Mutual funds are sitting on a 17m-euro cash pile

Mutual funds held cash worth 72.4m RON (17.3m euros) in late May, with the reserves created so that the funds could grab market opportunities or pay for buybacks. Simfonia 1 monetary fund, managed by BRD Asset Management, is the most liquid mutual fund on the market, with cash worth 56.4m RON (13.5m euros) in late May, accounting for one third in the fund’s assets, according to the latest statistical data of the Association of Fund Managers (AAF). Far behind it are another two funds that BRD AM has recently launched, namely BRD Diverso and BRD Actiuni, with cash of 4.2m RON and 2.15m RON, respectively. Across the industry, mutual funds’ cash in late May amounted to 72.4m RON, accounting for almost 5% in the 1.4bn-RON total assets. “As monetary funds hold a weight of above 50% in the total assets of the industry, the cash volume has risen considerably because this type of funds needs a high level of liquidity,” said Daniel Stifter, CEO of* EFG Mutual Funds Management.