The assets of mutual funds in Bulgaria reached 950.54 million leva by mid-October, investor.bg, a Bulgarian-language financial news website, said on October 15, quoting its own research.

The open-ended contract funds and investment companies, of which there are 51 in Bulgaria, had 18.64 million leva assets on average, while 17 among them owned assets above average level.

There were eight funds with assets of more than 40 million leva and the total value of their assets was 513.67 million leva. This represented a serious shift compared to a month earlier, when the then 13 largest funds had assets worth more than 20 million and the total figure was 516.64 million leva.

Capman Max was at the top of the mutual funds’ net assets ranking in mid-October with 83.29 million leva, followed by DSK Growth with 83.21 million leva, Advance Invest with 79.62 million leva and Raiffeisenbank Bulgaria’s Equities Fund with 73 million. Compared to a month earlier, Capman Max and Advance Invest exchanged their positions.

The largest in terms of managed assets fund in mid-October was Raiffeisen Asset management Bulgaria with 144.2 million, followed by DSK Asset Management with 136.97 million leva and Carol Capital Management with 109.94 million leva.

The mutual fund market in Bulgaria is still quite underdeveloped, as investments in funds account for less than one per cent of GDP, compared to five per cent of GDP in Central and Eastern Europe and 53 per cent of GDP in the eurozone.