OFE assets down 4.7% in March

Open pension funds (OFE) lost on average 4.7 percent of their value in March, according to a report prepared by Analizy Online and the Polish Chamber of Pension Funds (IGTE). At the end of March OFEs had €165.7 billion worth of assets, predominantly large companies’ stocks. The loss is attributed to the declines on global stock exchanges caused by tech giant’s problems (particularly Facebook and Amazon) and the US-China trade conflict. The domestic stock market also took a hit in March, with large-cap WIG20 down by 6.5 percent, mid-cap MWIG40 posting a drop of 3.5 percent and small-cap sWIG80 declining by 2.9 percent.