The last two years of crisis have prompted equity funds,considered to be the riskiest mutual funds, to be increasinglycautious with their stock exchange investments, a strategyexplained by the fact that the pressure on yields is no longersignificant and investors still lack the courage to take risks.
The over 5.2 billion-RON (1.21 billion-euro) assets of mutualfunds are over 70% invested in fixed-income instruments such asbonds and bank deposits, while overall exposure to equity amountsto just 6.4% of the assets, i.e. 337 million RON (80 millioneuros), according to data supplied by the Association of FundManagers at the end of September.
The figures show mutual funds could be outranked by pension fundsover the coming months, which have 300 million RON invested inequity, although they are considered to be much moreconservative.
The value of equity exposure can also be interpreted as a barometermeasuring the sentiment of investors holding their savings inmutual funds. A value of 6% could indicate the fact that investorshave little hope that the equity market will rebound and prefer tokeep their money in safer assets such as deposits and bonds.
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