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

In May, the main indicators of the Ukrainian stock market became a sort of anti-hero, as the results of the month recorded the largest drop: Ukrainian Stock Exchange index lost 6.16%, while  PFTS index fell by 6.28%. However, despite the negative rates of return, sector of open-ended CII managed to attract investors, and a primarily demand was for the funds which focused on fixed-income instruments.
Open-ended investment funds continued to top the list by the rates of return “since year beginning” (YTD) with the value of +6.47% (-1.28% in May), interval ones (+0.35% (-2.33% for the month)) were second, sector of closed-end CII remained in third place with -2.84% (-2.24%).

OPEN- ENDED FUNDS

As per UAIB data, the NAV of 24 open-ended CII as of 29.05.2015 constituted UAH 63.46 mln. According to the indicators at the end of the previous month, the overall increase in net assets amounted to UAH +450.22 thsd. (+0.73%). The total net infflow of funds in the sector amounted to +UAH 839.77 thsd. due to fairly significant "infusions" from investors.

Sector’s funds mainly finished the month with a decrease in portfolios’ profitability, only 5 funds demonstrated growth. In May a range of open-ended CII’ rates of return was between +1.24% and -6.54%.

Based on MAY results, leaders of growth in the sector of open-ended CII were:
 ‘”ОТP Fond Obligatsiinyi” (+UAH 866.89 thsd.(+160.00%)) – due to additional placement of certificates (increase in circulation by 167.15%) received a net inflow in the amount of UAH 880.65 thsd.;
“Altus-Strategichnyi” (+UAH 181.16 thsd. (+36.60%)) – received UAH 174.55 thsd. of net inflow
due to the growth of the fund’s assets and increasing the number of certificates in circulation by 73 units;
“Univer.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv” (+UAH 62.44 thsd. (+1.63%)) –
as well, received «net» UAH 78,58 thsd. mainly by attracting investors’ funds (+ 2.05% in circulation).

The greatest payments to investors in May were made by the following funds:
  “Univer.UA/Тaras Shevchenko: Fond Zaoshchadzhen” (-UAH 199.96 thsd. (-6.71%)) – the largest net outflow in the amount of –UAH 194.71 thsd. due to considerable redemption of certificates  from the investors (-6.54% in circulation);
“КІNТО Klasychnyi” (+UAH 8.54 thsd. (+0.04%)) – despite the invest portfolio’s growth, net outflow constituted UAH -68.85 thsd. also due to redemption of 167 units of investment certificates (-0.32% in circulation);
“Univer.UA/Yaroslav Mudryi: Fond Aktsii” (-UAH 60.07 thsd. (-5.66%)) – by presenting for redemption of 30 units of investment certificates received net outflow in the amount of –UAH 20.80 thsd.

The list of key players of the sector in May undergone minor changes. The first place by market share among open-end CII went to "KINTO-Klasychnyi" fund (34.3% of total NAV (UAH 21.77 mln.), and the second one - to "Sofiivskyi" fund (6.53% (UAH 4.14 mln.). "UNIVER.UA/ Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" fund (6.12% (UAH 3.88 mln.) took the third place, relegating "KINTO Ekviti" fund (5.95% (UAH 3.78 mln.) to the fourth place. "Premium Fond Indeksnyi" fund (5.11% (UAH 3.24 mln.) took pride of the fifth place.

Among the leaders by the rates of return earned should be noted the following funds: “Аltus-Strategichnyi” (+1.24%), “OTP Klasychnyi” (+1.13%) and “Altus-Deposyt” (+1.10%).

The worst performance in May was demonstrated by the following funds: “Argentum” (-6.54%), “UNIVER.UA/Yaroslav Mudryi: Fond Aktsii» (-3.75%) and “Nadbannia” (-3.60%).

INTERVAL FUNDS

In May the review included 7 interval CII, which net assets, according to UAIB data, equaled UAH 19.66 mln. Compared with the sector’s indicators of the end of the previous month, an aggregate NAV decreased by -UAH 387.94 thsd.(-1.94%).

No one fund was able to raise investors’ funds In May, the whole sector suffered a general decline in NAV.

The largest payments to investors in May were made by the following funds:
“Aurum” (-UAH 119.87 thsd. (-5.59%)) – investors presented for redemption 155 units of securities (-0.27% in circulation), that led to net outflow of capital amounted to – UAH 5.77 thsd.;
“Konkord Perspektyva” (-5.42 thsd. (-0.22%)) – also due to presentinfg for redemption of 100 units of investment sertificates received net ouflow amounting to -UAH 5.35 thsd.

No fund registered any changes of net capital.

The range of  interval funds’ rates of return in May fluctuated between -1.11% and -5.33%.

The worst performance in May was demonstrated by the following funds:
“Aurum” (-5.33%), “UNIVER.UA/Otaman: Fond Perspektyvnyh Aktsii” (-3.89%) and “ТАSК Ukrainskyi Kapital” (-3.28%).

CLOSED-END FUNDS

Net asset value of 4 closed – end CII, which were included in MAY review, at the end of the month comprised UAH 12.28 mln. According to the indicators filed, the aggregate NAV of these funds decreasedby UAH 464.52 thsd. (-3.64%).

Growth leader in the sector was «UNIVER.UA/Skif: Fond Neruhomosti” fund (+UAH 14.35 thsd. (+0.88%)) – NAV increase occured due to the rising value of portfolio’s components.

Fall leader was "Indeks Ukrainskoi Birzhi” fund (-UAH 391.32 thsd. (- 6.34%)) - negative changes in the value of net assets occurred due to falling stock prices.

No fund registered any changes of net capital.

The range of rates of return of closed-end funds in May varied between +0.88% and  -6.34%.

Leader by the rates of return was "UNIVER.UA /Skif: Fond Neruhomosti" (+0.88%).

The worst performance in May was demonstrated by the following funds: "Indeks Ukrainskoi Birzhi” (-6.34%), AntyBank” (-1.79%) and “TASK Universal” (-1.70%)