The Polish investment fund market entered 2025 with strong momentum, as confirmed by official GUS data for the first half of the year. Assets accumulated by the funds reached PLN 441.8 billion, representing a year-on-year increase of 8.7% – one of the highest results observed in recent years amid rising macroeconomic volatility and growing interest from both retail and institutional investors. The sector’s operating result reached PLN 25.3 billion, significantly exceeding the result from the same period in 2024, which amounted to PLN 16.3 billion. These two indicators form the foundation for assessing the market’s condition, but a full picture requires an analysis of asset structure, operating performance, balance-sheet positions and the dynamics of individual fund segments.
This article presents a detailed analysis of the changes occurring in the Polish investment fund sector, based on the latest GUS data covering 408 financial statements of various types of funds. We examine both structural shifts and their implications for the capital market, investors, investment fund companies, and the broader financial landscape. The study has an analytical and informational character, aimed at asset managers, economists, macroeconomic analysts, and institutional investors.
Key data: strong recovery in assets and a surge in operating results
GUS data clearly indicate an improvement in the condition of the Polish investment fund sector in the first half of 2025. Total asset value increased to PLN 441.8 billion, which means an increase of PLN 35.4 billion compared to the end of June 2024. At the same time, income from investments rose by 30%, which plays a crucial role in generating operating results for the funds.
Table 1. Key data on investment funds
(source: GUS)
| Category | H1 2024 (PLN m) | H1 2025 (PLN m) | 2024 = 100 |
|---|---|---|---|
| Total assets | 406,414.9 | 441,791.9 | 108.7 |
| Income from investments | 9,579.2 | 12,454.2 | 130.0 |
| Operating result | 16,340.6 | 25,296.1 | 154.8 |
The table shows that the strongest dynamic was recorded in the operating result, which increased by 54.8%, driven by higher revenues and the rising value of financial instruments held in fund portfolios. This outcome reflects favourable market conditions, improved bond market performance and positive equity market sentiment in the first months of 2025.
Asset structure: dynamic growth of FIO and SFIO, sharp decline in FIZ
One of the most notable trends in the data is the significant shift in asset structure between open-ended funds (FIO and SFIO) and closed-ended funds (FIZ). According to the findings:
- FIO: asset growth of 31.7% to PLN 199.8 billion,
- SFIO: growth of 29.0% to PLN 133.0 billion,
- FIZ: asset decline of 28.1% to PLN 108.96 billion.
This shift in segment shares indicates that the market is moving towards more liquid investment vehicles, likely driven by investor preferences for flexibility during periods of increased macroeconomic volatility.
Balance-sheet analysis: impact of investment structure and liabilities
The balance sheets of investment funds reveal a clear increase in exposure to market-traded assets and significant changes in liability positions. Although total assets rose to PLN 441.79 billion, a deeper look shows that assets traded on active markets account for the majority of the growth.
Table 2. Balance sheet of investment funds
| Position | 2024 (PLN m) | 2025 (PLN m) | 2024 = 100 |
|---|---|---|---|
| Total assets | 406,414.9 | 441,791.9 | 108.7 |
| Cash | 9,292.3 | 9,462.7 | 101.8 |
| Receivables | 47,247.1 | 10,171.9 | 21.5 |
| Unlisted investments | 148,102.1 | 157,273.9 | 106.2 |
| Listed investments | 196,105.7 | 254,268.5 | 129.7 |
| Liabilities | 34,575.1 | 44,910.8 | 129.9 |
| Net assets | 371,839.8 | 396,881.0 | 106.7 |
The key observations include:
- Huge drop in receivables (−78.5%) – indicating more efficient settlement management and lower counterparty exposure.
- 30% increase in liabilities, especially in open-ended funds – possibly linked to a growing number of management contracts and dynamic investor inflows.
- Sharp increase of 29.7% in market-traded assets, reflecting a rising share of instruments such as government bonds, corporate bonds and equities.
Fund investments: dominance of bonds and growing role of foreign fund units
Investment portfolios of funds reached PLN 411.07 billion in the first half of 2025, an increase of nearly 20% year on year. The largest components were:
- debt securities – PLN 241.9 billion (up 22.6%),
- equities – PLN 78.47 billion (up 15.4%),
- foreign fund units – PLN 26.65 billion (up 19.1%).
Table 3. Value of investment fund portfolios
| Category | 2024 (PLN m) | 2025 (PLN m) | 2024 = 100 |
|---|---|---|---|
| Total investments | 343,576.0 | 411,067.4 | 119.6 |
| Equities | 68,006.9 | 78,474.4 | 115.4 |
| Debt securities | 197,359.6 | 241,929.8 | 122.6 |
| Shareholdings | 18,316.3 | 18,601.3 | 101.6 |
| Receivables | 14,576.4 | 18,909.0 | 129.7 |
| Foreign fund units | 22,375.9 | 26,654.5 | 119.1 |
| Deposits | 724.4 | 458.3 | 63.3 |
The sharp decline in deposits (−36.7%) is particularly noteworthy, indicating that funds are allocating capital more aggressively into instruments with higher return potential. This shift suggests that managers are taking advantage of favourable market conditions and moving away from defensive strategies.
Income statement: jump in interest income and record valuation gains
The operating income statement of funds shows a significant improvement in asset-management efficiency. Income from investments rose to PLN 12.45 billion, a 30% increase compared to the previous year.
Key drivers:
- Interest income: PLN 6,998.8 million → up 34%,
- Dividends: slight decline to PLN 1,373.3 million,
- Foreign exchange differences: dramatic drop from PLN 939.3 million to PLN 87.9 million,
- Fund costs: increase of 66.8% to PLN 6,346.1 million,
- Valuation gains: increase from PLN 5.15 billion to PLN 11.21 billion (over 117%).
Table 4. Income statement of investment funds
| Category | 2024 (PLN m) | 2025 (PLN m) | 2024 = 100 |
|---|---|---|---|
| Income from investments | 9,579.2 | 12,454.2 | 130.0 |
| Dividends | 1,485.3 | 1,373.3 | 92.5 |
| Interest | 5,223.2 | 6,998.8 | 134.0 |
| FX differences | 939.3 | 87.9 | 9.4 |
| Costs | 3,804.1 | 6,346.1 | 166.8 |
| Realised gains | 5,396.9 | 7,956.1 | 147.4 |
| Unrealised gains | 5,150.6 | 11,215.1 | 217.7 |
| Operating result | 16,340.6 | 25,296.1 | 154.8 |
The most dynamic category are the unrealised valuation gains, showing that financial markets in the first half of 2025 experienced strong appreciation of listed assets, particularly bonds and equities. This is a clear reflection of improving global conditions and stabilising expectations regarding inflation and interest rates.
Interpretation in the context of macroeconomic developments
The financial performance of investment funds in 2025 aligns with the global trend of market recovery following a period of elevated uncertainty. Since the beginning of 2025, the Polish economy has experienced:
- inflation stabilisation,
- a gradual reduction in interest rates,
- higher economic activity,
- rising popularity of investment products among households.
The 8.7% increase in asset value is not solely the result of rising market prices – it also reflects new inflows, particularly into open-ended funds. Meanwhile, the sharp decline in FIZ assets suggests an outflow of institutional capital or restructuring within the private-equity and closed-ended fund segments.
