Monthly Performance Review of Publicly Offered CII in Ukraine. February 2017
In February, the Ukrainian stock market indices continued to grow steadily. By the results of the month UX index rose by +7.95%, the PFTS index added +1.57%.
Rates of return of investment funds with a public issue for the month were distributed as follows: sector of closed-end funds (+4.66%) in the first place, interval funds (+4.16%) – in the second place, sector of open-ended CII (+2.7%) - in the third place.
OPEN- ENDED FUNDS
As per UAIB data, the net asset value (NAV) of 18 open-ended CII, as at 28.02.2017 amounted to UAH 60.07mln. According to the indicators as at the end of February, the overall increase in net assets amounted to +UAH 1321.33 thsd.(+2.25%). But due to a substantial payments to investors the total net outflow of funds in the sector amounted to –UAH 551.20 thsd.
Open-ended funds finished the month mostly with an increase of return, only three funds suffered a fall. The range of rates of return of open-ended CII was from +10.69% to -0.52%.
Based on February results, gainers in the sector were:
"OTP Fond Aktsii" (UAH 213.63 thsd. (+8.61%)) - due to additional placement of investment certificates (+4.67% in circulation) received a net inflow in the amount of UAH 120.20 thsd.;
"OTP Klasychnyi" (UAH 152.90 thsd. (+5.57%)) - also by attracting additional investors’ funds
(+4.29% IC in circulation) received UAH 118.54 thsd. of net inflow;
"VSI" (+UAH 107.98 thsd. (+7.39%)) - significant involvement of investors’ assets (+6.41% IC in circulation) alloweded to receive “net” UAH 94.68 thsd. by the fund.
The largest payment to investors in February were made by the following funds:
"UNIVER.UA /Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv" (-UAH 880.42 thsd.
(-17.48%)) - the largest net outflow in the amount of –UAH 855.92 thsd. associated with the purchase of a significant number of investors’ certificates (-17.02% in circulation);
"Nadbannia" (+UAH 47.04 thsd. (+7.36%)) - despite the positive revaluation of the components of the portfolio, the redemption of 265 investment certificates from fund’s participants led to capital outflows at a rate of –UAH 18.84 thsd.;
"KINTO Ekviti" (+UAH 371.95 thsd. (+10.18%)) - after presentation for redemption of 21 investment certificates suffered net outflows amounting to –UAH 18.44 thsd.
Major players in the sector in February were distributed as follows: Fund "KINTO-Klasychnyi" occupied the first place by market share among open-ended CII (38.30% of total NAV (UAH 23.01 mln.), Fund "Sofiivskyi" took the second place - (7.26% (UAH 4.36 mln.)), the third place went to "UNIVER.UA /Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv" (6.97% (UAH 4.19 mln.)). The fourth place went to fund "Kinto-Ekviti" (6.70% (UAH 4.02 mln.)), fund "Altus-Deposyt" (6.03% (UAH 3.62 mln.)) located on the fifth step.
Among the leaders by the rates of return were the following funds: "Kinto-Equity"
(+10.69%), "Nadbannia" (+10.38%) and "Argentum" (+8.06%).
The worst indicators of changes in the value of their securities in February were demonstrated by funds "Altus-Stratehichnyi" (-0.52%), "Bonum Optimum" (-0.48%) and "UNIVER.UA /Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv" (-0.43%).
INTERVAL FUNDS
In February the review included 5 interval CII, net assets of which, according to UAIB data, equaled to UAH 14.14mln.Compared with this sector’s indicators as at the end of the previous month, the aggregate NAV of these fundsincreased byUAH 700.90 thsd. (+5.22%).
In February, no interval fund was able to raise investors’ funds, increase of NAV was due to positive revaluation of the components of investment portfolios.
Based on monthly results, all funds of the sector, without any exception, recorded a positive return, which fluctuated in a range between +6.16% and +2.19%.
The largest increase of rates of return was fixed by funds "Platinum" (+6.16%), "Optimum" (+5.10%) and "Aurum" (+4.54%).
CLOSED-ENDFUNDS
The net asset value of 3 closed-end CII, which were included in February review, at the end of the month totaled UAH 11.63mln. According to the filed figures, the total NAV of these funds fell by
-UAH 401.26 thsd. (-3.34%).
The largest payments to investors were made in February by fund “Indeks Ukrainskoi Birzhi“ (-UAH 548.99 thsd. (-8.44%)) - through the purchase of significant amount of securities from investors (-15.50% in circulation) fund suffered –UAH 1,064.46 thsd. of net capital outflow.
The remaining funds did not record any changes in net equity, increase in NAV was due to the rising value of investment portfolios.
The range of yield of closed-end fundsin Februarywas from+8.35% to +2.59%.
Changes in profitability in the sector in February werethe following: “Indeks Ukrainskoi Birzhi“
(+8.35%), "TASK Universal" (+3.05%) and "AntyBank" (+2.59%).