Content. MUTUAL FUNDS MONTHLY REVIEW 2012 August. New Europe TOP20 Subfund 1. Russia TOP20 Subfund 2. Global Flexible Subfund 3
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1 Content New Europe TOP20 Subfund 1 Russia TOP20 Subfund 2 Global Flexible Subfund 3 Emerging Europe Bond Subfund 4 World Equity Subfund of Funds 5
2 New Europe TOP20 Subfund Finasta New Europe TOP20 subfund has a concentrated portfolio of region s best investment ideas (close to minimum allowed by UCITs). Every pick comes from a thorough fundamental bottom-up analysis. Concentrated portfolio means maximum focus on each investment idea, high leverage on best picks. Higher concentration comes with the risk of higher deviation in subfund s net asset values. Aim of the subfund - to achieve maximum equity return while investing in Eastern Europe ex Russia region. Recommended term of investment - more than 5 years. 90,0 85,0 80,0 75,0 70,0 65,0 Monthly 1,26% YTD 17,37% Since inception -18,35% Subfond data Strong summer results was achieved despite negative sentiments three months ago: Finasta New Europe TOP20 subfund rose 9.9%, benchmark CECE Extended 12.5%. Year-to-date result is even stronger with 17.4% profit of subfund compared with 9% performance of the benchmark. Composition of the subfund has changed during the summer exposure to financial sector was reduced as profit was realized from Turkish bank Garanti. Oil refiner and petrol station operator Lotos from Poland that has quite a high leverage was changed by Telekomunikacja Polska with stable cash-flows and dividends. One of the biggest European generic drug company KRKA from Slovenia was added to subfund. Despite activity in growing South and Eastern European the company has single digit P/E ratio and is forgotten by investors. Stable and profitable summer could be changed by turbulent autumn. Clouds are gathering over Chinese economy, problems in South Europe remain unsolved so the subfund starts autumn cautiously. On the other hand, optimism in the could last longer following the quantitative easing of ECB and FED. 37,738 mln. 10,930 mln. EUR 81, Management fee 1,5 % Success fee 15 % Powszechna Kasa Oszczednosci Bank Polski S.A. Bank of Georgia Holdings PLC Bank Pekao SA Fondul Proprietatea Telekomunikacja Polska SA 4,9% 6,2% 7,4% 7,9% Investments by industries Investments by countries Commercial Banks 32,9% Poland 35,5% Oil, Gas & Consumable Fuels 12,6% Austria 15,5% Diversified Financial Services Diversified Telecommunication Services 5,1% Romania Estonia 10,5% 8,5% Pharmaceuticals Metals & Mining Insurance 4,9% 4,8% 4,6% Georgia Slovenia 7,4% 4,9% Specialty Retail 4,5% Ukraine 4,4% Food Products 4,4% Croatia 3,1% Hotels, Restaurants & Leisure 4,0% Serbia 2,1% Cash and money market 6,2% Bulgaria 1,4%
3 Russia TOP20 subfund Finasta Russia TOP20 subfund has a concentrated portfolio of region s best investment ideas (close to minimum allowed by UCITs). Every pick comes from a thorough fundamental bottom-up analysis. Concentrated portfolio means maximum focus on each investment idea, high leverage on best picks. Higher concentration comes with the risk of higher deviation in subfund s net asset values. Aim of the subfund - to achieve maximum equity return while investing in Russia and CIS region. Recommended term of investment - more than 5 years. Monthly -0,92% YTD 11,06% Since inception -14,21% Subfond Data Summer brought some relief to Russian stock market. Stocks were on the rise Fund added 10.8% over the three months and is +11.1% year to date. RTS index performed a bit worse added 10% in summer and is +3.7% year to date. Market direction remains rather vague despite the summer rise. Returns vary greatly both among sectors and among companies in the same sector. Thus, Fund retains cautious positioning. The shares of two smaller and less liquid Russian banks were sold in summer. The loan interests are falling faster than deposit rates and that is putting pressure on small bank margins. Large banks are better positioned in this environment they have more financing options and are able to protect margins and grow market share. Sistema holding is a new position of the Fund. The company controls two large and efficient corporations (MTS, Bashneft) and has introduced an attractive share buy-back program. In autumn the direction of Russian market will depend on worldwide trends. Main question remains if the stimulus of various central banks policies is sufficient to reverse the deteriorating macro data. 14,127 mln. 4,091 mln. EUR 85, Management fee 1,5 % Success fee 15 % Sberbank M Video Novatek OAO GDR Gazprom GDR Avangardco Investments Public Ltd. - GDR 5,3% 6,4% 6,1% 8,6% 10,0% Investments by industries Oil, Gas & Consumable Fuels Commercial Banks 16,0% 33,3% Specialty Retail 8,6% Pharmaceuticals 6,9% Food Products 5,3% Metals & Mining 5,0% Diversified Financial Services 4,4% Cash and money market 9,0%
4 Global Flexible Subfund Finasta Global Flexible Subfund is considered as actively managed subfund. Subfund investments are diversified and allocated among different regions and assets classes: equity, bonds and other fixed income securities, hedge funds, commodities and currencies. Aim of the subfund - to seek maximum return with risk lower than equity investments. Recommended term of investment years Monthly 0,27% YTD 5,32% Since inception -8,01% Subfund data 2,988 mln. 0,865 mln. EUR 91, Management fee 2 % Success fee 15 % Finasta Global Flexible Subfund returned +4.73% during summer. June was a favourable month for risky investments as tensions over Greek election worn off and on the anticipation of China economic stimulus after the growth of the second world s largest economy started to slow down significantly. In July were slammed by weakening macro and earnings reports but concerns eased after ECB president Mario Draghi said policy makers are going to do whatever is needed to preserve the euro. In August investment activity was very sluggish, but it is expected to recover again in September, when central banks are expected to move on with additional policy easing measures, while investor reaction is also to follow after returning from summer holidays. During last three months the value of Fund s largest investments increased significantly. German equities jumped +8.6%, stocks of Romanian energy holding Fondul Proprietatea surged +15.4%. ETFs linked to commodity prices rallied +11%, gold increased in value by +5.6%. In August risky investments were reduced from 51 to 35% of the Fund s net asset value. DB X-trackers - DAX ETF Fondul Proprietatea Elements RICI Total Return ETN 7,4% 7,8% 8,3% Credit Suisse Solutions Lux - Dow Jones Credit Suisse AllHedge 6,4% MSCI World ETF (Lyxor) Investments by asset class Investments by regions Equity 37,0% Alternative investments 33,5% CEE 14,5% Cash and money market 29,1% Global emerging 9,2% Commodities 21,5% Europe 8,3% Hedge funds and other 12,7% Global developed
5 Emerging Europe Bond Subfund Finasta Emerging Europe Bond Subfund invests to the strong credit profile emerging Europe governments and companies debt securities. Subfund Managers combine riskier (corporate) and safer (government) bonds in order to achieve higher total return. Aim of the subfund - to secure the balanced capital growth of the subfund. Recommended term of investment years Monthly 1,18% YTD 10,74% Since inception 10,56% Subfund data This summer was one of the best periods for emerging Europe bond market in the last several years. increased by 3.8 percent, however, it underperformed the benchmark which has increased by 6.0 percent. Conservative subfund positioning compared to the benchmark the main reason of underperformance. Fund size increased by one quarter during summer. The majority of funds were invested in short-to-medium term (2 to 5 years) Lithuanian and Romanian local papers and one of the largest Russian bank s - VTB Bank 2015 bonds. We do not expect such fast bonds prices appreciation in coming months, so we ll keep subfund s risk at the same or lower level. At the end of period cash level is at 10 percent. Subfund s yield to maturity is 5.2 percent and weighted investments duration 2.8 years. Investments by countries 27,477 mln. 7,958 mln. EUR 110, Management fee 1,0 % Lithuania Russia Romania Hungary Croatia Ukraine Kazakhstan Cash and money market 2,7% 4,2% 6,6% 9,4% 11,2% 14,9% 21,7% 25,7% Lithuania 3,75% 2016/02/10 10,1% Lithuania 5,2% 2018/03/28 6,9% VTB Bank 5,01% 2015/09/29 6,6% Vimpelcom 6, /02/02 6,3% Lithuania 4,7% 2017/06/07 5,7%
6 World Equity Subfund of Funds Finasta World Equity Subfund of Funds invest to other funds that invest in global equities. To ensure greater subfund security and diversification, subfund investment strategy is not limited by investment regions or sectors. Aim of the Subfund - seeks higher than average global equity investment return. Recommended term of investment years Monthly -0,67% YTD 6,70% Since inception -10,26% Subfund data Finasta World Equity Subfund of Funds returned +5.25% during summer. June was a favourable month for risky investments as tensions over Greek election worn off and on the anticipation of China economic stimulus after the growth of the second world s largest economy started to slow down significantly. In July were slammed by weakening macro and earnings reports but concerns eased after ECB president Mario Draghi said policy makers are going to do whatever is needed to preserve the euro. In August investment activity was very sluggish, but it is expected to recover again in September, when central banks are expected to move on with additional policy easing measures, while investor reaction is also to follow after returning from summer holidays. During last three months the value of Fund s largest investments increased significantly. US and German equities jumped +5% and +8.6% respectively. ETFs linked to emerging and developed returned +2 and +3% respectively. Risky investments were reduced from 51 to 35% of the Fund s net asset value. Investments by regions 1,579 mln. 0,457 mln. EUR 89, Management fee 1% Global emerging Global developed North America Europe CEE Cash and money market 1,1% 9,4% 8,9% 23,9% 23,2% 33,8% S&P A ETF (Amundi) 9,4% ishares MSCI Emerging Markets Minimum Volatility Index Fund 9,2% Lyxor ETF MSCI Emerging 9,1% MSCI World ETF (Lyxor) 8,9% The Lyxor ETF DAX 8,9%
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