Monthly Performance Review of Publicly Offered CII in Ukraine. June 2013
In June, for the first time since year beginning, all global stock indexes exited from the positive zone reacting to the distressing news from Europe. However, a significant acceleration of the pace of gold price decline acted as the main driver that pushed investors to register a half-year asset growth in stock exchanges.
After a substantial decline that had occurred in March, the Ukrainian stock market for the third month in a row remained in a sideways trend with a minor tendency towards moderate growth. Overall pessimistic moods of the national participants would not allow to break strong bear positions. According to June results, Ukrainian exchange indexes turned out to be differently directed: UX index went down by 0,05%, and PFTS index went up by 1,22%.
OPEN-ENDED FUNDS
June UAIB review covers 41 open-ended CII with the aggregate NAV reaching UAH 147,45 mln. Proceeding from the indicators as of the previous month end, an aggregate net asset decrease comprised UAH 6778,60 thsd. (-4,49%). This is the greatest NAV decline since year beginning provoked by significant payments to investors.
Despite that, prevailing majority of funds succeeded in closing the month with increasing rates of return, with only fourteen of them generating negative rates of return. In June, the range of the rates of return of investment funds fluctuated between +9,23% and -7,44%. Monthly average sector rate of return comprised +0,10%, though the rate of return since year beginning reached -1,40%.
Based on June results, growth leaders in the sector of open-ended CII were:
“Raiffeisen Balanced” (+UAH 296,89 thsd. (+20,47%)) – owing to additional placement of 948 certificates (increase in circulation by 23,39%) generated a net inflow in amount UAH 330,95 thsd.;
“OTP Bond Fund” (+UAH 67,01 thsd. (+4,43%)) – generated UAH 28,10 thsd. worth of net flow as a result of asset revaluation, insofar as the quantity of certificates attracted was a minor one (investors acquired 26 ІС);
“Argentum” (+UAH 17,6 thsd. (+0,95%)) – due to an additional attraction of moneys from investors that purchased 700 certificates (+1,39%) generated UAH 25,26 thsd. in net inflow.
The greatest payments to investors in June were made by the following funds:
“OTP Classic” (-UAH 6894,49 thsd. (-15,01%) – experienced the greatest net capital outflow in amount UAH 7690,13 thsd. in connection with a buyout of 4965 certificates (-16,47% in circulation);
“Raiffeisen Money Market” (-UAH 384,92 thsd. (-2,03%) – also incurred UAH 648,03 thsd. worth of net outflow as a result of redemption of 376 investment certificates (-3,37%);
“KINTO-Classic” (+UAH 333,51 thsd. (+1,66%) – despite a positive asset revaluation, net outflow reached UAH 325,01 thsd. and resulted from presentation for redemption of 968 certificates (-1,63% in circulation) by investors.
In June, the list of the key sector players remained unchanged. The first place by market share among open-ended CII went to “OTP Classic” fund (26,48% of aggregate NAV (UAH 39,04 mln.)), the second one – to “KINTO-Classic” fund (13,84% (UAH 20,41 mln.)), and the third one – to “Raiffeisen Money Market” fund (12,62% (UAH 18,61 mln.)). “Sparta Balanced” fund took the fourth place (6,17% (UAH 9,1 mln.), and “OTP Equity Fund” took pride of the fifth place (3,19% (UAH 4,7 mln.)).
Among the leaders by the rates of return earned should be noted funds: “Patron” (+9,23%), “KINTO-Classic” (+3,34%), and “OTP Bond Fund” (+2,55%).
The weakest performance in June was demonstrated by funds: “VSE” (-7,44%), “Andromeda” (-5,22%), and “Raiffeisen Equity” (-4,89%).
INTERVAL FUNDS
June review covers 9 interval CII, whose net assets, according to the UAB data, comprised UAH 33,48 mln. Compared to this sector indicators as of preceding month end, the aggregate NAV decreased by UAH 853,86 thsd. (-3,73%).
Despite negative asset revaluation, this month the sector experienced a minor capital inflow owing to the moneys attracted from investors.
In June, in the sector of interval CII the leaders by moneys attracted were:
“Platinum” fund (-UAH 639,93 thsd. (-5,65%)) – due to an additional placement of 262 securities generated UAH 68,75 thsd. of net inflow; and
“Aurum” fund (-UAH 20,77 thsd. (-1,05%)) – received net capital inflow in amount UAH 7,94 thsd. as a result of placement of 201 securities (+0,41%) with investors.
The greatest losses of net assets in June were experienced by the following funds:
“Balanced Fund “Parity” (-UAH 61,68 thsd. (-5,96%) – experienced the most substantial net outflow in amount UAH 59,68 thsd. in connection with a negative asset revaluation and a redemption of 54 securities from investors (-5,79% in circulation);
“Concorde Perspectiva” fund (-UAH 15,12 thsd. (-0,53%)) – also due to a negative asset revaluation and in connection with a redemption of 40 securities (-0,08%) from investors, generated a net outflow in amount UAH 2,29 thsd.;
The rest of the funds ensured zero net capital change.
The range of interval funds’ rates of return in June fluctuated between +2,15% and -6,25%. Despite a negative average monthly rate of return of interval funds (-2,14%), the rate of return generated by the sector since year beginning remained the best one +5,94%.
Only one fund registered positive performance result in June, whilst the rest of funds closed the month with negative values.
The only positive performance result was generated by “OTP Balanced” Fund (+2,15%).
The worst performance in June was demonstrated by: “Platinum” (-6,25%), "UNIVER.UA/Otaman: Fund of Perspective Equities" (-4,24%), and “Optimum” (-3,75%) funds.
CLOSED-END FUNDS
June review includes information on 10 closed-end CII, the asset value of which as of month end reached UAH 27,44 mln. Based on the indicators filed, an aggregate NAV of these funds declined by UAH 3451,59 thsd. (-11,17%). Such MAV decrease took place in the sector owing to negative asset revaluation and payments made to investors.
Sector growth leaders were:
“Univer UA/ Skif: Real Estate Fund” (+UAH 11,55 thsd. (+1,04%)) – increased its NAV in connection with asset revaluation, though no net capital inflow was generated;
“Centavr” (+UAH 4,13 thsd. (+0,21%)) – NAV also increased owing to asset revaluation, although no net inflow was generated by the fund.
The greatest losses of net assets in June were experienced by the following funds:
“Pershyi Zolotyi” (-UAH 2642,68 thsd. (-33,34%)) – as a result of presentation for redemption of 8069 equities (-23,39% in circulation) net capital outflow attained UAH 1853,56 thsd.;
“Raiffeisen Foreign Currency” fund (-UAH 717,04 thsd. (-6,04%)) – also generated net capital outflow in amount UAH 794,99 thsd. owing to negative asset revaluation and presentation for redemption of 921 equities (-6,65% in circulation)
The closed-end funds’ rates of return in June ranged between +1,04% and -12,99%. An average rate of return in the closed-end funds’ sector, according to monthly result, reached -2,75%, and since year beginning the sector rate of return comprised -1,83%.
In June, positive performance results were registered in three funds only, whilst the rest did not succeed in demonstrating positive growth dynamics.