ROLA SPECJALISTYCZNYCH FUNDUSZY INWESTYCYJNYCH OTWARTYCH NA RYNKU FUNDUSZY INWESTYCYJNYCH W POLSCE
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Date
2003
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Wydział Prawa i Administracji UAM
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ROLE OF SPECIALIZED OPEN-END INVESTMENT FUNDS ON POLISH INVESTMENT FUND MARKET
Abstract
The subject o f this paper is the role o f specialized open-end investment funds (SFIO),
which became an interesting and profitable instrument o f investment on the Polish capital
market. The author’ s main intention is to present the legal regulations concerning the activity
of those institutions, their offer addressed to both individuals and institutional investors
and their share in the Polish investment fund market.
SFIO funds operate on similar principles as open-end investment funds. However, SFIO
funds in some respects differ from open-end funds, the main difference being that SFIO funds
allow an indication in the charter o f formal conditions related to their participants or the conditions
on which participants may request a repurchase of participation units. In the view or
both these facts and characteristics of this part o f the Polish capital market, one may distinguish
two kinds o f SFIO funds with two different groups o f participants:
• funds associated with investment within the 3'd pillar o f the Polish individual retirement
system (table 1),
• funds appropriative exclusively for legal persons (table 2).
Considering the share of SFIO funds in the investment fund market, they take the second
position after open-end funds, both in terms o f quantity and net asset value o f the funds
(graphs 1&2).
The discussion o f the past performance o f SFIO funds is accompanied by considerations
of their future role for the funds market. The author suggests that because individuals are
mostly interested in long-term and safe investments (both conditions are met by those funds),
the role o f SFIO funds in this case will be continuously growing. As far as the interest o f institutional
investors is concerned, the situation may appear the opposite. This is mainly because
such investors are interested in short-term (even speculative) investments and are therefore
likely to choose other capital market instruments.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 65, 2003, z. 2, s. 179-197
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ISBN
ISSN
0035-9629