SEMIANNUAL REPORT. Hypo South Eastern European Opportunities

Transcription

1 SEMIANNUAL REPORT from 1 March 2015 to 31 August 2015 for the Hypo South Eastern European Opportunities Mutual Fund as per InvFG 2011 Reinvesting fund: ISIN AT Full reinvesting fund: ISIN AT of MASTERINVEST Kapitalanlage GmbH Landstraßer Hauptstraße 1, Top Vienna

2 SEMIANNUAL REPORT ON THE 11TH FISCAL YEAR FROM 1 MARCH 2015 TO 31 AUGUST 2015 Hypo South Eastern European Opportunities Mutual Fund as per InvFG 2011 ISIN Reinvesting fund: AT ISIN full reinvesting fund: AT Manager MASTERINVEST Kapitalanlage GmbH, Landstraßer Hauptstraße 1, Top 27, A-1030 Vienna Custodian Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft, Hypo-Passage 1, A-6900 Bregenz Fund advisor Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft, Hypo-Passage 1, A-6900 Bregenz DEAR UNIT HOLDER, Hypo South Eastern European Opportunities, Mutual Fund as per InvFG 2011 (hereinafter referred to as: Hypo South Eastern European Opportunities), completed the first half-year of its 11th fiscal year on 31 August The fund's assets at the start of the fiscal year amounted to EUR 7,230, and totalled EUR 5,858, by the end of the first half-year. The units in circulation and the calculated value have changed as: Start of fiscal year End of first half-year Reinvesting fund Full reinvesting fund units in calculated units in calculated circulation value circulation value 115, , , , At the end of August 2015, the change compared to the beginning of March 2015 for the fiscal half-year (taking capital gains tax payment from 20 April 2015 into account) totalled % per reinvesting share and % per full reinvesting share.

3 COMMENTS OF THE FUND MANAGEMENT Development of capital markets The economic and political environment in the Balkans remained difficult in the past six months. In Slovenia there were once again elections in July. In this case, the highly respected jurist Miro Cerar replaced Alenka Bratusek as Premier. Cerar s party has been founded only a month earlier. Under Bratusek s direction it has been possible to stabilise the distressed banking system and to partly rehabilitate it. In addition, the privatisation of state enterprises has been advanced. However, she failed because of intra-party resistance. With the new momentum the stock market developed very positively. The blue chip index hiked approximately thirteen percent during the reporting period, thus the highest performance in the markets of the investment universe of the fund. The above-average weighting of the Slovenian stock market in Hypo South Eastern European Opportunities paid off accordingly. The exchange in Zagreb presented itself quite robust as well, even though Croatia is still suffering from the great need for structural adaptation. The negative economic growth and high unemployment remain clear evidence of this. However, the stock market benefited from a favourable capital market environment. The yield on longer-term Croatian government bonds fell under the four percent mark during the year. Fund policy Hypo South Eastern European Opportunities is an equity fund and invests the fund's assets in equity securities of companies domiciled in or focused on the countries of South Eastern Europe (Slovenia, Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Macedonia). Investments are generally in local currency. From a tactical point of view the Slovenian market has been overweighed in the reporting period. Since the acceptance of the takeover bid by Mercator, which has previously counted to the five largest positions in the portfolio, the liquidity level is slightly more than ten percent. This balance will be reinvested as soon as favourable investment opportunities occur. Outlook The challenges remain great. In Slovenia the new Premier Miro Cerar, who is regarded as fact-oriented, announced to build an efficient state and to fight corruption. This is not new for Slovenia. Whether he succeeds also depends on his fickle coalition partners, which has already been a painful experience for his predecessors. It also applies to Croatia that politics have to be monitored closely: As long as the government retains the majority of its consolidation strategy and adheres to the action plan of Brussels, we expect economic improvement in the medium-term. In the meanwhile, economists expect that the EU candidate country Serbia can increase exports to Russia because of Western sanctions. In particular, food manufacturers in Serbia hope that they may capitalise on the gap that was created by Russian import restrictions for Western goods.

4 STATEMENT OF ASSETS AS OF 31 AUGUST 2015, INCLUDING CHANGES PORTFOLIOS OF SECURITIES FROM 1 MARCH 2015 TO 31 AUGUST 2015 Description of type ISIN Unit/ As of Purchases/ Sales/ Curr. Price Price % share share Additions Disposals in EUR in fund or curr. in reporting period assets Securities traded on stock exchange EUR 4,632, Equities EUR 4,632, Srpske Poste AD Namens-Aktien Klasse A BM 1 BA100POSTRA2 STK 17, BAM Telekom Srpske AD Namens-Aktien Klasse A BM 1 BA100TLKMRA2 STK 395, ,540 BAM , Gorenje d.d. Inhaber-Aktien o.n. SI STK 33, EUR , Krka,tov.zdravil,dd,Novo Mesto Namens-Aktien A o. N. SI STK 7, ,870 EUR , Petrol d.d., Ljubljana Inhaber-Aktien o.n. SI STK EUR , Telekom Crne Gore A.D. Namens-Aktien EO 2,62001 METECGRA8PG0 STK 70, ,433 EUR , Telekom Slovenije d.d. Inhaber-Aktien o. N. SI STK 2, EUR , Adris Grupa D.D. Namens-Vorzugsakt. KK 10 HRADRSPA0009 STK 9, ,853 HRK , Atlantic Grupa d.d. Namens-Aktien KK 40 HRATGRRA0003 STK 2, HRK , Atlantska Plovidba d.d. Nam.-Akt. KK 300 HRATPLRA0008 STK 4, HRK , Croatia Osiguranje d.d. Nam.-Akt. Serie A KK 1400 HRCROSRA0002 STK HRK 7, , Dalekovod d.d. Nam.-Akt. KK 10 HRDLKVRA0006 STK 11, HRK , Ericsson Nikola Tesla Nam.-Akt. KK 100 HRERNTRA0000 STK 1, HRK 1, , Hrvatski Telekom d.d. Namens-Aktien o.n. HRHT00RA0005 STK 10, ,000 HRK , Institut IGH d.d. Nam.-Akt. KK 190 HRIGH0RA0006 STK HRK , Jadranski naftovod d.d. Nam.-Akt. KK 2800 HRJNAFRA0000 STK HRK 4, , Koncar Elektroindustrija d.d. Nam.-Akt. KK 470 HRKOEIRA0009 STK 3, HRK , Kras d.d. Nam.-Akt. KK 400 HRKRASRA0008 STK 1, HRK , Luka Ploce d.d. Namens-Aktien KK 400 HRLKPCRA0005 STK HRK , Uljanik Plovidba d.d. Nam.-Akt. KK 400 HRULPLRA0002 STK 1, HRK , Valamar Riviera d.d. Nam.-Akt. o.n. HRRIVPRA0000 STK 56, HRK , Viro Tvornica Secera d.d. Nam.-Akt. o.n. HRVIRORA0001 STK HRK , Aerodrom Nikola Tesla AD Nam.-Akt. SJ 600 RSANTBE11090 STK 9, RSD 1, , Energoprojekt Holding A.D. Nam.-Akt. SJ 510 RSHOLDE58279 STK 43, ,902 RSD 1, , Sojaprotein A.D. Nam.-Akt. SJ 300 RSSOJAE21837 STK 38, RSD ,

5 Description of type ISIN Unit/ As of Purchases/ Sales/ Curr. Price Price % share share Additions Disposals in EUR in fund or curr. in reporting period assets Securities admitted to or included on organised markets EUR 698, Equities EUR 698, BH Telecom D.D. Namens-Aktien BM 10 BABHTSR00000 STK 14, BAM , Bosnalijek D.D. Namens-Aktien BM 10 BABSNLR00005 STK 15, BAM , Energoinvest D.D. Namens-Aktien BM 12,50 BAENISR00005 STK 22, BAM , JP Elektroprivreda BIH D.D. Namens-Aktien BM 71 BAJPESR00008 STK 16, BAM , Sarajevo-Osiguranje D.D. Namens-Aktien BM 10 BASOSOR00001 STK 7, BAM , Agrobanka A.D. Nam.-Akt. SJ RSAGROE02462 STK 7, RSD Dunav Osiguranje AD Nam.-Akt. SJ 1 RSDNOSE74915 STK 4, RSD , Globos Osiguranje A.D. Nam.-Akt. SJ 770 RSGLOSE63444 STK 6, RSD , Komercijalna Banka A.D.Beograd Registered Shares SJ 1000 RSKOBBE16946 STK 14, ,000 RSD 1, , Marfin Bank a.d. Beograd Nam.-Vorzugsaktien SJ 500 RSCEBAE16649 STK 1, RSD Razvojna Banka Vojvodine A.D. Nam.-Akt. SJ 4910 RSMETBE05070 STK 4, RSD , Univerzal Banka A.D. Nam.-Akt. SJ 6000 RSUBBAE14618 STK 3, RSD Securities total EUR 5,330, Bank balances, non-securitised money market instruments and money market funds EUR 497, Bank balances EUR 497, Balances at Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft (G) Bregenz Balances in fund currency EUR 497, , Other assets EUR 41, Dividend claims EUR 41, , Other liabilities EUR -13, Management fees EUR -9, , Custodian bank fees EUR Custody fee EUR Administration fee EUR Fund assets EUR 5,858,

6 Description of type ISIN Unit/ As of Purchases/ Sales/ Curr. Price Price % share share Additions Disposals in EUR in fund or curr. in reporting period assets Hypo South Eastern European Opportunities Reinvesting Fund Unit value Issue price Number of units 93,218 Hypo South Eastern European Opportunities Full reinvesting Fund Unit value Issue price Number of units 21,785 Securities in fund assets (in %) Derivatives in fund assets (in %) 0.00 Minor rounding differences may occur based on the rounding of percentages in calculations. Security prices and market rates The assets in the fund are valued on the basis of the last prices/market values determined. FX rates (indirect quotation) BAM HRK RSD as of = 1 EUR (EUR) = 1 EUR (EUR) = 1 EUR (EUR) The valuation of assets in low-liquidity markets may differ from their effective sale prices.

7 PURCHASES AND SALES OF SECURITIES DURING REPORTING PERIOD THAT ARE NOT LISTED IN THE STATEMENT OF ASSETS Description of type ISIN Unit / share or currency Sales Sales/ Volume in 1,000 Sales disposals Equity Nava Banka d,d, Namens-Aktien KK 30 HRNVBARA0008 STK 0 1,995 Securities admitted to or included on organised markets Equity AIK Banka A,D, Nam,-Akt, SJ 1900 RSAIKBE36633 STK 0 2,438 IKB d,d, Namens-Aktien BM 100 BAIKBZRK2008 STK 0 1,426 Vienna, October 2015 MASTERINVEST Kapitalanlage GmbH The Managing Directors DI Andreas Müller Dr, Hannes Leitgeb