Topic · Pension funds (OMF)

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Topic: mandatory pension funds (OMF) — the second pillar. Facts (HANFA, 31 May 2026): 1) Four companies manage the mandatory funds: AZ, Erste Plavi, PBZ CO and Raiffeisen, each in three risk categories — A (most equities, riskiest), B (medium, holding the large majority of members), C (mostly bonds). 2) Net assets: category B EUR 25.05bn, A EUR 1.68bn, C EUR 1.55bn. 3) Mirex B — the official category-B average — stands at 377.29, +5.1% this year and +11.5% over the past year. 4) Category-B unit values (31 May): AZ 48.25, Erste Plavi 59.47, PBZ CO 51.67, Raiffeisen 45.48 — the absolute unit level is NOT a measure of performance (it depends on the start date); returns are. 5) One-year category-B returns range from +6.6% (Raiffeisen) to +15.1% (Erste Plavi). 6) Net assets of the B funds by company: AZ EUR 9.40bn, Raiffeisen EUR 6.83bn, PBZ CO EUR 4.87bn, Erste Plavi EUR 4.41bn. 7) The funds appear among the top-10 shareholders of many ZSE stocks; our pension-funds page shows those stakes by stock and fund.

  1. Mirovinski fondovi (jedinice, Mirex, ZSE udjeli): HANFA mjesečne objave — source
  2. HANFA — neto imovina MF i Mirex: 31. 5. 2026. — source

Questions for readers

  1. By what criteria would you pick a fund company within the same category when returns differ (1Y in category B: from +6.6% to +15.1%)?
  2. Categories A/B/C: when is switching between categories justified given years to retirement, and when is it chasing last year's return?
  3. Mandatory pension funds are the largest domestic institutional investors on the ZSE and appear among the top-10 shareholders of many stocks — how does their presence affect liquidity and corporate governance?

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