions of collective investment. The analysis of struc- WXUHRIWKHPDUNHWKDVHQDEOHGWKHLGHQWLÀFDWLRQRIWUHQGVFRQFHUQLQJWKH
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he market share of main segments of funds
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of funds has not been decided yet. The volume of market shares of the main W\SHVRIIXQGVKDVFKDQJHGRYHUWLPHLQVRPHSHULRGVZKLFKFRXOGGHSHQG
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in debt securities funds. It is particularly noticeable in the prosperity periods.
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This study has partly discussed some of the conditions and possibilities LQWKHIXQFWLRQDOHQYLURQPHQWRIPXWXDOIXQGVRSHUDWLQJLQ3RODQGZKLFK
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consideration.
The analysis has showed that the development of collective investment LQVWLWXWLRQVLQ3RODQGLVLQFRQWHVWDEOH,WKDVEHHQFRQÀUPHGE\DOOVWDWLVWLFV
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mutual funds may be posed by the fact that banks in Poland as well as in RWKHUPDUNHWVLQWKH&((FRXQWULHVKDYHDYHU\VWURQJSRVLWLRQRQWKHPDU- NHWZKLFKDPRQJRWKHUWKLQJVLVFRQÀUPHGE\WKHEDQNV·GRPLQDWLRQLQ
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market participants. Therefore, mutual funds play a secondary role on the ÀQDQFLDOLQWHUPHGLDULHVPDUNHW2QWKHRWKHUKDQGWKHQRWLFHDEOHDQGSRVL- WLYHVLWXDWLRQRQWKHVWRFNPDUNHWREVHUYHGPRVWO\WKURXJKRXWWKHSHULRG
under study, has been conducive to the dynamic development of collective investment institutions. It is the periods of upward market trends and the VXEVHTXHQWFKDQJHVLQUHOHYDQWOHJLVODWLRQWKDWKDYHUHVXOWHGLQJRRGFRQGL- WLRQVIRVWHULQJGHYHORSPHQWRIWKHPDUNHW7KHJURZWKRIPDLQLQGLFHVRQWKH
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References:
Al-Kaber, M. (2006). 5\QNL ÀQDQVRZH L LQVW\WXFMH [)LQDQFLDO PDUNHWV DQG
institutions@ :\GDZQLFWZR :\ŮV]HM 6]NRâ\ (NRQRPLF]QHM Z %LDâ\PVWRNX
%LDâ\VWRN
%ODNH' )LQDQFLDO0DUNHW$QDO\VLV, John Wiley & Sons, 2nd edition, London.
&]HNDM-:RŒ0 ŭDUQRZVNL- (IHNW\ZQRŒýJLHâGRZHJRU\QNXDNFML
Z 3ROVFH = SHUVSHNW\Z\ G]LHVLĘFLROHFLD [Effectiveness of stock market in 3RODQG], Wydawnictwo Naukowe PWN, Warszawa.
&]HPSDV- /RNZHQF3 2SâDFDOQRŒýLQZHVW\FMLZIXQGXV]HLQZHVW-
\F\MQH Z URNX [3URÀWDELOLW\ RI LQYHVWPHQWV LQ PXWXDO IXQGV]. „Nasz 5\QHN.DSLWDâRZ\µ1R²²
)HUUHLUD$0.HVZDQL$0LJXHO$) 5DPRV6% The Determi- QDQWVRI0XWXDO)XQG3HUIRUPDQFH $&URVV&RXQWU\6WXG\Å5HYLHZRI)L- QDQFHµ1R ²
)LOLS ' )XQGXV]H LQZHVW\F\MQH Z 3ROVFH &]HFKDFK L QD :ĘJU]HFK
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)LOLS' $VXUYH\RQLPSRUWDQWLVVXHVUHODWHGWRWKHRUJDQL]DWLRQDOIDF- WRUVDIIHFWLQJPXWXDOIXQGSHUIRUPDQFH. In: 3URFHHGLQJVRI,$&0(0
in Vienna SS² &]HFK,QVWLWXWHRI$FDGHPLF(GXFDWLRQ3UDJXH
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