NN Akcji — Poland's Largest Active Equity Fund Analysis 2026

NN Akcji — Active Management of the Polish Market

NN Akcji (formerly ING Akcji) is Poland's largest and oldest equity fund, with assets exceeding 2.8 billion PLN. Operating continuously since 1997, it has weathered every economic cycle the Polish market has seen, offering professionally managed exposure to domestic stocks.

Freenance treats NN Akcji as the benchmark for active management on the Polish market — its 29-year track record is the ultimate test of whether professional stock pickers can consistently beat a simple WIG20 index.

Fund Overview

Key Parameters (2026)

• Full name: NN Akcji Fundusz Inwestycyjny Otwarty
• Manager: NN Investment Partners TFI
• Inception: May 15, 1997
• AUM: 2.84 billion PLN (February 2026)
• Participants: 47,300
• Benchmark: WIG20 TR (Total Return)
• Currency: PLN
• Minimum investment: 50 PLN
• Dividends: Reinvested within the fund

Fee Structure

Management fee:

• 1.5% per year on net asset value
• Deducted proportionally each day
• Embedded in the unit price

Entry/exit fees:

• Entry: 0% (eliminated in 2024)
• Exit after 2 years: 0%
• Exit before 2 years: 0.5%

Performance fee:

• 20% of outperformance above the WIG20 TR benchmark
• Charged only when new high-water marks are reached
• High-water mark mechanism prevents double charging

Investment Strategy

Investment Philosophy

NN Akcji uses active stock-picking:

• Fundamental analysis of Polish companies
• Focus on long-term trends
• Top-down analysis (macro → sector → company)
• Bottom-up stock selection (company to portfolio)

Selection process:

1. Quantitative screening — filtering by financial metrics
2. Fundamental analysis — detailed business and management assessment
3. Valuation — DCF models, PEG ratios, sector comparisons
4. Investment decision — investment committee and portfolio manager approval

Investment Constraints

Regulatory and statutory rules:

• Maximum 10% in any single company
• Minimum 80% in Polish equities
• Maximum 20% in derivatives (hedging only)
• Minimum 5% in liquid assets (cash/government bonds)

Management Team

Lead portfolio manager: Maciej Grzeszczyk (since 2019)

• 18 years analyzing the Polish market
• Previously: analyst at PKO BP and Deutsche Bank
• CFA Charterholder, MSc Economics from SGH

Analyst team: 6 sector specialists covering banking/insurance, TMT/gaming, energy/commodities, retail/consumer, and industrials/construction

Portfolio Composition (February 2026)

Top Holdings

Sector Allocation

vs WIG20 benchmark:

• Banking: 32.1% (+3.8pp) — overweight
• Tech/Gaming: 23.8% (+7.7pp) — significant overweight
• E-commerce: 8.7% (+1.5pp)
• Retail: 9.2% (+0.5pp)
• Petrochemicals/Energy: 8.1% (-8.8pp) ⬇️ underweight
• Insurance: 7.3% (-2.2pp)
• Mining: 2.1% (-4.1pp) ⬇️ underweight
• Cash: 3.4%
• Other: 5.3%

Long-Term Performance Analysis

Returns vs Benchmark (through February 2026)

Annual returns:

Long-term annualized returns:

• 3 years: +7.8% (vs WIG20: +6.9%) = +0.9% alpha
• 5 years: +5.2% (vs WIG20: +3.1%) = +2.1% alpha
• 10 years: +8.7% (vs WIG20: +7.2%) = +1.5% alpha
• Since inception (29 years): +11.3% (vs WIG20: +9.8%) = +1.5% alpha

Risk Analysis

Risk metrics (5 years):

• Volatility: 21.8% (WIG20: 22.1%) — slightly lower
• Maximum drawdown: -36.2% (March 2020)
• Sharpe ratio: 0.24 (vs WIG20: 0.14) — superior risk-adjusted return
• Information ratio: 0.31 — positive alpha per unit of tracking error
• Beta: 0.96 — slightly lower systematic risk

Strengths

✅ Why Consider NN Akcji

Consistent outperformance

• Beats the WIG20 benchmark in most periods
• Positive alpha over 29 years of operation
• Better risk-adjusted returns (higher Sharpe ratio)

Experience and stability

• Poland's oldest equity fund (1997)
• Survived every major crisis (Asian '97, Dotcom 2000, Lehman 2008, COVID 2020)
• Stable management and analyst team

Professional stock selection

• Active sector allocation (underweight energy in recent years)
• Fundamentals-driven stock picking
• Access to institutional-grade research

Strategy flexibility

• Can hold cash during unfavorable market conditions
• Concentrated portfolio of best ideas
• Freedom to avoid weak index constituents

Accessibility

• Low minimum investment (50 PLN)
• Automatic dividend reinvestment
• Available through most Polish banks and platforms

Weaknesses

❌ Limitations to Consider

High costs

• 1.5% annual management fee
• 20% performance fee on benchmark outperformance
• Total costs can exceed 2% in good years

Geographic concentration

• Polish market only (80% minimum)
• No international diversification
• Dependent on Polish economic cycles

Manager risk

• Reliance on the management team's decisions
• Potential for poor sector or stock calls
• Key-person risk

Limited transparency

• Portfolio composition published with a delay
• No real-time visibility into investment decisions
• Difficult to predict future positioning

Polish market structural issues

• Bank and commodity sector dominance in the index
• Low liquidity in some stocks
• Sensitivity to emerging-market sentiment

NN Akcji vs WIG20 ETF — Head-to-Head

10-Year Cost Comparison

Scenario: 100,000 PLN invested for 10 years

*Assuming 8% gross annual return

Net After-Cost Returns (5 years)

NN Akcji: +5.2% annualized net ETF WIG20: +2.7% annualized net (3.1% − 0.4% costs)

Verdict: NN Akcji generates enough alpha (+2.5% per year) to more than compensate for higher costs.

Who Should Choose NN Akcji?

🎯 Ideal Investor Profile

Believers in active management

• Willing to pay higher fees for potential alpha
• Value professional analysis over passive index tracking
• Prefer delegating investment decisions

Seeking Polish equity exposure

• Want Polish stock exposure without picking individual stocks
• Looking for an alternative to WIG20 ETFs
• Prefer a fund over direct stock investing

Long-term investors

• Planning to hold for 5+ years
• Understanding of Polish market cyclicality
• Tolerant of emerging-market volatility

❌ When Alternatives Are Better

For cost minimalists

• WIG20 ETF (0.4% vs 1.5–2% for NN Akcji)
• Individual stocks (broker commissions only)
• Global ETFs (better long-term returns)

For diversification seekers

• MSCI World funds/ETFs
• Mix of Polish and global exposures
• Core-satellite strategy with a global core

How to Buy NN Akcji Units

Directly from NN TFI

Online at nnip.pl:

• Register on the NN Online platform
• Fund via bank transfer or card payment
• No additional distribution fees

Through Banks and Brokers

Available at:

• ING Bank: Preferential terms (historically)
• PKO BP: In the external fund lineup
• mBank: Via the mBroker platform
• Santander: Through private banking access

Note: Banks may add their own margins to fees.

Tax Considerations

Capital Gains Tax

For individual investors:

• 19% tax on gains realized at unit redemption
• Losses can be offset against gains from other funds
• Reported via PIT or separate PIT-8C form

Tax optimization:

• Long-term holding (no special rate, but compound effect)
• Realize losses before year-end for tax offsets
• Consider investing through IKE/IKZE (within contribution limits)

Fund vs Direct Stocks — Tax Advantage

• No dividend tax within the fund (reinvested automatically)
• Tax triggered only at redemption
• Professional reinvestment management vs manual handling

Alternatives to Consider

Other Polish Equity Funds

Pioneer Akcji Polski (Amundi):

• Similar strategy, slightly lower costs (1.2%)
• Shorter track record (founded 2007)
• Smaller AUM (800 million PLN)

Skarbiec Akcji (Skarbiec TFI):

• Aggressive growth strategy
• Higher risk and volatility
• Strong in bull markets, weaker in bear markets

International Alternatives

Templeton Eastern Europe (Franklin):

• Broader CEE regional exposure
• Diversification beyond Poland
• Global management perspective

Summary — Final Assessment

NN Akcji is the best Polish equity fund for investors who believe in the value of active management. Over 29 years, it has consistently beaten the WIG20 benchmark — a rarity in the mutual fund world.

Freenance recommends NN Akcji for:

• Long-term investors (5+ years) seeking Polish exposure
• Those who value professional management over passive indexing
• Investors willing to pay for alpha (positive after-cost excess returns)

Caveats:

• High costs (1.5–2% per year) require consistent outperformance to justify
• Geographic concentration — Poland only
• Emerging-market-level volatility (22% annualized)

Final rating: ⭐⭐⭐⭐ (4/5) — the best actively managed Polish equity fund, but not for everyone.

Freenance suggests: Allocate a maximum of 10–20% of your portfolio, as the Polish equity component within a globally diversified investment strategy.