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

Following February results, PFTS index was fixed  with the value of +15.04%, Ukrainian Stock Exchange index rose by + 8.86%.

The month was not easy both in political and economic terms, but indexes rose in spite of the news. Fierce battle for Debaltseve, Minsk agreements, in full execution of which nobody believed, double fall of hryvnia against the backdrop of the NBU chaotic - it gave good reasons for stock indices’ falling.

 Obviously,  investors’ optimism was based on expectations of signing the memorandum with IMF and receiving the first tranche of international aid by Ukraine in March.

OPEN- ENDED FUNDS

As per UAIB data, the NAV of 24 open-ended CII as of 27.02.2015 constituted UAH 65.81 mln. In accordance with the provided data at the end of the previous month, the overall increase in net assets amounted to +UAH  3 264.84 thsd. (+ 8.72%). According to the available data, the net outflow was  – UAH 226.86 thsd.

Almost all funds in the sector benefited from positive market situation and finished the month with a significant increase in the value of assets. In February, the yield range of public investment funds remained in positive zone and ranged from + 1.43% to + 32.75%, and an average rate of return in the sector was + 10.08%, which is the best value in the sector since the beginning of the year.

Based on February results, leaders of growth in the sector of open-ended CII were:
“Argentum” (+273.,88 thsd. (+16.28%)) - received a net inflow of capital in the amount of UAH +59.09 thsd. due to the growth of value of the investment portfolio and increased amount of  investment certificates in circulation by + 3.15%;
“KINTO-Kaznacheiskyi”  (+UAH 455.84 thsd. (+ 24.89%)) - attracted  “net” UAH 2.29 thsd.
through additional placement of 15 certificates.

The remaining funds did not receive net capital inflows, although they increased the value of their portfolios due to growth of assets.

The greatest payments to investors in February, according to available data, were made by the following funds:

“Аltus-Strategichnyi” (- UAH 81.78 thsd. (-11.60%)) – the largest net outflow amounting to – UAH 162.93 thsd.  in connection with the redemption of the large number of certificates (-20.94% in cirulation);
 “КІNТО-Кlasychnyi” (+ UAH 992.09 thsd. (+4.78%)) – net outflow amounted  to – UAH 83.75 thsd. also due to purchasing of 206 units of investment certificates(-0.39%);
“VSI” (+ UAH 476.04 thsd. (+29.93%)) – through presenting for redemption of 39 units of investment certificates (-2.13% in circulation) received net outflow in amount of –UAH 41.00 thsd.

The list of the major players of the sector in February was the following: the first place by market share in the sector of open-ended CII went to “KINTO-Klasychnyi” fund (33.04% of aggregate NAV (UAH 21.74 mln.)), the second one - to “Sofiivskyi” fund (6.33% (UAH 4.17 mln.)). The third place went to “KINTO-Ekviti“ fund (5.87% (UAH 3.86 mln.)). “OTP Klasychnyi” fund (5.51% (UAH 3.63 mln)) had the fourth place and “UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen”  (5.40% (UAH 3.55 mln.)) was located on the honoured fifth place.

All funds in the sector of open-ended CII finished the month with an increased level of rates of return and the leaders were the following funds: "VSI" (+ 32.75%), "KINTO-Kaznacheyskyi" (+ 24.76%) and "Altus-Zbalansovanyi" (14.99 %).

INTERVAL FUNDS

In February the review included 7 interval CII, the net assets of which, as per UAIB data, comprised UAH 21.31mln. Compared to this sector indicators at the end of the previous month, the aggregate NAV increased by UAH 2366.36 thsd. (+15.18%).

The leader of growth in the sector of interval CII became “Platynum” fund (+ UAH 2063.51 thsd. (+19.74%)) -  due to the growth of the investment portfolio and the additional attraction of investment funds (+ 0.01% in circulation) received net inflow of capital in the amount of UAH + 1.08 thsd.

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

The greatest payments  to investors were  made by: «Aurum» fund  (+ UAH 199.07 thsd. (+9.87%) – the largest net outflow of capital in the amount of - UAH 18.49 thsd. due  to  redemption of 504 securities (-0.88 in circulation).

The range of yield of interval funds in February was from + 19.70% to -0.47%. The average rate of return in the sector of interval funds was + 7.71%, which allowed the sector of  interval CII to take the second place among all sectors of public funds.

Following the February results, the only one fund recorded a negative result, while the rest confidently used the growth of quotations. The highest rates of return were shown by the funds "Platynum" (+ 19.70%), "Aurum" (+ 10.85%) and "TASK Ukrainskyi Kapital" (+ 4.90%).

CLOSED-END FUNDS

In February the review included 4 closed-end CII, the net assets of which at the end of the month comprised UAH 12.33 mln. Accordingly to data provided, the aggregate NAV of these funds  increased by UAH 937.96 thsd. (+9.63%).

The leader of the growth in the sector became “Indeks Ukrainskoi Birzhi” Fund (+UAH 730.83 thsd.(+14.69%)) - due to increasing the value of the investportfolio’s components and additional attraction of investors’ funds  (+ 1.42% in circulation) fund received +UAH 71.52 thsd. of  net capital inflow.

The remaining funds increased NAV due to positive revaluation of the portfolio, no one fund received  the net inflow.
 
The range of rates of return of closed-end funds in February was between +1.78% to +13.09%.
The average rate of return in the sector of closed-end funds, based on monthly results, was   +6.66%.

In February, all funds in the sector showed positive dynamics of growth: "Indeks Ukrainskoi Birzhi" (+ 13.09%), "AntyBank" (+ 5.10%) and "TASK Universal" (+ 1.78%).