Ukrainian fund industry highlights of Q2 2026: Continued growth of total funds number and assets under management; Positive annual capital flow in the open-ended funds

Open-ended funds had an inflow of capital for the fourth consecutive quarter, and the overall annual result turned positive, pushing up the total NAV of the sector.

AuM of the 'established'^[1] Ukrainian Collective Investment Institutions (CIIs) increased by 5.7% (in UAH terms) in Q2 2026, to UAH 724.1 billion by end-June (EUR 14.2 billion).

More specifically:

• 'Venture'^[2] CIIs
  • In the corporate form (VCIFs), again, played a key role in the industry's growth in terms of the number of funds: +43 such funds out of 46 newly formed CIIs in total over the quarter;
  • Share of the VCIFs in the total CII number by end-June 2026 expanded further, to 66.2% (from 65.2% in March), while for all venture CIIs, it got above 94%;
  • AuM of all formed venture CIIs grew by 5.7% in Q2 2026, accelerating from +4.3% in the previous quarter;
  • NAV added 5.3% over Q2 2026, after +4.6% in Q1, and amounted to UAH 601.6 billion, with its share in the total Ukrainian CIIs' NAV still at around 98%.
• Among the publicly-offered funds^[3], namely the opend-ended, interval, and closed-end CIIs with public offering, all the sectors had their total AuM and NAV increase in Q2 2026 as well.

In open-ended CIIs (16, all publicly offered):

• Amounted to UAH 251 million as at end-June having grown by 5.7% in Q2 2026, decelerating from +6.9% in the previous quarter; they also turned into positive territory with a relatively high annual growth rate: +25.2%;
• Both quarterly and annual total NAV growth was supported by positive net sales, alhough the overall appreciation of the funds' portfolios continued in Q2 2026 and still played a bigger role in the expansion of the sector.

• Decreased to +UAH 6.2 million in Q2 2026, from +UAH 6.7 million in Q1;
• Annual capital flow turned positive by end-June 2026, at +UAH 20.5 million (from -UAH 52.3 million in March).

• Domestic retail investors had their relative holdings in the open-ended funds increasing further, from 87.1% at end-March to 87.8% at end-June 2026, as their holdings grew the most between all the investor categories in the sector.

  This was against the backdrop of the continued growth in the number of local individual investors here (+119, or +4.3% in Q2 2026); their share hovered above 99% of all investors in the sector;

• There were four foreign investors (non-resident institutional/corporate and individual ones) in open-ended funds throughout Q2 2026; they had 4.3% in the sector's total NAV by end-June, down from 4.4% at end-March.

Number of non-resident investors in all CIIs in total decreased by two in Q2 2026 (-0.5%), to 369 at end-June.

• Non-residents held 19.8% of the CIIs total NAV by the end of the quarter, up from 19.7% in March, having their total holdings growth by 3.4% in Q2 2026.

Number of all investors in all CIIs increased by 20.5 thousand in Q2 2026 (+5.8%, after +5.3% in the previous quarter); that was again almost exclusively due to local retail investors in publicly-offered closed-end funds.

Number of formed CIIs kept growing: +38 (+2.0%) in Q2 2026, to 1970 by end-June.

Number of AMCs remained the same, 263, at the end of Q2 2026.

• Out of those, 239 (91%) remained active and reported on their investment and/or pension funds under management for the quarter, in particular:
  • About 98% of them had at least one venture CII under management;
  • 9 AMCs still managed acting 16 open-ended funds, and 28 companies still had 72 publicly offered CIIs in total throughout the quarter;
  • 24 AMCs had 44 acting pension funds under management at end-June (same as in March), and one AMC still managed assets of one insurance company.

Number of non-state pension fund administrators (ANPFs) remained at 13, with 12 having funds under administration throughout Q2 2026.

• Among them still were 4 companies with NPF administrator's licence only; the other ANPFs conducted both institutional investor asset management licenced activity and the one of NPF administration.

Non-state pension funds (NPFs)

• UAH 4,357 million of assets under management of AMCs at end-June, adding +4.9% in Q2 2026, accelerating from +4.8% in Q1;
• Assets under administration of the ANPFs^[4] rising to also UAH 4,357 million by end- June, decelerating to +4.9% in Q2 2026, from +5.1% in the previous quarter.

Insurance Companies' assets under management of AMCs

• Amounted to UAH 358 million as at end-June 2026, accelerating to +11.3% in Q2 2026, from +8.4% in Q1.