Croatian pension funds A, B and C: how far apart the returns really are (30 June 2026)
Mandatory pension funds (OMF) are the largest domestic institutional investors in Croatia, and every employed person holds an account in one. The funds are split into three categories — A, B and C — and the difference between them is not cosmetic: over a ten-year horizon the gap in returns runs into hundreds of percentage points.
This article presents the published figures as of 30 June 2026, without ranking and without scoring. Accounting unit data comes from HANFA public disclosures, and returns are calculated from unit history.
What separates categories A, B and C
The categories differ in how much of their assets they may hold in equities and other riskier assets, and in how close you are to retirement:
- Category A — the highest permitted equity share. Intended for those with the longest time to retirement.
- Category B — the default category, where the large majority of members sit.
- Category C — the most conservative, predominantly bonds. Members are moved into it in the final years before retirement.
The logic is straightforward: the longer the horizon, the greater the tolerance for fluctuation. The figures below show how that logic played out in practice.
Category A — as of 30 June 2026
| Fund | Unit | YTD | 1 year | 5 years | 10 years |
|---|---|---|---|---|---|
| AZ OMF — A | 33.7012 | +10.32% | +18.11% | +60.09% | +117.89% |
| Erste Plavi OMF — A | 37.4182 | +13.15% | +20.30% | +68.30% | +148.81% |
| PBZ CO OMF — A | 41.9848 | +10.86% | +21.33% | +80.14% | +171.66% |
| Raiffeisen OMF — A | 28.9672 | +6.04% | +11.41% | +34.20% | +92.23% |
| Mirex A (benchmark index) | 282.9955 | +12.60% | +21.80% | +71.91% | +145.42% |
Ten-year returns in category A range from +92.23% to +171.66% — a spread of 79.4 percentage points between highest and lowest.
Category B — as of 30 June 2026
| Fund | Unit | YTD | 1 year | 5 years | 10 years |
|---|---|---|---|---|---|
| AZ OMF — B | 48.7922 | +5.72% | +11.28% | +34.42% | +62.99% |
| Erste Plavi OMF — B | 60.9916 | +10.25% | +16.81% | +53.16% | +103.97% |
| PBZ CO OMF — B | 52.3363 | +7.32% | +14.24% | +47.16% | +97.42% |
| Raiffeisen OMF — B | 45.7014 | +3.23% | +6.29% | +22.33% | +56.20% |
| Mirex B (benchmark index) | 382.4158 | +6.52% | +11.94% | +37.14% | +73.97% |
Category B holds the most people, which makes its spread the most consequential: from +56.20% to +103.97% over ten years, a difference of 47.8 percentage points.
Category C — as of 30 June 2026
| Fund | Unit | YTD | 1 year | 5 years | 10 years |
|---|---|---|---|---|---|
| AZ OMF — C | 18.6405 | +0.84% | +1.66% | +5.11% | +27.51% |
| Erste Plavi OMF — C | 20.1902 | +1.04% | +2.02% | +6.87% | +34.99% |
| PBZ CO OMF — C | 19.1272 | +0.89% | +1.92% | +4.28% | +28.44% |
| Raiffeisen OMF — C | 19.7699 | +0.78% | +1.64% | +5.86% | +28.71% |
| Mirex C (benchmark index) | 145.0769 | +0.85% | +1.73% | +5.39% | +28.77% |
Here the funds are almost indistinguishable — one-year returns fall between +1.64% and +2.02%. That is by design: category C is built not to fluctuate, and the price of that is that it does not grow much either.
Comparing the categories over the same periods
The quickest way to see what is at stake is to compare the benchmark indices against each other:
| Period | Mirex A | Mirex B | Mirex C |
|---|---|---|---|
| YTD | +12.60% | +6.52% | +0.85% |
| 1 year | +21.80% | +11.94% | +1.73% |
| 3 years | +56.58% | +33.09% | +9.68% |
| 5 years | +71.91% | +37.14% | +5.39% |
| 10 years | +145.42% | +73.97% | +28.77% |
Over ten years category A delivered roughly twice what category B did, and category B roughly 2.6 times what category C did. This describes what happened in the past, not a projection of the future — and the gap also reflects the different levels of fluctuation each category absorbed along the way.
How much of the Zagreb Stock Exchange pension funds actually hold
What gets discussed less often is how present OMFs are in the ownership structure of domestic companies. A snapshot of the ten largest shareholders as of 1 September 2026 shows that for some issuers the pension funds together hold most of the shares:
| Stock | Combined OMF stake |
|---|---|
| VILLA DUBROVNIK d.d. | 96.12% |
| MODRA ŠPILJA d.d. | 95.50% |
| JADRAN d.d. | 89.31% |
| VIS d.d. | 86.95% |
| Quattro logistika d.d. | 78.92% |
| PROFESSIO ENERGIA d.d. | 78.53% |
| HELIOS FAROS d.d. | 76.98% |
Among the large, liquid names the stakes are lower but still substantial: Podravka 45.40%, Adris grupa 36.51%, KONČAR – Elektroindustrija 35.90%, Čakovečki mlinovi 34.96%, Atlantic Grupa 29.13%.
The practical consequence: where pension funds hold a very high share, the free float is small, so such stocks tend to trade rarely and in small size. That is one reason a percentage move at such issuers can come out of just one or two trades.
How to read these numbers
A few things worth keeping in mind:
- Past returns are not a promise of future returns. The ten years covered by these tables include a specific market period that does not repeat on demand.
- The category matters more than the choice of provider. The gap between category A and C over ten years is larger than the gap between any two providers within the same category.
- The data is monthly. HANFA publishes accounting unit values on a monthly cadence, so the most recent date here is not today.
- There is no ranking. Funds are listed alphabetically. Which category suits which person depends on years to retirement and personal circumstances — a decision each person makes for themselves, with professional help where needed.
Where to follow the current data
All the tables above, together with a chart of unit movements and a comparison against Mirex, are maintained on the Pension funds (OMF) page. Individual funds have their own pages. Ownership stakes per stock and other indicators can be compared in the screener.
Sources: HANFA public disclosures (accounting units), ZSE/SKDD snapshots of the ten largest shareholders. Returns are calculated from published unit history. This text is informational and does not constitute investment advice or a recommendation to buy or sell any financial instrument.