Tough time for fund managers
In the first six months of this year fund managers from pension funds have seen an average drop in values of 4.1 percent. This was due to over concentration on stocks of companies listed in the WIG20 such as TPSA, PKN Orlen and KGHM Polska Miedź. Clearly the fund managers are cutting and running to greener pastures, at the end of last year around one third of their portfolio was in shares, today it is around one quarter. The stock market has seen around one third of its value wiped out this year and the only fund which is in better shape now that it was at the beginning of the year is the Pioneer retirement fund.