Monthly Performance Review of Publicly Offered CII in Ukraine. January 2016

Based on January results, the Ukrainian Exchange index fell by 4.94%, and the PFTS index – by 1.21%. This was contributed by the collapse of China's stock market, which lost -23.38% since the beginning of month and caused a wave of falling indicators on all, without exception, world’s exchanges.

In terms of rates of return since the beginning of 2016 sectors of public CII were distributed as follows: the first place - open-ended funds(+0.25%), the second one –closed-end CII (-3.29%), interval CII – on the third place (-3.74%).

OPEN- ENDED FUNDS

As per UAIB data, the NAV of 22 open-ended CII, which have provided reports for the month, constituted UAH 55.19mln. According to the indicators at the end of the previous month, the overall increase in net assets’ value amounted to UAH +114.58thsd. (+0.21%). Movement of net capital in the sector amounted to –UAH 119.27 thsd., but taking into account data of those funds, information on which was not enough to compare it with the previous period, the net inflow/outflow amounted to UAH 37.40 thsd.

In January, the range of investment funds’ yield fluctuated from +5.24% to -9.09%. Based on monthly results, only nine funds recorded a negative change in NAV, the rest - finished the month with growth of indicators of profitability.

Leaders of growth (through increasing the value of investment portfolio) in the sector of open-ended CII became:

“UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv” (+UAH 492.22 thsd. (+9.62%)) - due to additional placement of securities (+6.04% on turnover) received UAH 317.35 thsd. of net inflow of capital;

“UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen” (+UAH 159.63 thsd. (+5.24%)) NAV growth was due to increased cost of investportfolio’s components;

"Altus-Deposyt" (+UAH 88.28 thsd. (+2.82%)) - NAV increased due to positive revaluation of fund’s assets.

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

“VSI” (-UAH 221.80 thsd. (-13.87%)) – the largest net outflow in the amount of –UAH 278.17 thsd. due to significant redemption of certificates from investors (-17.35% in circulation);

“Argentum” (-UAH 192.34 thsd. (-16.75%)) - also because of ransom of 4,000 pieces of investors’ certificates, the net outflow amounted to –UAH 94.45 thsd.;

“KINTO-Klasychnyi” (-UAH 160.20 thsd. (-0.76%)) – through presentation to repurchase of 83 investment certificates (-0.16% on turnover) net outflow amounted to -UAH 33.77 thsd.

"KINTO-Klasychnyi” fund took the first place among open-ended CII by market share (38.15% of the aggregate NAV (UAH 21.05 mln.)), fund "UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (10.16% (UAH 5.61 mln.)) took the second place, KINTO-Ekviti" fund was the the third one (5.84% (UAH 3.22 mln.)). The fourth place went to "UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen" (5.81% (UAH 3.21 mln.), "Altus-Deposyt" fund (5.70% (UAH 3.14 mln.) was on the honorable fifth place.

Amongleadersbyratesofreturn the following funds were noted: "UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen" (+5.24%), “VSI” (+4.22%) and “UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv” (+3.38%)

The worst performance in January was demonstarated by the following funds: “Argentum”

(-9.09%), “Sofiivskyi” (-3.14%) and “Premium-Fond Indeksnyi” (-2.38%).

INTERVAL FUNDS

January review included 6 interval CII, which net assets, according to UAIB data, equaled to UAH 13.31 mln.Compared with this sector’s indicators at the end of the previous month, an aggregate NAV decreased by UAH 739.94 thsd.(-5.73%).

An outflow of capital was recorded in the sector during the first months of the year due to payments to investors and impairment of assets.

The largest payments to investors in January were done by fund "Platinum" (-UAH 619.51 thsd. (-7.06%)) - the largest net outflow in the amount of –UAH 101.10 thsd. due to significant redemption of certificates from investors (-1.17% in circulation).

The rest of funds suffered the NAV’s decline because of negative revaluation of assets in investment portfolios.

The range of rates of return of interval funds in January was between -8.03% to -0.83%.
The average yield ofinterval funds’ sector was -3.74% the second month in row.

The worst indicators in January were demonstarated by the following funds: “UNIVER.UA/Otaman: Fond Perspektyvnyh Aktsii” (-8.03%), ”Platynum” (-5.96%) and “Aurum” (-2.93%).

CLOSED-ENDFUNDS

The review in January included 4 closed-end CII, net asset value of which was UAH 10.73 mln. at the end of the month.

In the first months of the year no changes were recorded in the sector, NAV decrease was due to a negative revaluation of assets.

Fund "Indeks Ukrainskoi Birzhi” suffered the greatest losses of net assets in January (-UAH 377.42 thsd. (-7.96%)) - because of falling of value of assets, which form the investment portfolio.

The range of yield of closed-end funds in January fluctuated in the interval from -7.96% to

-0.53%.The average rate of return of closed-end funds’ sector for the month was -3.29%.