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

In November the Ukrainian stock market indices continued their downward trend. According to the results of the month, the PFTS index lost 8.87%, UX index – 9.71%. In general, the PFTS index has fallen to 2004 level, and the UX index recorded the lowest value since the beginning of its activities.

OPEN-ENDED FUNDS

As per UAIB data, the NAV of 23 open-ended CII as of 30.11.2015 constituted UAH 54.96mln. According to the indicators at the end of November, the overall decrease in net assets’ value amounted to UAH -473.00 thsd. (-0.85%). The total funds’ net inflow in the sector amounted to + UAH 24.14 thsd.

Sector’s funds finished the month mostly with a decrease of profitability, only 8 funds showed an increase. The range of rates of return of open-ended CII varied from +2.40% to -14.77%.

Based on November results, the leaders of growth in the sector were:

“UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv” (+UAH 298.90 thsd. (+7.54%)) –

due to additional placement of 99 certificates (increase in circulation by 5.64%) received a net inflow in the amount of UAH 226.05 thsd.;

“VSI” (+UAH 237.51 thsd. (+14.07%)) – due to attraction of additional investors’ funds (+12.60% in circulation) received a net inflow in the amount of UAH 208.81 thsd.;

“Altus-Strategichnyi” - (+UAH 151.11 thsd. (+30.21%)) – significant involvement of investors’ funds (+28.64% in circulation) allowed the fund to receive "net" UAH 144.84 thsd.

The greatest payments to investors in November were made by the following funds:

“Sofiivskyi” (-UAH 321.75 thsd.(-17.38%)) – the largest net outflow in the amount of – UAH 488.78 thsd. associated with the redemption of a significant number of certificates from investors

(-14,57% in circulation);

“OTP Klasychnyi” (-UAH 42.87 thsd. (-3.99%)) – negative revaluation of NAV and redemption of a significant number of certificates from fund’s participants (-5.38% in circulation) resulted in capital outflow in the amount of – UAH 58.02 thsd.

“KINTO-Klasychnyi” (-UAH 109.61 thsd.(-0.52%)) – experienced a net outflow in the amount of –UAH 42.89 thsd.through presenting for redemption of 106 investment certificates.

There were significant changes in the list of the major sector’s players in November. The first place among open-ended CII by market share was occupied by “KINTO-Klasychnyi” fund (38.35% of total NAV (UAH 21.07mln.), the second place – by "UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (7.76% (UAH 4.26 mln.)). The third place went to "KINTO-Ekviti" fund (6.05% (UAH 3.32 mln.), “Altus-Deposyt” was on the fourth place (5.52% (UAH 3.03 mln.)), because of “Sofiivskyi” fund’s transfering to the fifth place (5.38% (UAH 2.96 mln.)).

The following funds should be notedamongtheleadersbytheratesofreturn: “Altus – Zbalansovanyi” (+2.40%), “Altus-Deposyt” (+2.32%) and «UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen» (+1.98%).

The worst indicators of changes in the value of their securities in November were demonstarated by the following funds: “UNIVER.UA/Iaroslav Mudryi: Fond Aktsii” (-14.77%), «Аrgentum» (-8.12%) and “OTP Fond Aktsii” (-7.97%).

INTERVAL FUNDS

In November the review included 7 interval CII, which net assets, according to UAIB data, equaled to UAH 16.38 mln.Compared with this sector’s indicators at the end of the previous month, an aggregate NAV of funds decreased by-UAH 472.14 thsd.(-2.80%).

In November no interval fund successed to raise investors’ funds.

The greatest payments to investors in November were made by the following funds:

«Aurum» (-UAH 112.64 thsd.(-6/66%)) – investorspresentedforredemption1,389 securities(-2.45% in circulation), that led to net outflow of capital in the amount of -UAH 40.25 thsd.

«Коnkord Perspektyva» (- UAH 21.46 thsd.(-0.90%)) – payments to investors (-0.70% in circulation) led to the "washout" of net capital in the amount of -UAH 16.67 thsd.

The range of interval funds’ rates of returnin November was from -0.20% to -4.31%.

The worst indicators of changes in the value of their securities were demonstrated by the following funds: «Аurum» (-4.31%), “UNIVER.UA/Otaman: Fond Perspectyvnyh Aktsii” (-4.22%) and «Оptimum» (-3.21%).

CLOSED-END FUNDS

Net asset value of 4 closed-end CII, which were included in November review, at the end of the month comprised UAH 11.35mln. According to the filed indicators, the aggregate NAV of these funds decreased by -UAH 308.07 thsd.(-2.64%).

According to the November’s results,the leader in raising funds from investors was fund “Indeks Ukrainskoi Birzhi” (-UAH 360.63 thsd.(-6.84%)) – despitethedeclineofporfolio’scomponents’ value,additionalplacementof2,884 equities (increaseincirculationby 1.51% allowed the fund to receive a net inflow in the amount of UAH 72.08 thsd.

No other fund recorded any changes in net equity.

Range of closed-end funds’ rates of return in November fluctuated in the interval from +12.68% to -8.22%.

The leader by the rates of return was fund “‘TASK Universal” (+12.68%).

The worst indicators of changes in the value of their securities were demonstrated in November by the following funds: «Indeks Ukrainskoi Birzhi» (-8.22%), «UNIVER.UA/Skif: Fond Neruhomosti» (-2.88%) and «АntyBank» (-0.88%).