Monthly Performance Review of Publicly Offered CII in Ukraine. August 2018

In August, Ukrainian stock exchanges closed in different directions: thus, the UX index dropped by -0.03%, and the PFTS index added +3.73%.

All sectors of public collective investment institutions completed the month with the following indicators: the leaders by yield "since the beginning of the year" were closed-end funds +16.69%

(-1.08% for the month), the second place was taken by open-ended CII +5.91% (+0.97% for the month), while interval CII fell in the third place with an index of +1.33% (+0.07% for the month).

OPEN- ENDED FUNDS

According to the UAIB, the value of net assets of 16 open-ended CII as at August 31, 2018 amounted to UAH 84.62 mln. According to the indicators as at the end of July, the total decrease of NAV amounted to –UAH 157.96 thsd. (-0.19%).

All of the sector’s funds completed the month with an increase of investments, and only one fund recorded decline. The open-ended CIIs’ range of rates of return varied from +3.11% to -0.81%.

According to the results of August, the leaders of the sector's growth were:

"VSI" (+UAH 151.64 thsd. (+8.62%)) received a net inflow of +UAH 94.96 thsd. due to the positive revaluation of portfolio’s components and additional placement of certificates (+5.35% in circulation);

“UNIVER.UA/Volodymyr Velykyi: Fond Zbalansovanyi” (+UAH 32.27 thsd. (+2.05%)) - due to attraction of investors' funds (+2.00% in circulation) and investment portfolio’s growth, the fund received +UAH 31.54 thsd. of net inflow;

“UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen” (+UAH 40.21 thsd. (+3.65%)) - the same, due to a positive reassessment of portfolio’s components and additional placement of certificates (+2.43% in circulation) got a net inflow in the amount of +UAH 26.85 thsd.

The largest payments to investors in August were made by the following funds:

"OTP Fond Aktsii" (-UAH 783.80 thsd. (-5.57%)) - the largest net outflow in the sector related to the redemption of a significant number of certificates from investors (-5.72% in circulation), led to the outflow of net capital in the amount of –UAH 807.84 thsd.;

"UNIVER.UA /Yaroslav Mydryi: Fond Aktsii" (-UAH 84.76 thsd. (-6.89%)) - the redemption of 94 investment certificates from the fund’s participants caused a net outflow of capital in the amount of

-UAH 75.66 thsd.;

"UNIVER.UA /Mykhaylo Hrushevskyi: Fond Derzhavnykh Paperiv" (+UAH 55.09 thsd.(+0.84%)) - despite the positive revaluation of the investment portfolio, investors’ presentation to the repayment of 9 certificates led to losses by the fund of “net” –UAH 28.17 thsd.

The list of key players of the sector in August was as follows: the first place among the open-ended CII in terms of market share was taken by the fund “KINTO-Klasychnyi" (35.53% of the aggregate NAV (UAH 30.07 mln.)), the second one was taken by the fund “OTP Fond Aktsii” (15.72% (UAH 13.03 mln.), the third place was taken by the fund "UNIVER.UA/Mykhaylo Hrushevsky: Fond Derzhavnykh Paperiv” (7.82% (UAH 6.62 mln.)). The fourth place was fixed by the fund “Sofiivskyi” (7.21% (UAH 6.10 mln.)), "KINTO-Ekviti" (6.78% (UAH 5.71 mln.)) has completed five of the sector’s leaders.

The highest rates of return were demonstrated by the following funds:

“VSI” (+3.11%), “Nadbannia” (+2.15%) and “Altus-Deposyt” (+2.08%).

The smallest indicators of changes of their securities’ value in August were demonstrated by the following funds: "UNIVER.UA /Yaroslav Mydryi: Fond Aktsii" (-0.81%), “UNIVER.UA/Volodymyr Velykyi: Fond Zbalansovanyi” (+0.05%) and “TASK Resurs” (+0.14%).

INTERVAL FUNDS

In August, the survey included 3 interval CII, whose net assets, according to UAIB, amounted to UAH 2.96 mln. Compared to the indicators of this sector as at the end of the previous month, the aggregate NAV of these funds increased by +UAH 11.17 thsd. (+0.38%).

According to the results of the month,fund “Parytet”became the sector’s leader (+UAH 30.32 thsd. (+1.98%)) – due to the positive revaluation of portfolio’s components.

The largest reductions of NAV were recorded by the following funds:

“TASK Ukrainskyi Kapital” (-UAH 17.22 thsd. (-1.58%)) and «Optimum» (-UAH 1.93 thsd.

(-0.59%)) - a negative change of NAV occurred due to reduction of value of investment portfolio’s components.

Fund “Parytet” became the leader in terms of rates of return (+1.98%), and the worst indicators of changes of their securities’ value were recorded by funds: “TASK Ukrainskyi Kapital”

(-1.58%) and “Optimum” (-0.59%).

CLOSED-ENDFUNDS

The net asset value of 2 closed-end CII included in August survey, as at the end of the month amounted to UAH 12.73mln. According to the provided indicators, the total NAV of these funds decreased by –UAH 1,365.72 thsd. (-9.69%). Such decrease took place due to significant payments to investors. The Fund "Indeks Ukrainskoi Birzhi" (-UAH 1,350.64 thsd. (-10.38%)) - losses of net capital in the amount of –UAH 1,266.22 thsd. ooccurred due to a tangible decline of equities in circulation:

by -9.65%.

According to the results of August, the rates of funds’ returns in the sector were as follows: "TASK Universal” (-1.40%) and "Indeks Ukrainskoi Birzhi" (-0.77%).