Monthly Performance Review of Publicly Offered CII in Ukraine. September 2014
"Neither war nor peace" – that was the situation which put pressure on Ukrainian indexes during all September.
The government’s proposal to apply for CII the general tax regime that threatened profits of investors by double taxation added uncertainty to market’s participants. So, as of September results, Ukrainian Exchange Index lost 8.80%, while the PFTS index fell by 5.52%, and even rapid decline in world oil prices did not add optimism to participants of the market.
However, falling of profitability in all sectors of Public CII in September somehow decelerated. Traditionally, during the period of value of assets’ fall, funds, which portfolios consisted of fixed-profit instruments hold the first places by the rates of return.
In terms of rates of return "since the beginning of the year" sectors of public CII were distributed as follows: on the first place - the closed-end funds (+22.98%), on the second – open-ended CII (+12.46%), interval CII (+9.50%) were on the third place.
OPEN- ENDED FUNDS
As per UAIB data, the NAV of 28 open-ended CII as of 30.09.2014 constituted UAH 71.96 mln. According to the provided data at the end of the previous month, the overall decrease in net assets amounted to UAH -747.04 thsd. (-1.03%). Net outflow of capital in the sector was - UAH 144.19 thsd. due to the fall in the value of assets and minor payments to investors.
The sector finished the month with a significant “sinking” of portfolios’ yield, only 9 funds hold their positions and did not get out from the “green” zone. In September the range of rates of return of investment funds fluctuated from +34.56% до -8.66%.
Based on September results, growth leaders in the sector of open-ended CII were:
«OTP Klasychnyi» (+UAH 661.52 thsd. (+19.85%)) – due to the additional placement of 346 units of certificates (increase in circulation by + 18.17%) received a net inflow in the amount of UAH 605.80 thsd.;
"UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen” (+UAH 242.57 thsd. (+8.82%) – received UAH 113.77 thsd. of net capital inflow due to increasing of the number of certificates in circulation by 4.14% and increasing the asset value of the portfolio;
«UNIVER.UA/Yaroslav Mudryi: Fond Aktsii» (- UAH 65,87 thsd. (-6.21%)) – despite the decrease in the investportfolio’s value of assets received UAH 4.50 thsd. of net inflow of capital due to involvement of investors’ funds (+0.49% in circulation).
The greatest payments to investors in September were made by the following funds:
«VSI» (-UAH 553,39 thsd. (-34,69%) – the largest net outflow for the month amounting UAH 466.01 thsd. due to redemption of the great number of certificates from the investors (-29.90% in circulation);
«Аrgentum» (- UAH 312.10 thsd. (-14.45%) – the net inflow amounted to UAH 132.6 thsd. also due to the fall in the value of assets and substantial payments to investors, who presented 3400 units of certificates for redemption;
«КІNTO-Klasychnyi» (-UAH 126.78 thsd. (-0.62%) – received the net outflow of capital amounted to UAH 125.48 thsd. due to the negative revaluation of the portfolio and payments to investors.
The list of major players of the sector changed slightly in September. The first place by market share in the sector of open-ended CII went to “KINTO-Klasychnyi” fund (28.43% of aggregate NAV (UAH 20.45 mln.)), the second one - to “Sparta Zbalansovanyi” fund (12.64% (UAH 9.09 mln.)). The third place went to fund “OTP Klasychnyi” (5.55% (UAH 3.99 mln)), the fourth one - to "Sofiivskyi" (5.51% (UAH 3.96 mln), “KINTO-Ekviti” (5.26% (UAH 3.78 mln.)) is located on the honoured fifth place.
The leaders by the rates of return were the following funds: “Delta-Fond Zbalansovanyi” (+34.58%), “UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen” (+4.50%) and “UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnykh Paperiv” (+2.82%).
The worst results in September were demonstrated by funds: «Аrgentum» (-8.66%), “VSI” (-6.83%) та “UNIVER.UA/Yaroslav Mudryi: Fond Aktsii” (-6.66%).
INTERVAL FUNDS
In September the review included 9 interval CII, the net assets of which, as per UAIB data, comprised UAH 21.49 mln. Compared to this sector indicators at the end of the previous month, the aggregate NAV decreased by UAH 639.30 thsd. (-3.28%).
In September the leader by moneys attracted in the sector of interval CII was «Platynum» fund (-UAH 370.09 thsd. (-3.31%)) – despite decrease in investment portfolio’s value, by attracting funds from investors (+0.04% in circulation) it received UAH 4.76 thsd. of net inflow of capital.
The greatest payments to investors in September were made by the following funds:
“Zbalansovanyi Fond Parytet” (- UAH 19.63 thsd. (-1.71%)) – investors presented 6 securities for redemption, resulting in a net outflow of capital amounted to – UAH 8.06 thsd.;
«Оptimum» (- UAH 6.52 thsd. (-0.95%)) – net outflow amounted to UAH 5.03 thsd. due to the negative assets’ revaluation and presenting of 5 securities for redemption by investors.
In September interval of funds’ rates of return ranged between – 0.19% to -6.88%..
The worst results in September were demonstrated by funds: «Aurumм» (-6.88%), «ТАSK Ukrainskyi Kapital» (-3.62%) and «Platynum» (-3.35%).
CLOSED-END FUNDS
The net asset value of 4 closed-end CII, which were included in September review at the end of the month, amounted to UAH 11.75 mln. According to the provided figures, the aggregate NAV of these funds decreased by UAH 501.61 thsd. (-4.10%).
In September no one fund received a net inflow of capital.
The biggest benefits to investors in September were done by “UNIVER.UA/Skif Fond Neruhomosti” (+UAH 92.31 thsd. (+5.92%)) – due to investors’ presentation of securities for redemption (-4.39% in circulation) fund experienced net outflow in amount UAH 75.48 thsd.
The range of rates of return of closed-end funds in September fluctuated from +10.78% to -9.07%. The only one leader by the rates of return in September was “UNIVER.UA/Skif: Fond Nerukhomosti (+10.78%).
The worst results in September were fixed by “Indeks Ukrainskoi Birzhi (-9.07%).