Monthly Performance Review of Publicly Offered CII in Ukraine. March 2018
17 April 2018
As a result of March 2018, Ukrainian stock exchanges closed with a significant increase in their performance. Thus, the PFTS index grew by +2.96%, while the UX index added +4.85%.
During the first quarter, all sectors of public CII demonstrated a solid growth, and in March, according to the level of rates of return from the beginning of the year, the sectors were distributed as follows: closed-end CII (+4.35% (+3.43% for the month)), interval ones (+8.71% (+1.3% for the month)) and open-ended CII (+6.28% (+0.75% for the month)).
OPEN- ENDED FUNDS
According to the UAIB, the value of net assets of 17 open-ended CII, as at March 30, 2018 amounted to UAH 82.85 mln. According to the information provided by the companies at the end of March, the total increase in net assets amounted to +UAH 341.97 thsd. (+0.41%). But due to significant payments to investors, net outflow in the sector amounted to –UAH 1,223.80 thsd.
Investment portfolios of almost all funds have grown significantly as a result of a positive revaluation of assets, with only four funds having completed a month with a negative value. In March, the range of rates of return in open-ended investment funds was from +5.43% to -8.38%.
According to the results of March, the leaders of growth in the sector of open-ended CII became:
"OTP Fond Aktsii" (+UAH 313.92 thsd. (+2.75%)) - received a net inflow in the amount of +UAH 300.69 thsd. due to an increase in the number of investment certificates in circulation by +2.58%;
"KINTO-Kaznacheiskyi" (-UAH 178.06 thsd. (-7.20%)) - despite a negative revaluation of the investment portfolio, due to the additional placement of IC (+1.29% in circulation) received UAH 32.51 thsd. of net inflow;
"UNIVER.UA/Volodymyr Velykyi: Fond Zbalansovanyi" (+UAH 25.70 thsd. (+0.66%)) - the recent increase in NAV itself was due to a positive revaluation of assets, and small "injection" of investors' funds allowed to get +UAH 19.61 thsd. of net inflow of capital.
The largest payments to investors, according to available data, were made in March by the following funds:
"VSI" (-UAH 565.50 thsd. (-30.29%)) - received the largest net outflow in the amount of –UAH 528.75 thsd. in connection with the purchase of a significant number of certificates (-28.87% in circulation);
“OTP Klasychnyi” (-UAH 490.21 thsd. (-11.13%)) - net outflow was –UAH 523.71 thsd. also due to the significant redemption of investment certificates (-11.88% in circulation);
"UNIVER.UA/Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv” (-UAH 230.08 thsd. (-3.55%)) - presentation to repurchase of 99 pcs. of investment certificates led to a net outflow of capital in the amount of –UAH 292.53 thsd.
The list of key sector’s players in March was as follows: the first place among the open-ended CII in terms of market share was taken by the “KINTO-Klasychnyi” fund (35.47% of the aggregate NAV (UAH 29.38 mln.)), the second one – by the “OTP Fond Aktsii" (14.16% (UAH 11.73 mln.)), the third place – by fund “Sofiivskyi" (8.24% (UAH 6.82 mln.)). The fourth place was taken by the fund «UNIVER.UA/Mykhaylo Hrushevskyi: Fond Derzhavnykh Paperiv” (7.55% (UAH 6.26 mln.)), the fifth place – by the fund “KINTO-Ekviti” (6.69% ( UAH 5.54 mln.)).
The leaders in terms of rates of return were the following funds: “KINTO-Ekviti” (+5.43%), “Argentum” (+4.62%) and “KINTO-Klasychnyi” (+4.00%).
Negative indicators in March were demonstrated by the following funds: «KINTO-Kaznacheiskyi” (-8.38%), «VSI» (-2.00%) and «Nadbannia” (-1.08%).
INTERVAL FUNDS
In March the review included 4 interval CII, whose net assets, according to UAIB data, amounted to UAH6.92mln. In comparison with indicators of this sector as at the end of the previous month, the total NAV increased by +UAH 99.91thsd. (+4.47%).
No fund attracted funds from investors, NAV changes occurred solely at the expense of revaluation of the value of investment portfolios.
The largest payments to investors were made by the fund “Parytet” (-UAH 4.90 thsd.
(-0.30%)) - the fund received a net outflow of –UAH 4.19 thsd. in connection with the redemption of a small amount of securities (-0.27% in circulation).
The leaders in terms of return were funds: “TASK Ukrainskyi Kapital” (+4.61%) and “Aurum” (+1.21%).
Negative indicators in March were demonstrated by funds: "Optimum" (-0.61%) and "Parytet"
(-0.04%).
CLOSED-ENDFUNDS
The net asset value of two closed-end CII included in March survey, at the end of the month amounted to UAH 12.84 mln. According to the provided indicators, the total NAV of these funds increased by +UAH 585.81thsd. (+4.78%).
No fund attracted funds from investors, NAV changes occurred solely at the expense of revaluation of the cost of investment portfolios.
In March, according to the level of profitability, funds in the sector were distributed as follows: "Indeks Ukrainskoi Birzhi" (+5.06%) and "TASK Universal" (+1.81%).