The Romanian investment fund market also ended the third quarter of 2025 with remarkable results, thus preparing for the end of one of the best years in its history, which marked one of the most solid developments, exceeding several important milestones: the threshold of one million investors and assets of over 50 billion lei. Thus, the premises for 2026 are favorable, with opportunities concentrated in banking, energy or utilities, but also with potential macroeconomic risks that require caution and strategy. In this context, investment funds remain the most accessible and intelligent option for the general public concerned with preserving and even increasing the value of their savings, according to a press release.

As for the asset management industry, it maintained its upward trajectory, marking several records in turn.

“The evolution of investment funds in the last 12 months – from September last year to the end of September this year – has been spectacular, with returns ranging between 24.5% and 31.9%. If we also look at the last three years, we see returns of up to 124%. And the fact that we have exceeded one million investors shows the growing confidence in our market. If we refer only to equity funds, today we have 163,000 investors, with more than 30% compared to last year, an extraordinary result. Today we are looking at the performance of the last 12 months because everyone wants to perform. We all know, however, that performance is a peak, a moment that is built over time, but which can also go through moments of volatility. We will not always be able to choose only the fund that is in first place. Therefore, it is constantly necessary to ask ourselves: what influences a good choice? Professionalism and, most importantly, trust. Choosing a fund should not never made only after the performance of the moment. Investors must look at the investment policy, the risks assumed and weigh whether the fund’s strategy fits their own profile. Performance is important, but the manager’s professionalism and the fit with personal objectives are what make the difference in the long term”, said Horia Gustă, president of AAF.

According to data centralized by AAF, the assets of the entire market exceeded 53 billion lei at the end of the third quarter, and of these, 32 billion are found in the category of open-end investment funds, which are the most popular among retail investors.

“We have had another very good quarter. We therefore have an increase in assets of 23.3% compared to the third quarter of 2024 and an increase of 10.3% compared to the previous quarter. As for net inflows, they amounted to 1.75 billion lei. Compared to last year, it is an increase of 37.5%, and compared to the previous quarter, when net inflows were at a much more modest level, it is a 16-fold increase. The number of investors is at a new historical high, over one million, an increase compared to last year of 33%, and compared to the previous quarter of 9.3%. As for the assets of open-end investment funds by market segments, by types of funds, we have this increase of 23.3%, but we have higher than average increases in the case of equity funds – an increase of 25.6% -, and even in bond funds – an increase of 27%. In In absolute terms, the largest increase in assets is found in bond funds, an increase of 3.4 billion lei, and in equity funds we have an increase of 1.5 billion. The market currently looks like this: we have bond funds of approximately 47%, equity funds 25.6%, diversified funds of almost 13% and in the other funds category we have 14%”, explained Jan Pricop, AAF executive director.

Regarding the evolution of the number of investors by fund category, there are increases that exceed the annual average of 33%, respectively in the case of equity funds – where the increase was almost 46% – and in the case of bond funds – where the increase was over 36%. In absolute terms, there is an increase of over 100,000 investors in bond funds, and equity funds attracted an additional 51,000 investors. In the other funds category, there are almost 60,000 new investors. Thus, on the total market, the number of investors increased by 249,000 people, compared to last year.

In terms of net subscriptions, funds once again recorded a very good quarter, and the data shows a return to growth. By fund category, of the 1.75 billion lei, 756 million are net inflows into bond and fixed income funds. Next in line in terms of net inflows were equity funds, with an increase of 448 million lei, and diversified funds had net outflows of 95 million.