Monthly Performance Review of Publicly Offered CII in Ukraine. April 2015
In April the main Ukrainian indicators showed almost opposite values: Ukrainian Stock Exchange index rose by 5.36%, while the PFTS index fell by 10.32%. However, this situation was favorable for managers of investment funds and all, without exception, Public CII sectors finished the month with a positive return value.
Thus, for the first time since the beginning of the year, open-ended investment funds led the list of funds in terms of "year-to-date" rates of return with a value of + 7.11% (+ 0.78% in April), interval funds took the second place (+ 2.93% (+0.79% for the month)), and the sector of closed-end CII, despite the greatest value of return in April (+ 5.94%), finished the month with a negative value of indicator -0.39%.
OPEN-ENDED FUNDS
As per UAIB data, the NAV of 23 open-ended CII as of 30.04.2015 constituted UAH 62.22 mln. According to the indicators at the end of the previous month, the overall decrease in net assets amounted to UAH - 121.50 thsd. (-0.19%). The total net outflow of funds in the sector amounted to UAH -412.82 thsd. through small payments to investors. However, the fourth consecutive month open-ended investment funds were leaders in yield, + 7.11% YTD.
Sector’s funds finished the month mainly with growth yield of portfolios, only 7 funds recorded a negative value. In April, a range of open-ended CII’ rates of return varied between + 6.72% and -6.40%.
Based on April results, leaders of growth in the sector of open-ended CII were:
"OTP Fond Aktsii” (+ UAH 80.00 thsd. (+ 3.83%)) - due to additional placement of certificates (increase in circulation by 0.95%) received a net inflow in the amount of UAH 20.00 thsd.;
"Argentum" (+ UAH 109.84 thsd. (+ 6.25%) – received UAH 9,88 thsd. of net inflow due to the growth of the fund’s assets and increasing the number of certificates in circulation by 282 units.
The remaining funds had no positive changes in net equity, increase in NAV was due to positive revaluation of portfolio components.
The greatest payments to investors in April were made by the following funds:
«VSI» (- UAH 425.48 thsd. (-22.77%) – the largest net outflow in the amount of – UAH 326.84 thsd. due to considerable redemption of certificates from the investors (-17.49% in circulation);
«KINТО-Кlasychnyi» (+ UAH 1.69 thsd. (+0.01%) – net outflow constituted UAH -97.28 thsd. also due to purchasing of 237units of investment certificates (-0.45% in circulation);
"UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (- UAH 67.22 thsd. (-1.73%) - by presenting for redemption of 4 units of investment certificates received a net outflow in the amount of – UAH 8.23 thsd .
Due to a slight outflow, the list of the main sector’s players in April underwent changes. The first place among the open-ended CII by market share occupied "KINTO-Klasychnyi" fund (34.97% of aggregate NAV (UAH 21.76 mln.)), "Sofiivskyi" fund took the second place - (6.82% (UAH 4.24 mln.)). The third place went to "Kinto-Equity" fund (6.17% (UAH 3.84 mln.), shifting "UNIVER.UA /Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (6.14% (UAH 3.82 mln.)) to the fourth place. “Premium Fond Indeksnyi” stood at the honorable fifth place (5.23% (UAH 3.26 mln.)).
Among the leaders by the rates of return were the following funds: "OTP Obligatsiynyi" (+ 6.72%), "Argentum" (+ 5.67%) and "Konkord Dostatok" (+ 3.12%).
The worst performance in April was demonstrated by the following funds: "VSI" (-6.40%)"Altus-Zbalansovanyi" (-2.37%) and "Altus-Deposyt" (-1.95%).
INTERVAL FUNDS
In April, the review included 8 interval CII, which net assets, according to UAIB data, equaled UAH 26.05 mln. In comparison with indicators of the sector at the end of the previous month, an aggregate NAV increased by UAH 79.10 thsd. (+ 0.40%).
The leader by moneys attracted in the sector of interval CII was "Aurum" fund (+ UAH 63.58 thsd. (+3.05%)) - through net assets’ value growth and due to additional placement of securities (+ 0.23% in circulation ) it received UAH 4.94 thsd. of net inflow.
The largest payments to investors in April were made by "Platynum" fund (UAH 6.55 thsd. (+ 0.06%)) - investors presented for redemption 724 units of securities (-2.10% in circulation), resulting in net capital outflows amounting to - UAH 241.00 thsd.
The rest of funds did not register any changes in net equity.
The range of rates of return of interval funds in April varied between + 2.82% and -1.13%. In terms of "year-to-date” returns the sector of interval CII showed a second rate + 2.93%.
Among the leaders by the rates of return earned were the following funds: "Aurum" (+ 2.82%), "Zbalansovanyi Fond Parytet" (+ 2.51%) and "Platynum" (+ 2.20%).
The most poor performance results in April were demonstrated by funds "UNIVER.UA /Otaman: Fond Perspektyvnyh Aktsii" (-1.13%), "Optimum" (-1.04%) and "Konkord Perspektyva" (-0.42%).
CLOSED-END FUNDS
Net asset value of 4 closed – end CII, which were included in the April review, at the end of the month was UAH 12.75 mln. According to the indicators filed, the aggregate NAV of these funds increased by UAH 1,313.01 thsd. (+11.48%). The sector of closed-end funds had the greatest value of attracted investors’ funds.
Growth leader in the sector was "Indeks Ukrainskoi Birzhi" fund (+ UAH 1008.90 thsd. (+ 19.52%)) - due to assets’ growth and additional placement of securities (+13.78% in circulation) it received UAH 726.84 thsd. of net inflow.
The rest of funds did not register any changes in net equity.
The range of rates of return of closed-end funds in April varied between + 16.71% and + 0.23%. The average monthly yield in the sector of closed-end funds based on monthly results was the highest in the market of public CII (+ 5.94%) and “year-to-date” return of closed-end CII sector was -0.39%.
Among the leaders by the rates of return were the following funds: "UNIVER.UA /Skif: Fond Neruhomosti" (+ 16.71%), "Indeks Ukrainskoi Birzhi" (+ 5.05%) and "AntyBank" (+ 1.78%).