The Mutual Fund Available Guaraníes, managed by CADIEM, was the first to be launched in the current phase of this market's development. On its latest anniversary, the maturity this investment option has reached stands out, with investors moving significantly towards greater confidence and sophistication.
Exchange trading, meanwhile, continues to expand and, at the close of the year's first two months, the BVA recorded 11% growth. Securities issuance continues to see strong momentum, at twice the pace seen at the start of 2025.
The first two months of 2026 were marked by considerable momentum in the securities market. In this context, mutual funds continue to act as the gateway to the capital market for many investors, as a tool for liquidity and efficient capital management, meeting the financial needs of individuals and companies.
A significant event for this market is the 12th anniversary of the Mutual Fund Available Guaraníes, managed by CADIEM Administradora de Fondos Patrimoniales y de Inversión (AFPISA), the first to be launched in the new era of these investment products, marking further progress towards greater maturity and sophistication in investment in Paraguay.
José Monges, director ejecutivo de CADIEM AFPISA, recalled that twelve years ago there was no mutual fund market in the country, and that today thousands of citizens invest through them, both with CADIEM and with several other fund managers that have joined over time.
“That is probably the greatest contribution of the Mutual Fund Available Guaraníes: building the industry and investor confidence, showing that savings, small or large, could be managed professionally, transparently and accessibly, becoming a gateway to the capital market for many investors,” he stressed.
From that experience, Paraguayan investors gained confidence and sophistication, incorporating mutual funds into their financial planning. “Many unit holders who started out looking for a return that also offered liquidity are still investing and diversifying within the market today, which shows a natural process of maturing and expansion in the industry.
The market's response remains very positive. Investors staying put and the steady growth in assets under management show that the fund has established itself as a reliable tool for managing liquidity and supporting the development of the securities market,” added Monges.
For CADIEM, reaching twelve years since the creation of the first liquidity fund investing in fixed income, in this new era of the securities market, means far more than an anniversary; it is the realisation of a long-term vision that required facing major challenges.
The first challenge, as Monges tells it, was financial education, since investors had to be told what a mutual fund was and how it worked. “That is why seeing how the fund industry has grown and how investment opportunities have been created by democratising access to diversified portfolios of securities and financial
instruments, allowing thousands of citizens to invest with more accessible amounts, fills us with pride and satisfaction,” he said.
“This anniversary reflects not only CADIEM's evolution, but also the maturity the Paraguayan securities market has reached. Having been pioneers fills us with pride, but above all it reminds us of the responsibility to keep driving innovation and high quality standards for our clients and investors,” he added.
The outlook for the mutual fund market is very positive, in the view of CADIEM AFPISA's director, as these funds will continue to play a fundamental role as tools for liquidity and efficient capital management, meeting the financial needs of individuals and companies in an increasingly dynamic environment.
At the same time, Paraguayan investors are moving towards more sophisticated solutions with different investment horizons. CADIEM's vision is therefore to keep broadening its range of products and services, with the expectation of launching new funds that will widen opportunities for investors and help
further strengthen the development of the Paraguayan capital market.
“Our purpose, as it was twelve years ago, remains to contribute to the country's development by bringing investment closer to people, so they can reach their goals and improve their quality of life through financial education and disciplined, responsible, professional management of their investments,” concluded José Monges.
In 2025, CADIEM achieved the largest market share combining Mutual
Funds and Investment Funds, with assets under management of USD 360 million, representing 20% of the total handled by fund managers in the country and growing 30% on the previous year.
The start of 2026 has also been quite positive, as we have passed USD 100 million in assets in the Mutual Fund Available USD, which also recently saw its risk rating upgraded by the agency Fix SCR, a Fitch Ratings affiliate.
The exchange market keeps growing
The Asunción Stock Exchange (BVA), for its part, recorded transactions of G. 9.3 trillion (approximately USD 1,423 million at current exchange rates) in the first two months of 2026, up 11.3% on the same period last year.
In February 2026 alone, exchange transactions totalled G. 4.6 trillion. This maintained the previous month's momentum and marked the highest figure for a second month of the year in this market, since February 2025 had reached a volume of G. 4.4 trillion; in 2024 it stood at G. 3.5 trillion; and in 2023 it was G. 2.4 trillion.
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