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

Following November results, the index of Ukrainian Exchange fell by 12.80%, and the PFTS index - by -12.62%. This decline (the most one since the beginning of the year) was caused by  unprofessional actions of the new leadership of the NBU with respect to exchange rates.

Rapid decline of the national currency had a negative impact on the quotations of Ukrainian issuers, so yield’s reduction of Public CII was also the largest YTD. Risky investments’ funds suffered the greatest losses, in opposite to them the funds that focused on fixed income finished November with a significant plus.

In terms of rates of return "since the beginning of the year" the sectors of public CII were distributed as follows: on the first place - the closed-end funds (+36.35%), on the second – the open-ended CII (+12.65%), interval CII (+4.68%) were on the third place.

OPEN- ENDED FUNDS

As per UAIB data, the NAV of 26 open-ended CII as of 28.11.2014 constituted UAH 59.84 mln. According to the provided data at the end of the previous month, the overall decrease in net assets amounted to UAH -1660.24 thsd. (-2,88%). Net outflow of capital in the sector was - UAH 322.04 thsd. due minor (compared to the previous  month) payments to investors.

Based on month’s results, only eight funds recorded a positive change in NAV, the remaining funds experienced losses. In November the range of rates return of investment funds was from + 8,99% to -13,99%.

Based on November results, leaders by moneys attracted in the sector of open-ended CII were:
«UNIVER.UA/Yaroslav Mudryi: Fond Aktsii» (-UAH 90.93 thsd. (-8.36%)) – despite the negative portfolio’s revaluation, due to the additional placement of securities (+6.55% in circulation), it received a net inflow in the amount of UAH 67.64 thsd.;
«Argentum» (- UAH 249.80 thsd. (-12.91%)) – also due to additional placement of 241 units of securities received UAH 8,46 thsd. of net inflow.

Any other fund didn't get paid peanuts inflow of net capital because of absence of moneys attracted from the investors.

The greatest payments to investors in November were made by the following funds:

"UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen” (+ UAH 80.84 thsd. (+3,79%) – the largest net outflow for the month amounting to UAH 109.10 thsd. was connected with the desire of investors to fix income (-4.60% in cirulation);
«КINTO- Klasychnyi" (- UAH 656.81 thsd. (-3.12%) – net outflow amounted UAH 60.76 thsd. also through considerable payments to investors, who presented for repayment 157 pieces of certificates;
 «КІNТО-Еkviti» (- UAH 444.90 thsd. (-11.06%) – received  a net outflow of capital in amount of UAH 52.92 thsd. due to the negative revaluation of the portfolio and minor payments to investors.

The list of major players of the sector in November changed slightly. The first place by market share in the sector of open-ended CII went to “KINTO-Klasychnyi” fund (34.12% of aggregate NAV (UAH 20.42 mln.)), the second one - to “Sofiivskyi” fund (6.45% (UAH 3.86 mln.)). The third place went to “OTP Klasychnyi”  fund (6.34% (UAH 3.79 mln.)). “KINTO-Ekviti” fund (5.98% (UAH 3.58 mln)) had the fourth place and “Premium – Fond Indeksnyi” (5.66% (UAH 3.38 mln.)) is located on the honoured fifth place.

The leaders by the rates of return were the following funds: "UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen” (+8.99%), "UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (+6.76%) and “Altus – Depozyt” (+4.13%).

The worst results by the rates of return in November  were demonstrated by the following funds:  "UNIVER.UA/Iaroslav Mudryi: Fond Aktsii" (-13.99%), «Аrgentum» (-13.33%) and «Nadbannia» (-11.81%).

INTERVAL FUNDS

In November the review included 7 interval CII, the net assets of which, as per UAIB data, comprised UAH 18.54 mln. Compared to this sector indicators at the end of the previous month, the aggregate NAV decreased by UAH 1103.66 thsd. (-5.95%).

The greatest payments  to investors in November were  made by the following funds:

«Aurum» (- UAH 312.09 thsd. (-13.47%)) investors presented for redemption 916 units of securities, that led  to the net outflow of capital in the amount  of  – UAH 32.22 thsd.;
"UNIVER.UA/Otaman: Fond Perspectyvnyh Aktsii"  (- UAH 32.23 thsd. (-3.93%)) – the net outflow comprised UAH 0.87 thsd. through minor payments to investors.

The rest of funds recorded the decline of net assets’ value due to the negative revaluation of investment portfolios.

The range of interval funds’ rates of return in November was between -3.82% to  -12.08%.

The worst results by the rates of return in November were demonstrated by the funds: ”Aurum” (-12.08%), “ТАSK Ukrainskyi Kapital” (-7.82%) and  "Platynum” (-5.79%).

CLOSED-END FUNDS

The net asset value of 5 closed-end  CII, which were included in November review at the end of the month, amounted to UAH 20.98 mln. According to the provided figures, the aggregate NAV of these funds decreased by UAH 596.99 thsd. (-7.43%).

Based on November results, leader by moneys attracted in the sector of closed-end CII was “Indeks Ukrainskoi Birzhi” (- UAH 573.59 thsd. (-10.95%)) – despite the negative portfolio’s revaluation, due to the additional placement of securities (+3.23% in circulation), received a net inflow in the amount of UAH 149.72 thsd.;

The biggest benefits to investors in November were done by “UNIVER.UA/Skif Fond Neruhomosti” (+44.69 thsd. (+2.83%)) – due to investors’ presentation of 2 equities for redemption  fund received UAH 3.19 of net outflow.

The range of rates of return of closed-end funds in November was from +3.03% to -13.74%.

The only one fund with the positive rate of return was "UNIVER.UA/Skif: Fond Neruhomosti” (+3.03%).

The worst result in November was fixed  by “TASK  Universal” fund  (-13.74%).