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

In April 2016 the dramatic change of Prime Minister of Ukraine, despite the fear, did not cause any tension in society or political crisis.

Based on monthly results, Ukrainian indexes of stock market closed with optimistic moods: UX index increased by +14.69% (the largest increase since the beginning of 2016), and the PFTS index lost only -0.35%.

In April, all sectors of public collective investment institutions (CII) confidently finished the month in the "green zone". The leader was the sector of closed-end funds (+4.65% (-8.62% from the beginning of the year (YTD)), the second place went to the sector of open-ended CII (+3.21% (+3.57% YTD)), and interval CII were in the third place (+2.60% (0.39% YTD)).

OPEN- ENDEDFUNDS

According to UAIB data, net asset value of 19 open-ended CII as of 29.04.2016 amounted to UAH54.30 mln. According to the indicators of the end of April, the total increase in NAV amounted to +UAH 820.94 thsd. (+1.53%). But because of substantial payments to investors the total net capital outflow in the sector amounted to –UAH 562.82 thsd.

Funds of the sector finished the month mainly with an increase in rates of return, only 6 funds suffered a fall. The range of rates of return of open-ended CII varied from +14.62% to -2.37%.

Based on April results, growth leaders in the sector became:

"OTP Fond Aktsii” (+UAH 127.48 thsd. (+7.27%)) – due to a positive revaluation of the portfolio’s components and additional placement of certificates (+1.12% in circulation) received a net inflow in the amount of +UAH 19.90 thsd. ;

"Sofiivskyi" (+UAH 372.64 thsd. (+13.04%)) - an increase in NAV was due to the rising cost of investment portfolio;

"Argentum" (+UAH 123.49 thsd. (+14.62%)) - increase in net asset’s value was due to positive revaluation of fund’s assets.

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

"UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (-UAH 428.57 thsd. (-7.80%)) - the largest net outflow in the sector in the amount of –UAH 433.33 thsd. in connection with the repurchase of a significant amount of investors' certificates (-7.89% in circulation);

“VSI” (-UAH 85.41 thsd. (-5.99%)) – redemption of 44 investment certificates from fund’s participants led to capital outflows at a rate of –UAH 49.34 thsd.;

"OTP Klasychnyi" (-UAH 32.64 thsd. (-3.28%)) - after presenting to repurchase of 20 units of investment certificates fund suffered net outflows amounting to –UAH 46.17 thsd.

There were significant changes in the list of major sector’s players in April. "KINTO-Klasychnyi” Fund (39.90% of aggregate NAV (UAH 21.67 mln.) occupied the first place by market share among open-ended CII, the second place went to "UNIVER.UA/Myhailo Grushevskyi: Fond Derzhavnyh Paperiv" (9.33% (UAH 5.07 mln.)), and Fund "KINTO Equity" escaped the third place (6.26% (UAH 3.39 mln.)). “Altus-Deposyt” Fund (5.97% (UAH 3.24 mln.)) occupied the fourth place, and Fund “Sofiivskyi" (5.95% (UAH 3.23 mln)) completed the top five of the sector.

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

"Argentum" (+14.62%), "Sofiivskyi" (+13.04%) and "UNIVER.UA /Yaroslav Mudryi: Fond Derzhavnyh Paperiv" (+11.60%).

The worst indicators of changes in the value of their securities were demonstrated in April by the following funds "VSI" (-2.37%), "SEM Azhio" (-1.99%) and "Bonum Optimum" (-1.58%).

INTERVAL FUNDS

In April, the review included 6 interval CII, which net assets, according to UAIB data, equaled to UAH 13.69 mln.Compared with this sector’s indicators as at the end of the previous month, an aggregate NAV of these funds increased by+UAH 256.63 thsd. (+1.91%).

In April, no interval fund was able to raise investors’ funds.

Based on the monthly results, growth leaders in the sector were the following Funds:

"Aurum" (+UAH 124.37 thsd. (+8.32%)) - an increase in NAV was due to the rising cost of investment portfolio;

"TASK Ukrainskyi Kapital" (+UAH 47.24 thsd. (+3.82%)) - increase in net asset’s value was due to positive revaluation of fund’s assets.

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

"Platynum" (+UAH 77.76 thsd. (+0.95%)) - despite the positive revaluation of portfolio, repurchase of 388 units of securities from investors (-1.22% in circulation) resulted in a net outflow of capital in the amount of -UAH 104.11 thsd.;

"UNIVER.UA/Otaman: Fond Perspektyvnyh Aktsii" (+UAH 16.19 thsd. (+2.29%)) - by presenting to repurchase of 5 units of securities lost "net" –UAH 3.90 thsd.

The range of interval funds’ rates of return in April varied from +8.32% to -1.66%.

Leaders by the rates of return were the following funds:

“Aurum” (+8.32%), «ТАSК Ukrainskyi Kapital” (+3.82%) and "UNIVER.UA/Otaman: Fond Perspektyvnyh Aktsii" (+2.86%).

The worst indicators of changes in the value of its securities were demonstrated by “Optimum" Fund (-1.66%).

CLOSED-ENDFUNDS

Net asset value of 4 closed-end CII, which were included in April 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 0.48thsd.

Based on April results, leaders of growth in the sector were the following funds: "UNIVER.UA/Skif: Fond Neruhomosti" (+UAH 106.94 thsd. (+10.54%)) and "AntyBank" (+UAH 18.08 thsd. (+0.45%)) - due to positive revaluation of investment portfolios.

The largest payments to investors were made in April by "Indeks Ukrainskoi Birzhi" Fund

(-UAH 123.99 thsd. (-3.34%)) - a significant reduction of securities in circulation (-10.3%) resulted in a net outflow in the amount of –UAH 408,14 thsd.

The range of closed-end funds’ rates of return in April was in the interval from +10.54% to -0.14%.

Leaders by the rates of return be came the following funds: "UNIVER.UA/Skif: Fond Neruhomosti" (+10.54%) and "Indeks Ukrainskoi Birzhi" (+7.76%).

The worst indicators of changes in the value of its securities were demonstrated in April by “TASK Universal” Fund (-0.14%).