Monthly Performance Review of Publicly Offered CII in Ukraine. March 2017
Following results of March 2017, Ukrainian stock sites were closed in different directions. Thus, the PFTS index fell by -0.75%, while the Ukrainian Stock Exchange index, in contrast, added +11.07%. UX index since the beginning of the year increased by 30.94%, which was probably the highest growth over the past three years.
During the first quarter all sectors of public collective investment institutions (CII) showed strong growth, and, based on March results, sectors’ levels of profitability "YTD" were distributed as follows: closed-end funds (+14.71% (+5.43% MoM)), interval ones (+14.54% (+8.75% MoM)) and open-ended CII (+8.26% (+3.30% MoM)).
OPEN- ENDED FUNDS
As per UAIB data, the net asset value of 17 open-ended CII, as at 31.03.2017 amounted to UAH 59.59mln. According to information, which was filed by companies as at the end of the previous month, the overall increase in net assets amounted to +UAH 836.70thsd.(+1.42%). According to reports, the net outflow in the sector amounted to –UAH 576.73 thsd.
Investment portfolios of virtually all assets increased significantly as a result of positive revaluation of assets. In March range of open-ended investment funds’ yield was from +14.13% to -0.29%.
Based on March results, the following funds were the growth leaders in the sector:
"OTP Fond Aktsii" (+UAH 231.16 thsd. (+8.58%)) – received a net inflow in the amount of +UAH 70.38 thsd. by increasing the number of investment certificates in circulation by +2.53%;
"UNIVER.UA/Volodymyr Velykyi: Fond Zbalansovanyi" (+UAH 16.35 thsd. (+1.40%)) - received UAH 14.02 thsd. of net inflow due to additional placement of IP (+1.19% in circulation);
"VSI" (+UAH 10.28 thsd. (+0.66%)) - increase in NAV was due to positive revaluation of assets, and little "infusions" of investors’ assets allowed to receive +UAH 0.34 thsd. of net capital inflows.
The largest payments to investors, according to reports, were made in March by the following funds:
"Sofiivskyi" (+UAH 237.49 thsd. (+5.44%)) - despite the increase in NAV (due to the rising value of assets) received the largest net outflow amounting to –UAH 334.45 thsd. in connection with the redemption of a significant number of certificates (-7.61% in circulation);
"UNIVER.UA/Taras Shevchenko: Fond Zaoshchadzhen" (-UAH 123.98 thsd. (-3.72%)) - net outflows amounted to –UAH 143.34 thsd. also through redemption of investment certificates (-4.29% in circulation);
"UNIVER.UA /Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv" (-UAH 54.50 thsd. (-1.30%)) - presentation to repurchase of 31 pcs. of investment certificates resulted in a net outflow of capital in the amount of –UAH 83.23 thsd.
The list of major players in the sector in March was as follows: Fund "KINTO-Klasychnyi" occupied the first place by market share among open-ended CII (39.05% of total NAV (UAH 23.27 mln.)), the second place went to fund "Sofiivskyi" (7.72% (UAH 4.6 mln.)), the third place - to "UNIVER.UA /Mykhailo Hrushevskyi: Fond Derzhavnykh Paperiv" (6.93% (UAH 4.13 mln.)). Fund "Kinto-Ekviti" was in the fourth place (6.72% (UAH 4.00 mln.)), the fifth step was occupied by fund "Altus-Deposyt" (6.06% (UAH 3.61 mln.)).
Among the leaders by the rates of return were the following funds: "Sofiivskyi" (+14.13%), "TASK Resurs" (+14.11%) and "Nadbannia" (+13.34%).
Negative figures in March were shown only by two funds: "Kinto-Ekviti" (-0.29%) and "UNIVER.UA /Yaroslav Mudryi: Fond Aktsii" (-0.25%).
INTERVAL FUNDS
In March, the review included 4 interval CII, whose net assets, according to UAIB, amounted to UAH 3.68 mln. In comparison with indicators of this sector as at the end of the previous month, the aggregate NAV increased by +UAH 288.40 thsd.(+9.57%).
Fund "TASK Ukrainskyi Kapital" became the leader of fundraising in the sector of interval CII (+UAH 268.99 thsd. (+22.79%)) - due to additional placement of securities (+0.07% in circulation) it received +UAH 0.99 thsd. of net capital.
The largest payments to investors were made by Fund "Parytet" (+UAH 26.13 thsd. (+1.95%)) - despite increase in NAV, the fund received the largest net outflow amounting to –UAH 37.05 thsd. in connection with the redemption of a significant number of certificates (-2.81% in circulation).
Following March results, funds of the sector were distributed by their rates of return as follows: "TASK Ukrainskyi Kapital" (+22.70%), "Parytet" (+4.90%) and "Optimum" (-1.36%).
CLOSED-END FUNDS
3 closed-end CII were included in March review; value of their net assets as at the end of the month totaled UAH 12.53 mln. According to filed indicators, the aggregate NAV of these funds increased by +UAH 903.94 thsd. (+7.77%).
Changes in NAV and inflow/outflow of assets in the sector in March were as follows:
“Indeks Ukrainskoi Birzhi“(+UAH 635.54 thsd. (+10.67%)) – apart from the positive revaluation of investment portfolio it allocated additionally 129 equities and received due to this UAH 4.50 thsd. of net inflow;
"AntyBank" (+UAH 270.17 thsd. (+5.87%)) - increase in NAV was exclusively due to the growth of the fund’s assets;
"TASK Universal" (-UAH 1.76 thsd. (-0.16%)) - movement of net capital was not fixed, decrease in NAV was due to a negative revaluation of the portfolio.
Following March results, funds of the sector were distributed by their rates of return as follows: “Indeks Ukrainskoi Birzhi“ (+10.59%), "AntyBank" (+5.87%) and "TASK Universal" (-0.16%).