Monthly Performance Review of Publicly Offered CII in Ukraine. December 2016
12 January 2017
In December 2016, the Ukrainian stock market indices continued their downward trend. As a result, the PFTS index lost 0.32%, UX - 1.53%. But for the year, they have increased significantly, PFTS having recorded +10.16% and the UX index +16.04%.
Open-ended CII were the most profitable sector for the year (+12.71% for Dec 2015 through Dec 2016) among the publicly offered CII, closed-end funds were the second (+1.84%), interval CII felt the worst (-2.19%).
OPEN- ENDED FUNDS
As per UAIB data, net asset value of 17 open-ended CII as at 29.12.2016 amounted to UAH53.62mln.* According to the indicators filed at the end of the previous month, the total decrease of net assets amounted to -UAH237.58 thsd. (-0,44%). Net inflow of funds in the sector amounted to UAH 175.06 thsd.
Based on the month’s results, only six funds recorded a negative change in NAV, the rest finished the month with an increase in performance. In December, the range of investment funds’ yield ranged from +3.46% to -1.41%.
By the results of December there were the following leaders of raising of capital in the sector of open-ended CII:
"UNIVER.UA /Volodymyr Velykyi: Fond Zbalansovanyi" (+UAH 0.89 thsd. (+0.08%)) - due to additional placement of 2 IC received UAH 3.76 thsd. of net inflow of capital;
"KINTO-Klasychnyi" (+UAH 57.03 thsd. (+0.26%)) - by increasing the value of assets and additional placement of 3 securities received UAH 1.29 thsd. of net inflow.
The remaining funds, which showed growth in NAV due to positive revaluation of the portfolio’s constituents did not attract investors' funds and not increased net capital.
The largest payments to investors were made in December by the following funds:
“UNIVER.UA/Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv" (-UAH 355.68 thsd. (-6.64%) - the largest net outflow for the month in the amount of UAH 445.76 thsd. associated with the desire of investors to fix income (-8.27% in circulation);
"OTP Klasychnyi" (-UAH 56.48 thsd. (-2.05%) - net outflows amounted to UAH 92.28 thsd. also through significant payments to investors, who presented to maturity 36 pieces of certificates;
"Argentum" (-UAH 48.97 thsd. (-4.20%) – received a net outflow of capital in the amount of
-UAH 34.92 thsd. because of the negative revaluation of the portfolio and payments to investors
(-2.99% IC in circulation).
"KINTO-Klasychnyi” Fund occupied the first place by market share among open-ended CII (40.52% of total NAV (UAH 21.73 mln.)), the second place went to Fund "UNIVER.UA/Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv" (9.33% (UAH 5.00 mln.)), fund "Altus-Deposyt" became the third one (6.65% (UAH 3.57 mln.)). Fond “KINTO-Ekviti” was in the fourth place (6.58% (UAH 3.53 mln.), the honorary fifth place went to "UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen" (6.08% (UAH 3.26 mln.)).
Among the leaders by the rates of return there were the following Funds: “VSI” (+3.46%), "UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen" (+2.54%) and ”Altus Zbalansovanyi” (+2.07%).
The worst performance in December was demonstrated by the following funds:
"UNIVER.UA/Yaroslav Mudryi: Fond Aktsii" (-1.41%),
"Argentum" (-1.24%), and
“ОТP Fond Aktsii" (-1.00%).
* The review does not include fund "Sofiyiskyy" because information about its activities as of 29.12.2016 was not provided to UAIB. The fund's NAV as of 28.12.2016 amounted to UAH 4 173 306.39 according to its report.
INTERVAL FUNDS
In December the review included 5 interval CII, which net assets, according to UAIB data, equaled to UAH 13.01mln.Compared with this sector’s indicators as at the end of the previous month, the aggregate NAV of these funds decreasedby UAH 20.02 thsd. (-0.70%).
Based on December results, all funds suffered fall of NAV due to the negative revaluation of investment portfolios:
“Zbalansovanyi Fond “Parytet" (-UAH 17.53 thsd. (-1.35%));
“ТАSК Ukrainskyi Kapital”(-UAH 2.42 thsd. (-0.22%));
"Optimum" (-UAH 0.06 thsd. (-0.01%)).
There were no net capital changes in the sector.
The range of yield of interval funds in December was from -0.01% to -1.35%.
Rates of return of interval funds in December were as following:
“Zbalansovanyi Fond “Parytet" (-1.35%),
“ТАSК Ukrainskyi Kapital” (-0.22%), and
“Оptimum” (-0.01%).
CLOSED-END FUNDS
The net asset value of 3 closed-end CII, which were included in December review, at the end of the month totaled UAH 11.41mln. According to filed indicators, the aggregate NAV of these funds increased by +UAH 6.22 thsd. (+0.05%).
Fund "Indeks Ukrainskoi Birzhi" became the sector’s leader of investors’ funds involvement (-UAH 33.79 thsd. (-0.56%)) - despite the negative revaluation of the portfolio’s components, the fund additionally placed securities (+0.34% in circulation) and received +UAH 20.43 thsd. of net capital inflows. The remaining funds recorded an increase in NAV only through positive revaluation of portfolios.
Rates of return of closed-end funds in Decemberwere distributed as follows:
- “АntyBank” (+0.89%),
-“ТАSК Universal” (+0.13%,) and
- "Іndeks Ukrainskoi Birzhi" (-0.90%).