Assets managed by mutual funds in Paraguay reached G. 10.1 trillion (or USD 1,298 million) last year, with a level of expansion that surpassed those recorded in the last two years.
From CADIEM there is ample room for the continued development of these investment instruments, given that they represent only 11% of demand deposits.
El mercado de fondos mutuos en Paraguay en guaraníes cerró el año pasado con un volumen de G. 5,9 billones en su patrimonio administrado, lo que representó un crecimiento del 61,3% con respecto al año anterior. Por su parte, los fondos en dólares crecieron en su patrimonio administrado en un 43%, llegando a los USD 543,9 millones, según reportó la Superintendency of Securities (SIV).
When calculating the overall amount in local currency (including funds in dollars and guaraníes), mutual funds in Paraguay reached total assets under management of G. 10.1 trillion. This implies a growth of 58% over the previous year, higher than the levels of 39.8% and 13.4% that had been observed in 2023 and 2022, respectively, in the same calculation.
Mutual Funds in Guaraníes (billions)
Mutual Funds in U.S. Dollars (millions)
According to calculations made by CADIEM based on the reports made by the different funds operating in the country, short-term funds have the largest volume in this market, both in guaraníes and dollars. In the first case, it is observed that they constitute almost half (49%) of the total assets under management and experienced a year-on-year growth of 63%; while in dollars they closed 2024 at 38% above the close of 2023. Long-term mutual funds, in turn, had an increase of 32% since December 2023.
Mutual Funds in total (billions of guaraníes)
Los rendimientos de los fondos mutuos en Paraguay se ubicaron en diciembre del 2024 en niveles de entre 5,05% y 6,6%, para los de corto plazo en guaraníes; mientras que en dólares oscilaron entre 3,32% y 5,13%. Los rendimientos de los fondos mutuos a largo plazo en guaraníes llegaron inclusive a 9,81%; con un mínimo de 8,69%.
For those who wish to venture into this investment modality, it is worth remembering that the minimum initial subscriptions range from G. 100,000 and G. 10 million, for short and long-term mutual funds; and from USD 100 to USD 1,000 for short-term mutual funds in dollars. Only the long-term funds have a redemption cost and none of them require a subscription cost.
Variación interanual del mercado de fondos mutuos en Paraguay- Últimos tres años
Projection of Mutual Funds in Paraguay in 2025
César Paredes, presidente de CADIEM, considera que el mercado de fondos mutuos en Paraguay todavía tiene mucho espacio para crecer, principalmente en los fondos a corto plazo, ya que a ellos se pueden dirigir los recursos que hoy en día se encuentran depositados en ahorros a la vista en el sistema financiero prácticamente sin generar intereses.
Let us recall that, while the average interest rate of demand deposits in local currency in the banking system closed December 2024 at 1.05%, according to records of the Central Bank of Paraguay (BCP); short-term mutual funds in guaraníes offer yields of around 6% -close to the monetary policy rate-, which shows the advantages that can be obtained in terms of yield by opting for mutual funds instead of CDAs.
Both instruments share the characteristic that they are available for withdrawal by the investor or saver at any time he/she wishes, except that in the first case there is access to higher yields than in the second.
"The funds give efficiency to the market, the resources do not leave the financial system because we invest again in financial entities, only that we invest on a term basis and that makes the return for the investor higher, not because of a question of assuming risks, but rather because of a professional administration of the resources", explains CADIEM's president.
Las oportunidades de crecimiento del mercado de fondos mutuos en Paraguay también se pueden apreciar en el volumen que tienen los depósitos a la vista y cuenta corriente en el sistema bancario, de G. 86,6 billones o cerca de USD 10.974 millones, al cierre de noviembre.
De esta manera, a una década de su lanzamiento en la economía local, el mercado de fondos mutuos en Paraguay equivale hoy en día al 11% de los montos depositados a la vista en el sistema financiero.
"As clients become more familiar with it, they will make better use of this mutual fund tool. The bulk of the resources are in companies and large investors, although small investors also have an important volume," said César Paredes.
"As for the public sector, which does not invest in funds yet, the pension funds will have to start investing sooner rather than later in these instruments because they need to generate better returns and the new Pension Law will force them to diversify. All this is going to make the fund industry grow," he added.
Dynamic start to the year for the stock market in Paraguay
The stock market, meanwhile, started 2025 with a 25% year-on-year growth in January, with transactions totaling G. 3.9 trillion or USD 503.4 million.
This amount is slightly below the monthly average of G. 4.2 billion (or USD 564.1 million) that was maintained throughout last year, but still marks the highest volume for a first month of the year in the history of the Asunción Stock Exchange (BVA), it was reported.
The majority of transactions in January 2025 took place in the secondary market, at 97%; and bonds were the most traded instruments, at 97.5%; with the guarani as the most used currency -although with a smaller advantage than in previous months-, reaching a share of 55.6%.
The primary market was marked by the issuance of bonds totaling G. 182,274 million and USD 1.8 million by entities from different sectors, including the commercial, real estate, biofuels, livestock and technology sectors, as well as by the return of municipalities, specifically from Villa Hayes.
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