Unit investment fund market showed growth in 2015

In 2015, the net asset value (NAV) of unit investment funds (PIFs) grew by 12.2% to exceed 2.3 trillion.  These statistics are given in the Review of Key Indicators of Unit and Joint-stock Investment Funds.

The NAV increased due to both positive asset evaluation against the backdrop of financial market recovery and new investment inflow.

Closed-end PIFs with a dominant market share continue influencing the market dynamics. In 2015, their net assets grew by 11.5% to 2.25 trillion.

The growth rates of open-end PIFs outpaced those of the market largely due to growth of bond funds and mixed investment funds. Asset increase of open-end PIFs was caused by positive revaluation of financial investments amid growth in stock indices and investor inflow into these funds in 2015 Q4.

PIF market profitability as a whole (5.5%) turned out to be lower than inflation. The total investment result was largely contained by closed-end PIF profitability which fell to 4.5%. At the same time, open-end and interval PIFs showed considerable real profitability.

Open-end PIF profitability increased from 3.9% to 27.3%, while interval PIF profitability stood at 15% for the second year in a row.