Monthly Performance Review of Publicly Offered CII in Ukraine. January 2015

Following January results, the index of Ukrainian Exchange decreased by 4.05%, and the PFTS index - by 1.18%. Generally, in 2014 Ukrainian stock indexes were gainers and for the year UE index added + 13.54%, the PFTS index + 28.75%. So, the January correction (despite negative factors) was entirely predictable - due to long holidays investors fixed profits and replenished working capital.

In terms of rates of return «since the beginning of 2015» the sectors of public CII were distributed as follows: the closed-end funds were on the first place - (+0.50%), the open-ended CII on the second one (-3.26%), the interval CII (-4.49%) were on the third place.

OPEN- ENDED FUNDS

As per UAIB data, the NAV of 12 open-ended CII, which provided reports for the month, constituted UAH 37.45 mln.

In January the range of investment funds’ rates of return was from +6.43% до -6.22%, so the average of rates of return in the sector for the month was +0.50%.

Leaders of growth (due to increasing assets’ value of the investment portfolio) in the sector of open-ended CII became the following funds:

«Altus-Depozyt» (+UAH 57.74 thsd. (+2.34%));
«VSI» (+UAH 41.91 thsd. (+2.71%);
«Аltus-Zbalansovanyi (+UAH 41.47 thsd. (+2.04%)).

The greatest payments to investors in January  were made by the following funds:
 «Аltus-Strategichnyi» (-UAH 315.50 thsd. (-30.92%) – the largest net outflow amounting to UAH 360.85 thsd. due to significant redemption of certificates from investors (- 35.09% in circulation);
«КІNТО-Klasychnyi» (+ UAH 219.24 thsd.(+1.07%)) – despite the positive revaluation of NAV, the net outflow amounted to – UAH 41.72 thsd.  also due to buying of 107 units of certificates from investors;
«КІNТО-Еkviti» (+ UAH 0.46 thsd. (+1.07%) – due to presenting for redemption of investment certificates (-0.42% in circulation) the net outflow amounted to UAH 15.02 thsd.

Among the leaders by the rates of return were the following funds:
 «Аltus-Strategichnyi» (+6.43%), «VSI» (+2.71%) and «КІNТО-Кaznacheiskyi» (+2.43%).

The worst results in January  were demonstrated by the following funds:  «CEM Azhio» (-6.22%), “Argentum” (-5.19%) and «TASK Resurs” (-0.85%).

INTERVAL FUNDS

In January the review included 5 interval CII, the net assets of which, as per UAIB data, comprised UAH 15.59 mln. Compared to this sector indicators at the end of the previous month, the aggregate NAV decreased by UAH 557.12 thsd. (-3,70%).

In the first month of the year the sector recorded an outflow of capital due to payments to investors and impairment of assets.

The greatest payments  to investors in January  were  made by “Platynum” fund: (-UAH 364.24 thsd.(-3.36%) – the largest net outflow of capital in the amount of UAH 496.60 thsd. due  to  the significant redemption of investors’ certificates  (-4.48% in circulation).

The remaining funds suffered a decline in NAV due to the negative revaluation of assets in investments’ portfolios.

The range of interval funds’ rates of return in January was between  +1.17% and -6.84%. The average rate of return of the sector of interval funds was -3.26% for the second month in row.

In January, only one fund recorded a positive result – it was "Platinum" fund (+ 1.17%).

The worst performance in January was shown by funds "TASK Ukrainskyi Kapital" (-6.84%), "Optimum" (-4.36%) and "Aurum" (-3.01%).

CLOSED-END FUNDS

In January the review included 3 closed-end CII, the net asset value of which at the end of the month amounted to UAH 9.74 mln.

The  leader by moneys attracted in the sector was “Indeks Ukrainskoi Birzhi” fund (-42,32 thsd.(-0.84%)) – despite the negative portfolio’s revaluation it received UAH 107.33 thsd.of net inflow of capital  through additional placement of securities.

Fund “TASK Universal" experienced the greatest loss of net assets in January (- UAH 70.54 thsd. (- 6.11%)) - due to the fall of the value of those assets that form the investment portfolio.

The range of rates of return of closed-end funds in January was from -2.88%  to -6.11% The average rate of return in the sector of closed-end funds for the month was -4.49%.