Polish investors favor safety: Bond funds attract majority of new capital despite equity fund performance

Polish investment funds are seeing inflows, but not in the way many expected. While assets under management reached 476 billion PLN by the end of June, the majority of new money is directed towards bond funds, not equity funds. This trend mirrors a broader international pattern where bond funds are currently more popular than equity funds.

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We should be happy that funds are flowing in at all and that interest in investing is growing. I hope that over time, this will naturally translate into mixed funds as well – similar to those operating within the PPK.

Despite strong investment returns in Polish equity funds, averaging nearly 10% in the latter half of 2025 compared to about 4.4% for Polish government bond funds, investors remain hesitant. Research indicates a limited appetite for risk among Poles, with many prioritizing a greater sense of security over potentially higher returns. This conservative approach is further reinforced by regulatory requirements, such as MiFID surveys, which assess clients' knowledge, experience, investment goals, and risk tolerance. Financial institutions are thus guided to offer products aligned with a client's stated low-risk preference, naturally leading to a higher demand for bond funds.

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The results of investment funds are hard to argue with, as Polish equity funds achieved an average of nearly 10% in the second half of 2025, while Polish bond funds yielded around 4.4%.

Industry experts acknowledge these challenges, which have been discussed for years at the Forum Funduszy. While current inflows are seen as a starting point, there is hope that the introduction of new tools and products will eventually encourage more investors to consider riskier, potentially more rewarding, investment options like equity and mixed funds. The goal is to foster a more balanced investment landscape that caters to diverse risk appetites and ultimately unlocks more capital for various market segments.

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Research shows, above all, that Poles have a very limited appetite for risk. Many investors prefer to accept a lower rate of return in exchange for a greater sense of security.