Monthly Performance Review of Publicly Offered CII in Ukraine. February 2014

For all the time of independence February, 2014, was perhaps the most difficult challenge  for the Ukrainian economy. Events in the country and falling of national currency almost destroyed the fund market, but it preserved, as well as those, who defended their  rights. After the break of situation and creation of the coalition government, investors believed in a better future of Ukraine, that at once affected fund indexes.

Detente in the political crisis fairly inspired the players of stock market,  indexes rise was perhaps the most powerful in the last few years. In February PFTS index was observed with increasing 25.81%, Ukrainian Stock Exchange index rose by 30.43%.
The favorable market situation has allowed Public CII in February to improve their performance. The growth of net asset value was observed in all sectors of public CII, but the funds which portfolios were dominated by equities added the most of the weight.

OPEN-ENDED FUNDS

According to UAIB data NAV of the 30 open-ended AMC  amounted to UAH 95.02 mln as of 28.02.2014. According to figures by the end of the previous month, the total increase in net assets amounted to UAH 1 773.95 thsd. (+1.9%). The outflow of cash in February compared with January markedly decreased in terms of money, and if the positive trend in the stock market continues, it can be expected the inflow of funds to investors.

Almost all the funds of the sector benefited from positive market situation and finished the month with a significant increase in assets. In February, the range of return of open-ended  investment funds located in the positive zone and ranged from 25.87% to 0.00% and the average rate of return in the sector was 9.06%, which is the best value in the sector for three years.

In February the top gainers in the sector of public CII were:

"UNIVER.UA/Iaroslav Mudryi: Fond Aktsii" (+UAH 205.79 thsd. (25.09%)) - a net inflow in the amount of 19.94 thsd  due to the growth of the investment portfolio and the "Argentum" (+UAH 303.63 thsd. (17.51%)) – drew UAH  6.25 thsd  "net" by increasing the number of certificates in circulation to 0.21% (investors purchased 1702 units ICs).

The remaining funds although increased value of their portfolios by asset growth, but did not receive the net capital inflows.

The following funds made the greatest benefits to investors in February:
"OTP Fond Aktsii” (-UAH 1,859.59 thsd. (-42.15%)) - The largest net outflow amounting to UAH 2429.39 thsd  in connection with purchase a large number of certificates (-53.76% in circulation );
"OTP Klasychnyi" (UAH 16.01 thsd. (+0.10%)) - Net outflow amounted to 140.61 thsd. also because of the redemption of investment certificates 82 (-0.84%);
"Konkord Stabilnist" (- UAH 103.30 thsd. (-16.14%)) - through presenting to repurchase a significant amount of investment certificates (-21.72% in circulation) a net outflow amounting to UAH 139.17 thsd.

The list of major players in the sector in February remained unchanged.

The first place among the open-ended CII by market share went to fund “KINTO-Klasychnyi”  (21.10% of total NAV (UAH 20,05 mln.))
"OTP Klasychnyi" Fund took the second place fund  (17.60% (UAH 16.72 mln .))
The third place went to fund “Sparta Zbalansovanyi”  (9.57% (UAH 9.1 mln.)).
FIDO Fond Obligatsiinyi” is located in the fourth place (5.04% (UAH 4.79 mln.))
and the honorary fifth place is occupied by the “Delta Fond Zbalansovanyi” (4.21% (UAH 4.00 mln)).

Among the  leaders by the rates of return are funds:

 “Sofiyivskyi(+25,87%), OTP Fond Aktsii” (+25,10%) and "UNIVER.UA/Iaroslav Mudryi: Fond Aktsii"  (+22,54%).

In February, no one fund showed a negative change in the value of the net assets and only two funds went "to zero" - “Sparta Zbalansovanyi” and "Sparta 300."
 

INTERVAL FUNDS

In February, the review included 8 interval CII, whose net assets, according to UAIB data amounted to  UAH 22.20 mln. Compared with the performance of the sector at the end of the last month, the total NAV increased by UAH 1884.14 thsd. (9.27%).

The top gainer in the sector of interval CII funds become "Aurum" (UAH 343.62 thsd. (18.11%)) - due to the additional attraction of investors (+0.60% in circulation) received a net inflow of capital in the amount of UAH 16,45 thsd.

Other funds had not received the  inflows of net assets, NAV increase was exclusively due to the revaluation of assets.

The greatest losses of net assets in February suffered Fund "Konkord Perspectiva” (- UAH 59.09 thsd. (-2.25%) - the largest net outflow amounting to UAH 54.47 thsd.

The rates of return of  interval funds in February ranged from 17.59% to -0.18%. The average rate of return in the sector of interval funds was 9.83%, which was the best rate among all sectors of Public CII.

In February, only one fund recorded a negative result, while remaining confidently benefited from the growth of quotations.
The highest yield recorded in the funds "UNIVER.UA/Otaman: Fond Perspectyvnyh Aktsii" (17.59%)," Aurum "(17.42%) and "TASK Ukrainskyi Kapital" (12.35%).

CLOSED-END FUNDS

The review in February included 6 closed-end  CII, whose net asset value at the end of the month was UAH 12.02 mln. According to the presented figures, the total NAV of these funds increased by UAH 1278.28 thsd. (11.91%).

The top gainers in the sector are:
 “Indeks Ukrainskoi Birzhi” (UAH 747.48 thsd. (26.15%)),"AntiBank" (UAH 353.18 thsd. (10.13%)) and "TASK Universal" (+ 91.51 thsd. (8.02%)) - positive change in NAV occurred solely due to the revaluation of assets, none fund got net inflows.

The greatest losses of net assets in February suffered Fund"UNIVER.UA/Skif: Fond Neruhomosti” (-UAH 1.25 thsd. (-0.10%)) - NAV change occurred solely due to the revaluation of assets, none fund got net inflows.

The range of rate of returns of closed-end funds in February fluctuated between 26.15% to -0.10%. The average rate of return in the sector of closed-end funds for the month was 9.74%.

In February, the only one fund recorded a negative result, while the remaining funds were able to show the positive growth.

Funds “Indeks Ukrainskoi Birzhi” (26.15%), " KINTO-Vesna” (12.45%) and "AntiBank" (10.13%) shew  the best rates of return.
The negative result was recorded in the fund "UNIVER.UA/Skif: Fond Neruhomosti” (-0.10%)