Monthly Performance Review of Publicly Offered CII in Ukraine. March 2016
Following the results of March 2016, the highest decline of stock indices was recorded since the beginning of the year. Thus, the PFTS index fell by -6.22%, while the index of Ukrainian Exchange - by -13.35%.
The entry into force of the SSMNC’s decision on increasing substantially requirements for issuers whose securities may be included in the stock register led to the fact that a number of joint stock companies put on the agenda of their ordinary General Meeting the issue of their transformation or to a private company, or to a company with limited responsibility, that automatically led to exclusion of these companies' equities from exchange trading. So it was not surprising that in the context of such news UX index fell to the lowest level in the last six years.
OPEN- ENDED FUNDS
As per UAIB data, the NAV of 20 open-ended CII as of 31.03.2016 constituted UAH 54.53 mln. Under information which was submitted by the companies at the end of the previous month,the overall decrease in net assets’ value amounted to UAH -532.75thsd. (-4.00%). According to reports,net outflow of funds in the sector amounted to –UAH 589.86 thsd.
Investment portfolios of almost all funds suffered losses due to the negative revaluation of assets. In March the range of rates of return of public investment funds was from +3.20% to -10.67%, and although the average yield for the month in the sector amounted to -1.02%, the rate of return with a value of +0.25% was the best on the CII market since the beginning of the year.
Based on March results, the leaders of growth in the sector became:
"OTP Klasychnyi" (+UAH 56.02 thsd. (+5.96%)) – received a net inflow in the amount of +UAH 45.33 thsd. by increasing the number of investment certificates in circulation by +4.80%;
"Sofiivskyi" (+UAH 88.55 thsd. (+3.20%)) - NAV growth was exclusively due to the increased cost of investment portfolio’s components;
"Nadbannia" (+UAH 5.73 thsd. (+1.12%)) - the same, increase in NAV was due to positive revaluation of assets.
The largest payments to investors, according to reports, in March made the following funds:
"UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen" (-UAH 236.09 thsd. (-7.21%)) - the largest net outflow in the amount of –UAH 223.88 thsd. in connection with the purchase of a significant amount of certificates (-6.89% in circulation);
"UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (-UAH 201.42 thsd. (-3.53%)) - net outflow amounted to –UAH 218.75 thsd. also through redemption of investment certificates (-3.84% in circulation);
"KINTO-Klasychnyi" (+UAH 47.63 thsd. (+0.22%)) - despite the increase in NAV due to asset growth, presenting for redemption of 330 units of investment certificates led to a net outflow of capital in the amount of –UAH 134.88 thsd.
The list of key players of the sector in March was the following: the first place among open-ended CII by market share ranked "KINTO-Klasychnyi” fund (38.92% of the aggregate NAV (UAH 21.22 mln.)), the second one was –"UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv” fund (10.08% (UAH 5.49 mln.)), the third lace went to “KINTO-Ekviti” fund (6.04% (UAH 3.29 mln)). "Altus-Deposyt" fund (5.95% (UAH 3.24 mln.) took the fourth place, the fifth step was by fund "UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen" (5.57% (UAH 3.04 mln.))
Among the leaders by rates of return the following funds were noted: “Sofiivskyi” (+3.20%), “КІNТО-Еkviti” (+2.31%) and “Nadbannia” (+1.12%).
The worst indicators in March were demonstrated by the following funds: "Argentum" (-10.67%), “UNIVER.UA/Iaroslav Mudryi: Fond Aktsii” (-7.67%) and “UNIVER.UA/Volodymyr Velykyi: Fond Zbalansovanyi” (-4.48%).
INTERVAL FUNDS
In March review included 7 interval CII, which net assets, according to UAIB data, equaled to UAH 13.79 mln.Compared with this sector’s indicators at the end of the previous month, an aggregate NAV of these funds decreased by–UAH 88.31thsd.(-0.65%).
The top gainers in the sector of interval CII became funds "Aurum" (+UAH 3.11 thsd.
(+0.52%)) and "TASK Ukrainskyi Kapital" (+UAH 2.64 thsd. (+0.21%)) by increasing the value of assets of investment portfolios.
The largest decrease of NAV was recorded by the following funds: "Platynum" (-UAH 42.31 thsd (-0.51%), "Aurum" (-UAH 33.48 thsd. (-2.19%)) and "UNIVER.UA/Otaman: Fond Perspektyvnyh Aktsii"(-UAH 17.28 thsd. (-2.39%)).
In the sector of interval funds net capital changes were not recorded due to absence of payments or raising of investors’ funds.
The range of interval funds’ yield in March fluctuated from +0.52% to -2.39%. The average yield of interval funds was -0.74%,that allowed the sector of interval CII take the second place by rates of return since the beginning of the year among public funds.
Based on March results, only two funds recorded positive results, while the rest came out from the "Green Zone." The best in terms of rates of return were funds "Optimum" (+0.52%) and "TASK Ukrainskyi Kapital" (+0.21%).
The worst performance in March was demonstrated by funds "UNIVER.UA/Otaman: Fond Perspektyvnyh Aktsii" (-2.39%), "Aurum" (-2.19%) and "Platynum" (-0.51%)
CLOSED-ENDFUNDS
Net asset value of 4 closed-end CII, which were included in March review, at the end of the month comprised UAH 9.85 mln. According to the filed indicators, the aggregate NAV of these funds decreased by -UAH 719.07thsd.(-6.80%).
In March all funds of the sector suffered losses of NAV due to depreciation of portfolios’ components, the inflow or outflow of net capital was not fixed.
The range of yield ofclosed-end funds in Marchfluctuated in the interval from +0.39% to
-15.51%.The average yield of the sector of closed-end funds for the month constituted -6.05%.
The worst indicatorsin March were demonstrated by funds: “UNIVER.UA/Skif: Fond Neruhomosti” (-15.51%), “Indeks Ukrainskoi Birzhi” (-8.06%) and "TASK Universal" (-1.01%).