Monthly Bulletin. Raiffeisen Asset Management. April Capital Markets Comment. Market share of Raiffeisen Asset Management.

Transcription

1 Monthly Bulletin Capital Markets Comment In April the indexes on BSE ended positive. SOFIX index increased by 0.28% to points, BG REIT and BG TR30 marked increase of 0.04% and 0.12% to and points, respectively, BGBX40 index increased by 1.18% to points. In Europe Dow Jones Stoxx 600 increased by 1.07% to points, the German DAX increased by 0.5% to points, the British FTSE100 and the French CAC40 increased by 2.75% and 2.18% to and points, respectively. The Spanish IBEX 35 increased by 1.15% to points. In USA, Dow Jones Industrial Average index increased by 0.75% to points; S&P 500 index increased by 0.62% to points. The technology index NASDAQ Composite decreased by -2.01% to points. Gold ended the month at dollars per ounce, increase of 0.59%. Oil closed at dollars, down by -1.81%. Two-year government bonds of the United States ended the month yielding 0.410%, the five-year bonds yield was 1.676%, while the yield of ten-year bonds was 2.646%. In Germany, a similar term government securities were quoted respectively at 0.141%, 0.552% and 1.469% YTM. The benchmark Index for the daily transactions in the local market LEONIA ended the month to 0.7%. The three-month interbank benchmark index SOFIBOR, ended the month at 0.575%. In Europe, 3-months IBOR was unchanged and ended at level of 0.339%. Market share of Raiffeisen Asset Management Market Share RAM 30.0% DSK AM 22.7% UBB 6.6% Elana FM 5.1% CCB AM 4.8% Konkord 3.6% Real Finance 3.5% Karol 2.9% Capman 2.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Source: n agency for Asset Management (

2 Raiffeisen () Liquidity Fund Presentation Raiffeisen () Liquidity BSE Sofia - 4R21 BLOOMBERG RAMMMKT BU BG NAV total NAV/share Shares outstanding Date of IPO Nominal value Conservative Purchase fee up tp 50,000-0,00% over ,00% Redemption fee 0.15% Management fee 0.75% Minimum investment 30 Recommended investment horizon Min 1 years % Govt Debt 9.77% by asset type Value in % of portfolio % % Govt Debt % Mortgage bonds* % Corporate bonds % Total % Industry 0.12% Oil and Gas 1.81% 3.10% Engineering 1.26% Construction 3.54% Telecommunicat ions 2.85% Energy 2.71% Automobile 1.41% Finance 1.69% Services 0.08% Trade 0.33% Raiffeisen Liquidity will maintain a high level of deposits and fixed income securities and minimum portion of free cash. The fund main strategy will remain unchanged high weight in deposits with attractive interest rates and moderate portion of Government Debt and foreign corporate bonds maturing within five years. During the next month the weight of fixed income instruments will be increased with about 5%. Duration at the end of month was % 28.89% 71.11% Luxembourg 0.66% Germany 1.56% FranceHungary 1.32% 1.14% Croatia 2.70% Romania 1.42% Portugal 2.66% Sp in 0.37% Italy 5.20% Fund performance Past 12 months income 3.71% Standart Deviation 0.35% YTD income (not annualized) 1.48% VaR 10d, 99% 0.16% Since IPO (annualized) 4.90% Number of positive months* 97 Sharpe Ratio 5.82 Number of negative months 0 *number of months since IPO Disclaimer: Size of achieved income in % on a monthly basis not annualized

3 Raiffeisen () Bond Fund Fund Presentation Raiffeisen () Bond Fund BSE Sofia - 4R31 BLOOMBERG RAMBOND BU BG NAV total NAV/share Shares outstanding Date of IPO Nominal value 1.00 Conservative Purchase fee up tp 50,000-0,00% over ,00% Redemption fee 0.30% Management fee 1.50% Minimum investment 30 Recommended investment horizon 1-2 years by asset type Value in % of portfolio % % Govt Debt % Mortgage bonds % Corporate bonds % Total % Finance 8.59% Govt Debt 26.53% Trade 4.65% Services 3.00% Industry 3.60% Construction 5.48% 22.74% 25.41% The fund management strategy will remain conservative. The weight of short-term deposits and bonds issued by foreign issuers will remain unchanged. Duration at the end of the month was Germany 5.48% Ireland 13.79% 36.30% 63.70% Fund performance Past 12 months income 1.01% Standart Deviation 0.89% YTD income (not annualized) 1.31% VaR 10d, 99% 0.41% Since IPO (annualized) 3.78% Number of positive months* 86 Sharpe Ratio Negative Number of negative months 11 *number of months since IPO % Disclaimer: Size of achieved income in % on a monthly basis not annualized

4 Raiffeisen () Protected Investment in Euro Fund Fund Presantation Raiffeisen () Protected Investment in Euro Fund RAFBUCP BU BG NAV/Total NAV/Share Shares Outstanding Date of IPO Nominal Value 1.00 Conseravtive Purchase fee Free period up to % over to % Limited period up to % over to % Redemption fee Free period 0.10% Limited period 5.00% Management fee 1.00% Minimum invesment Recommended investment horizon Min 90 days % 77.52% by asset type Value in % of portfolio % % Govt Debt % ETF % Corporate Bonds % Mortgage Bonds* % Total % Energy 1.18% Construction 1.49% Industry 1.76% REIT 0.22% Services 2.38% Finance 3.61% ETF (Index) 0.78% Govt Debt 3.63% During the month, the fund will continue to be invested predominantly in deposits and money market instruments in order to achieve higher returns as compared to standard alternatives in euro. Duration at the end of the month was USA 0.87% France Germany 0.70% 0.78% Japan Croatia 0.78% 1.09% Italy 4.01% 29.50% USD 1.13% 91.77% 69.37% Fund Performance Past 12 months income 2.70% Standart Deviation 0.31% YTD income (not annualized) 1.15% VaR 10d, 99% 0.14% Since IPO (annualized) 4.01% Number of positive months* 50 Sharpe Ratio 3.27 Number of negative months 1 *number of months since IPO Disclaimer: Size of achieved income in % on a monthly basis not annualized Investment Cycles The investment mechanism of the fund is organized in cycles of 100 days. Each cycle has 2 periods: free (10 days) and limited (90 days). The main objective of the fund is to protect the value of share reached at the10-day from the free period until the end of the limited period. All calendar dates marked on the table are "Free" periods and each lasts 10 calendar days. During these periods, investment fees and redemption are 0.10%. The fund has a system of controlling and hedging against currency risk which can be implemented if needed.

5 Fund Presentation Raiffeisen () Global Growth Fund BSE Sofia - RTT5 BG NAV total NAV/share Shares outstanding Date of IPO Nominal value 1.00 High Risk Purchase fee 0% Redemption fee 0.35% Management fee 2.20% Minimum investment 30 Recommended investment horizon 3-5 years by asset type Value in % of portfolio % % Shares % Total % Raiffeisen () Global Growth Fund According to the investment strategy of the fund is focused on investments in developed capital markets such as US, Europe and Japan (up to 70% of total NAV). RAM is advised by RCM for the foreign part of the portfolio. The remaining assets of the fund are invested in cash, deposits and n equities Engineering 7.59% Communities 9.02% Consumer goods 8.01% Utilities 1.42% Pharmaceuticals 2.42% Holdings Retail 8.16% 0.56% Industrials 9.79% Insurance 2.17% Food industry 3.89% 15.24% Oil and Gas 16.59% 3.44% REIT 0.40% Fin. services 11.30% Top 5 positions Position ROYAL DUTCH SHELL PLC-A SHS M+S Hydraulic AD CHIMIMPORT AD JPMORGAN CHASE CHEVRON CORP Country NL BG BG USA USA Switzerland 0.75% Netherlands 4.66% France 10.26% Japan 9.32% Austria 0.38% 37.61% JPY USD 9.32% 21.94% GBP 2.92% CAD 1.52% NOK 2.11% CHF 0.75% 31.82% US 21.97% Norway 2.11% Canada 1.52% Fund Performance Italy 1.89% Spain 1.13% England 2.92% Germany 5.48% 29.62% Past 12 months income 12.76% Standart Deviation 7.43% YTD income (not annualized) 6.78% VaR 10d, 99% 3.45% Since IPO (annualized) 13.23% Number of positive months* 12 Sharpe Ratio 1.54 Number of negative months 2 *number of months since IPO

6 Disclaimer This bulletin does not represent an advertising material, the bulletin is provided for information purposes only. The information, statistics, reviews and opinions (if any) contained herein have been obtained or derived from public sources, which we believe to be reliable, but no representations are made as to their accuracy and completeness. This document is not intended as an offer, solicitation or recommendation to buy or sell any financial instrument or currency. Raiffeisen Asset Management shall not be liable for any loss or damage as a direct or indirect consequence of or in connection with this bulletin. Investing in mutual funds is related to certain risks. The value of the units and the income generated from them may decrease. Earnings are not guaranteed and there is a risk for the investors to not recuperate the full amount of their investments. Investments in mutual funds are not secured by Guarantee Fund, established by the State or any other type of guarantee. Future performance of the mutual funds is not necessarily associated with results from previous periods. The full prospectus and further information on mutual funds can be obtained at the offices of Raiffeisen Asset Management () EAD and Raiffeisenbank () EAD, and on the website of RAM For Contact: Raiffeisen Asset Management () EAD Street "Gogol" 18-20, Sofia info@ram.raiffeisen.bg Fax: web: Department «Marketing and Sales»: Madlen Mineva Department head Tel: Madlen.MINEVA@ram.raiffeisen.bg Department «Portfolio Management»: Hristo Velikov Tihomir Ganev Portfolio Manager Portfolio Manager Tel: Tel: Hristo.VELIKOV@ram.raiffeisen.bg Tihomir.GANEV@ram.raiffeisen.bg