According to Polish daily Parkiet, citing a report of Analizy Online, the Polish mutual fund market grew by 6.3% m/m and some 26% y-t-d to PLN 77.33bn in April. Among the strongest growing mutual fund companies was BZ WBK TFI, which grew its AUM by some PLN 1.5bn to PLN 13bn, up 13% m/m and 68% y-t-d. BZ WBK increased its market share to 17% from 15.8% in March. Next was ING TFI with a net inflow of AUM of PLN 0.5bn to PLN 8.3bn, up 6% m/m and 24% y-t-d and AUM of BPH TFI grew by some PLN 0.3bn to PLN 5.6bn up 6% m/m and 48% y-t-d. While Pioneer TFI grew its AUM by some PLN 0.26bn to PLN 20.6bn, up 1% m/m and 7% y-t-d. We would expect a positive trading impact on BZ WBK.