{"id":6308,"date":"2026-07-16T11:35:32","date_gmt":"2026-07-16T11:35:32","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=6308"},"modified":"2026-07-16T11:35:44","modified_gmt":"2026-07-16T11:35:44","slug":"polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/","title":{"rendered":"Polish investment funds end 2025 with PLN 488 billion in assets. Result from operations more than doubles"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Statistics Poland has published data showing that 2025 was one of the strongest years on record for Poland&#8217;s investment fund market. The total value of assets held by investment funds increased to PLN 488.1 billion, while the result from operations exceeded PLN 47.7 billion \u2013 more than twice the figure recorded a year earlier. The increase was driven primarily by a substantial rise in the valuation of investments and a recovery in investor demand for open-ended and specialised open-ended funds, at the expense of closed-ended funds.<\/p>\n\n\n\n<div class=\"fi25-wrap\">\n<style>\n.fi25-wrap{font-family:Georgia,'Times New Roman',serif;color:#222;line-height:1.7;max-width:900px;margin:0 auto}\n.fi25-wrap p{margin:0 0 18px 0;font-size:17px}\n.fi25-wrap h2{font-family:Arial,Helvetica,sans-serif;color:#131F49;font-size:28px;line-height:1.25;margin:0 0 10px 0}\n.fi25-wrap h3{font-family:Arial,Helvetica,sans-serif;color:#131F49;font-size:22px;margin:36px 0 14px 0;padding-bottom:8px;border-bottom:3px solid #e67a2d}\n.fi25-dateline{font-family:Arial,Helvetica,sans-serif;font-size:13px;color:#6b7280;text-transform:uppercase;letter-spacing:.06em;margin:0 0 22px 0;padding-bottom:14px;border-bottom:1px solid #e5e7eb}\n.fi25-caption{font-family:Arial,Helvetica,sans-serif;font-size:13px;color:#6b7280;margin:8px 0 26px 0;font-style:italic}\n.fi25-chartbox{background:#f7f8fb;border:1px solid #e2e5ee;border-left:4px solid #131F49;border-radius:6px;padding:22px 22px 12px 22px;margin:22px 0 4px 0}\n.fi25-chartbox h4{font-family:Arial,Helvetica,sans-serif;color:#131F49;font-size:17px;margin:0 0 4px 0}\n.fi25-chartbox .fi25-sub{font-family:Arial,Helvetica,sans-serif;font-size:13px;color:#e67a2d;font-weight:700;margin:0 0 16px 0}\n.fi25-canvaswrap{position:relative;height:340px;width:100%}\n.fi25-canvaswrap.fi25-donut{height:300px}\n.fi25-tablebox{margin:22px 0 4px 0;overflow-x:auto}\n.fi25-table{width:100%;border-collapse:collapse;font-family:Arial,Helvetica,sans-serif;font-size:15px;background:#fff}\n.fi25-table caption{caption-side:top;text-align:left;font-size:17px;font-weight:700;color:#131F49 !important;padding:0 0 12px 0}\n.fi25-table thead th{background:#131F49;color:#fff !important;font-weight:700;text-align:left;padding:12px 14px;font-size:13px;text-transform:uppercase;letter-spacing:.03em}\n.fi25-table thead th.fi25-num{text-align:right}\n.fi25-table tbody td{padding:11px 14px;border-bottom:1px solid #e5e7eb;color:#222}\n.fi25-table tbody td.fi25-num{text-align:right;font-variant-numeric:tabular-nums}\n.fi25-table tbody tr:nth-child(even){background:#f7f8fb}\n.fi25-table tbody tr.fi25-total td{font-weight:700;border-top:2px solid #131F49}\n.fi25-up{color:#1a7a3a;font-weight:700}\n.fi25-down{color:#c23b22;font-weight:700}\n.fi25-kpi-row{display:flex;flex-wrap:wrap;gap:16px;margin:22px 0 26px 0}\n.fi25-kpi{flex:1 1 220px;background:#131F49;border-radius:6px;padding:18px 20px;color:#fff !important}\n.fi25-kpi .fi25-kpi-num{font-family:Arial,Helvetica,sans-serif;font-size:30px;font-weight:800;color:#e67a2d !important;margin:0 0 4px 0}\n.fi25-kpi .fi25-kpi-label{font-family:Arial,Helvetica,sans-serif;font-size:13px;color:#fff !important;line-height:1.4}\n<\/style>\n\n\n\n<div class=\"fi25-kpi-row\">\n<div class=\"fi25-kpi\"><p class=\"fi25-kpi-num\">PLN 488.1bn<\/p><p class=\"fi25-kpi-label\">Total investment fund assets at the end of 2025 (+14.0% year on year)<\/p><\/div>\n<div class=\"fi25-kpi\"><p class=\"fi25-kpi-num\">PLN 47.7bn<\/p><p class=\"fi25-kpi-label\">Result from operations in 2025 (compared with PLN 20.8bn in 2024)<\/p><\/div>\n<div class=\"fi25-kpi\"><p class=\"fi25-kpi-num\">PLN 22.9bn<\/p><p class=\"fi25-kpi-label\">Investment income in 2025 (+18.5% year on year)<\/p><\/div>\n<\/div>\n\n<div class=\"fi25-tablebox\">\n<table class=\"fi25-table\">\n<caption>Key investment fund figures (PLN million)<\/caption>\n<thead>\n<tr><th>Item<\/th><th class=\"fi25-num\">2024<\/th><th class=\"fi25-num\">2025<\/th><th class=\"fi25-num\">2024=100<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>Total assets<\/td><td class=\"fi25-num\">428,010.4<\/td><td class=\"fi25-num\">488,132.4<\/td><td class=\"fi25-num fi25-up\">114.0<\/td><\/tr>\n<tr><td>Investment income<\/td><td class=\"fi25-num\">19,309.8<\/td><td class=\"fi25-num\">22,873.0<\/td><td class=\"fi25-num fi25-up\">118.5<\/td><\/tr>\n<tr><td>Result from operations<\/td><td class=\"fi25-num\">20,760.7<\/td><td class=\"fi25-num\">47,702.6<\/td><td class=\"fi25-num fi25-up\">229.8<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"fi25-caption\">Source: Statistics Poland. Author&#8217;s own calculations based on Statistics Poland data \u2013 &#8220;Financial Results of Investment Funds in 2025&#8221;, Enterprises Department, 16 July 2026.<\/p>\n\n<p>As at 31 December 2025, the total value of assets held by investment funds amounted to PLN 488,132.4 million, 14.0% more than a year earlier. This was the fifth consecutive year of market growth, although the pace and direction of change varied significantly by fund type.<\/p>\n\n<div class=\"fi25-chartbox\">\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Investment_fund_assets\" >Investment fund assets<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Closed-ended_funds_lose_ground_to_open-ended_funds\" >Closed-ended funds lose ground to open-ended funds<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Share_of_individual_fund_types_in_total_assets\" >Share of individual fund types in total assets<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Balance_sheet_more_assets_traded_on_active_markets\" >Balance sheet: more assets traded on active markets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Portfolio_structure_debt_still_dominates_but_equities_are_growing_faster\" >Portfolio structure: debt still dominates, but equities are growing faster<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Value_of_investment_fund_portfolios\" >Value of investment fund portfolios<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Income_statement_record_revaluation_gains_on_investments\" >Income statement: record revaluation gains on investments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#A_two-decade_perspective_a_market_that_survived_three_crises\" >A two-decade perspective: a market that survived three crises<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#Total_investment_fund_assets\" >Total investment fund assets<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/ceo.com.pl\/en\/polish-investment-funds-end-2025-with-pln-488-billion-in-assets-result-from-operations-more-than-doubles-85925\/#What_this_means_for_investors_and_fund_management_companies\" >What this means for investors and fund management companies<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Investment_fund_assets\"><\/span>Investment fund assets<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p class=\"fi25-sub\">By fund type, PLN billion, year-end figures<\/p>\n<div class=\"fi25-canvaswrap\"><canvas id=\"fi25-chart-assets\"><\/canvas><\/div>\n<\/div>\n<p class=\"fi25-caption\">Source: Statistics Poland. Author&#8217;s own calculations based on Statistics Poland data.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Closed-ended_funds_lose_ground_to_open-ended_funds\"><\/span>Closed-ended funds lose ground to open-ended funds<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>The most important structural change in 2025 concerned not the total value of assets, but their distribution among the different types of funds. Assets held by open-ended investment funds reached PLN 218,769.8 million, an increase of 31.0%, while their share of total assets rose from 39.0% to 44.8%. Assets held by specialised open-ended investment funds amounted to PLN 155,623.9 million, up 38.2%, and their share of total assets increased to 31.9%, compared with 26.3% a year earlier. The situation was entirely different for closed-ended investment funds: their assets fell to PLN 113,738.7 million, down 23.3%, while their market share contracted from 34.7% to 23.3%.<\/p>\n\n<div class=\"fi25-chartbox\">\n<h4><span class=\"ez-toc-section\" id=\"Share_of_individual_fund_types_in_total_assets\"><\/span>Share of individual fund types in total assets<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p class=\"fi25-sub\">As at 31 December 2025<\/p>\n<div class=\"fi25-canvaswrap fi25-donut\"><canvas id=\"fi25-chart-share\"><\/canvas><\/div>\n<\/div>\n<p class=\"fi25-caption\">Source: Statistics Poland. Author&#8217;s own calculations based on Statistics Poland data.<\/p>\n\n<p>The direction of this change was not accidental. In 2025, open-ended and specialised open-ended funds responded to growing retail demand for liquid and easily accessible investment products. Meanwhile, the closed-ended fund market \u2013 historically also used for tax optimisation and investment structuring \u2013 contracted for another consecutive year, largely under the influence of regulatory and tax changes introduced in previous years.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Balance_sheet_more_assets_traded_on_active_markets\"><\/span>Balance sheet: more assets traded on active markets<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>Investments traded on active markets were the largest component of investment funds&#8217; total assets. At the end of December 2025, their value stood at PLN 297,125.4 million, up 35.8% year on year, while their share of total assets increased to 60.9%, compared with 51.1% a year earlier. Investments not traded on active markets were the second-largest item, at PLN 166.5 billion, 12.8% more than a year earlier. Investment fund liabilities rose to PLN 37,255.0 million, up 5.8%, while net assets reached PLN 450,877.3 million, 14.8% more than at the end of 2024.<\/p>\n\n<div class=\"fi25-tablebox\">\n<table class=\"fi25-table\">\n<caption>Selected investment fund balance-sheet items (PLN million)<\/caption>\n<thead>\n<tr><th>Item<\/th><th class=\"fi25-num\">2024<\/th><th class=\"fi25-num\">2025<\/th><th class=\"fi25-num\">2024=100<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>Total assets<\/td><td class=\"fi25-num\">428,010.4<\/td><td class=\"fi25-num\">488,132.4<\/td><td class=\"fi25-num fi25-up\">114.0<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;including: investments traded on active markets<\/td><td class=\"fi25-num\">218,753.7<\/td><td class=\"fi25-num\">297,125.4<\/td><td class=\"fi25-num fi25-up\">135.8<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;investments not traded on active markets<\/td><td class=\"fi25-num\">147,598.6<\/td><td class=\"fi25-num\">166,478.6<\/td><td class=\"fi25-num fi25-up\">112.8<\/td><\/tr>\n<tr><td>Liabilities<\/td><td class=\"fi25-num\">35,227.5<\/td><td class=\"fi25-num\">37,255.0<\/td><td class=\"fi25-num fi25-up\">105.8<\/td><\/tr>\n<tr class=\"fi25-total\"><td>Net assets<\/td><td class=\"fi25-num\">392,782.9<\/td><td class=\"fi25-num\">450,877.3<\/td><td class=\"fi25-num fi25-up\">114.8<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"fi25-caption\">Source: Statistics Poland. Author&#8217;s own calculations based on Statistics Poland data.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Portfolio_structure_debt_still_dominates_but_equities_are_growing_faster\"><\/span>Portfolio structure: debt still dominates, but equities are growing faster<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>The value of investment fund portfolios at the end of December 2025 increased by 26.5% to PLN 462,805.0 million. Debt securities remained the largest single category, reaching PLN 275,565.8 million, up 30.8%, while equities increased to PLN 89,876.9 million, a rise of 28.4%. Investments in participation units issued by foreign collective investment institutions amounted to PLN 31,958.8 million, up 22.8%, while receivables stood at PLN 20,304.3 million, an increase of 11.7%. Debt securities and equities accounted for 59.5% and 19.4% of total investments respectively, compared with 57.6% and 19.1% a year earlier. Fund portfolios therefore shifted slightly towards equities, although bonds continued to dominate by a wide margin.<\/p>\n\n<div class=\"fi25-chartbox\">\n<h4><span class=\"ez-toc-section\" id=\"Value_of_investment_fund_portfolios\"><\/span>Value of investment fund portfolios<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p class=\"fi25-sub\">2024 vs 2025, PLN million<\/p>\n<div class=\"fi25-canvaswrap\"><canvas id=\"fi25-chart-investments\"><\/canvas><\/div>\n<\/div>\n<p class=\"fi25-caption\">Source: Statistics Poland. Author&#8217;s own calculations based on Statistics Poland data.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Income_statement_record_revaluation_gains_on_investments\"><\/span>Income statement: record revaluation gains on investments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>Investment income generated by investment funds amounted to PLN 22,873.0 million in 2025, 18.5% more than a year earlier. Interest income was the largest component, at PLN 14,474.7 million, representing 63.3% of total investment income. Dividends and other profit distributions amounted to PLN 2,615.7 million, compared with PLN 2,388.4 million a year earlier. Investment fund costs rose more sharply, increasing by 42.4% to PLN 10,618.8 million. This included PLN 5,077.4 million in remuneration paid to fund management companies, up 21.7%. Rising costs are a natural consequence of the growing asset base on which management fees are charged.<\/p>\n\n<p>Another item had the decisive impact on the annual result: realised and unrealised gains on investments amounted to PLN 35,411.6 million, compared with PLN 8,872.4 million in 2024 \u2013 almost four times as much. This reflected both realised gains on the disposal of investments, which reached PLN 14,232.5 million, up 49.1%, and, above all, a sharp increase in unrealised valuation gains. The latter moved from a negative PLN 675.1 million in 2024 to a positive PLN 21,179.1 million in 2025. As a result, investment funds reported a positive result from operations of PLN 47,702.6 million in 2025. Open-ended funds accounted for PLN 18,884.0 million, specialised open-ended funds for PLN 16,300.4 million and closed-ended funds for PLN 12,518.2 million.<\/p>\n\n<div class=\"fi25-tablebox\">\n<table class=\"fi25-table\">\n<caption>Selected items from investment funds&#8217; income statement (PLN million)<\/caption>\n<thead>\n<tr><th>Item<\/th><th class=\"fi25-num\">2024<\/th><th class=\"fi25-num\">2025<\/th><th class=\"fi25-num\">2024=100<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>Investment income<\/td><td class=\"fi25-num\">19,309.8<\/td><td class=\"fi25-num\">22,873.0<\/td><td class=\"fi25-num fi25-up\">118.5<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;including: dividends and other profit distributions<\/td><td class=\"fi25-num\">2,388.4<\/td><td class=\"fi25-num\">2,615.7<\/td><td class=\"fi25-num fi25-up\">109.5<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;interest income<\/td><td class=\"fi25-num\">11,266.1<\/td><td class=\"fi25-num\">14,474.7<\/td><td class=\"fi25-num fi25-up\">128.5<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;positive balance of foreign-exchange differences<\/td><td class=\"fi25-num\">1,621.9<\/td><td class=\"fi25-num\">92.6<\/td><td class=\"fi25-num fi25-down\">5.7<\/td><\/tr>\n<tr><td>Fund costs<\/td><td class=\"fi25-num\">7,455.5<\/td><td class=\"fi25-num\">10,618.8<\/td><td class=\"fi25-num fi25-up\">142.4<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;including remuneration paid to the management company<\/td><td class=\"fi25-num\">4,172.3<\/td><td class=\"fi25-num\">5,077.4<\/td><td class=\"fi25-num fi25-up\">121.7<\/td><\/tr>\n<tr><td>Realised and unrealised gain (loss)<\/td><td class=\"fi25-num\">8,872.4<\/td><td class=\"fi25-num\">35,411.6<\/td><td class=\"fi25-num fi25-up\">399.1<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;including: realised gain (loss) on the disposal of investments<\/td><td class=\"fi25-num\">9,547.4<\/td><td class=\"fi25-num\">14,232.5<\/td><td class=\"fi25-num fi25-up\">149.1<\/td><\/tr>\n<tr><td>&nbsp;&nbsp;increase\/decrease in unrealised gain\/loss from investment valuation<\/td><td class=\"fi25-num\">\u2212675.1<\/td><td class=\"fi25-num\">21,179.1<\/td><td class=\"fi25-num\">x<\/td><\/tr>\n<tr class=\"fi25-total\"><td>Result from operations<\/td><td class=\"fi25-num\">20,760.7<\/td><td class=\"fi25-num\">47,702.6<\/td><td class=\"fi25-num fi25-up\">229.8<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"fi25-caption\">Source: Statistics Poland. Author&#8217;s own calculations based on Statistics Poland data. When quoting Statistics Poland data, please include the statement: &#8220;Source: Statistics Poland&#8221;. When publishing calculations based on data released by Statistics Poland, please include the statement: &#8220;Author&#8217;s own calculations based on Statistics Poland data&#8221;.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"A_two-decade_perspective_a_market_that_survived_three_crises\"><\/span>A two-decade perspective: a market that survived three crises<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>Over the past seventeen years, the value of assets held by Polish investment funds has moved through several distinct market cycles \u2013 from the sharp collapse during the 2008\u20132009 global financial crisis, through the correction in 2018, to the decline caused by interest-rate increases in 2022. The 2025 figure marks an all-time high for this series.<\/p>\n\n<div class=\"fi25-chartbox\">\n<h4><span class=\"ez-toc-section\" id=\"Total_investment_fund_assets\"><\/span>Total investment fund assets<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p class=\"fi25-sub\">2008\u20132025, PLN billion, half-yearly data<\/p>\n<div class=\"fi25-canvaswrap\"><canvas id=\"fi25-chart-history\"><\/canvas><\/div>\n<\/div>\n<p class=\"fi25-caption\">Source: Statistics Poland. Author&#8217;s own calculations based on Statistics Poland data.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"What_this_means_for_investors_and_fund_management_companies\"><\/span>What this means for investors and fund management companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>For investment fund management companies, 2025 primarily brought an increase in the asset base on which management fees are charged. This explains the marked 21.7% rise in remuneration paid to management companies, which reached PLN 5,077.4 million. For investors, however, another signal is more important: the nearly fourfold increase in realised and unrealised gains on investments shows that the 2025 result was driven largely by a recovery in equity and bond valuations, rather than solely by inflows of new capital. This distinction matters when assessing the sustainability of the year&#8217;s performance. Part of the PLN 47.7 billion result from operations consisted of unrealised gains that could partly reverse if conditions in financial markets deteriorate. The shift of assets from closed-ended funds to open-ended and specialised open-ended funds also suggests that investors in 2025 favoured liquidity and transparency over the more complex structures typically associated with closed-ended investment funds. This article does not constitute a recommendation to buy or sell investment fund units. Every investment decision requires an assessment of the investor&#8217;s individual circumstances and risk profile.<\/p>\n\n<\/div>\n\n<script src=\"https:\/\/cdnjs.cloudflare.com\/ajax\/libs\/Chart.js\/4.4.1\/chart.umd.min.js\" data-cfasync=\"false\" class=\"nowprocket\"><\/script>\n\n<script class=\"nowprocket\" data-cfasync=\"false\">\n(function(){\nvar fi25Attempts=0;\nvar fi25Timer=setInterval(function(){\n  fi25Attempts++;\n  if(typeof Chart!=='undefined'){\n    clearInterval(fi25Timer);\n    fi25InitCharts();\n  } else if(fi25Attempts>100){\n    clearInterval(fi25Timer);\n  }\n},100);\n\nfunction fi25InitCharts(){\n\n  try{\n    var ctxAssets=document.getElementById('fi25-chart-assets');\n    if(ctxAssets){\n      new Chart(ctxAssets,{\n        type:'bar',\n        data:{\n          labels:['2021','2022','2023','2024','2025'],\n          datasets:[\n            {label:'Open-ended investment funds (FIO)',data:[128.8,99.6,125.7,167.1,218.8],backgroundColor:'#131F49'},\n            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The total value of assets held by investment funds increased to PLN 488.1 billion, while the result from operations exceeded PLN 47.7 billion \u2013 more than twice the figure recorded a year earlier. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"Poland\u2019s investment fund market ended 2025 with record-high assets of PLN 488.1 billion, up 14% year on year.\n\nThe result from operations more than doubled to PLN 47.7 billion, driven largely by strong gains in the valuation of equities and bonds. Open-ended and specialised open-ended funds gained market share, while assets held by closed-ended funds declined significantly.\n\nThe data also show that investors increasingly favoured liquid and transparent investment products. However, a substantial part of the annual result came from unrealised valuation gains, which means future performance will remain closely linked to conditions in financial markets.\n\nRead the full analysis and see the key figures, tables and charts.\n\n#Poland #InvestmentFunds #AssetManagement #Investing #Finance #FinancialMarkets #PolishEconomy #Economy #BusinessNews #CapitalMarkets\n","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[14],"tags":[64,2692],"class_list":["post-6308","post","type-post","status-publish","format-standard","has-post-thumbnail","category-investing","tag-poland","tag-sharp"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/6308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=6308"}],"version-history":[{"count":1,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/6308\/revisions"}],"predecessor-version":[{"id":6309,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/6308\/revisions\/6309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/4025"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=6308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=6308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=6308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}