HALF-YEARLY REPORT. Hypo South Eastern European Opportunities

Transcription

1 HALF-YEARLY REPORT from 1 March 2013 to 31 August 2013 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 HALF-YEARLY REPORT ON THE 9TH FISCAL YEAR FROM 1 MARCH 2013 TO 31 AUGUST 2013 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 9th fiscal year on 31 August The fund's assets at the start of the fiscal year amounted to EUR 8,749,314.95, and totalled EUR 7,875, by the end of the first half-year. The units in circulation changed as follows after several increases / decreases: Reinvesting fund Full reinvesting fund Start of fiscal year End of first half-year 142,998 units 136,018 units 35,635 units 31,285 units The calculated value at the start of the fiscal year amounted to EUR per reinvesting share and EUR per full reinvesting share, compared to EUR per reinvesting share and EUR per full reinvesting share halfway through the 9th fiscal year. At the end of August 2013, the change compared to the beginning of March 2013 for the fiscal half-year (taking capital gains tax payment from 22 April 2013 into account) totalled % per reinvesting and full reinvesting share.

3 COMMENTS OF THE FUND MANAGEMENT Development of capital markets While GDP growth accelerated significantly in the eurozone in the second quarter, and thus contraction was above zero for the first time in six quarters, negative economic growth rates are still expected in the countries of Southeastern Europe this year. Economic malaise has continued in Slovenia and reached a new negative peak with the publication of an unemployment rate of %, the highest level in fourteen years. Moody s downgraded Slovenia s rating by two notches at the end of April. This meant the former star pupil was at risk of having to appeal for aid from the European rescue funds. However, the new government tried everything to prevent such a scenario. It eventually decided on increased privatisation, which even supported the domestic equity market. As a result, the stock exchange in Ljubljana was the only trading centre in the region that recorded a modestly positive performance in the reporting period. The indices in Croatia and Bosnia fell approximately five percent in the same period, and the Serbian equity market slipped by more than twelve percent due to the weak currency effects for euro investors. The dinar s losses were brought about mainly by the measures of the central bank in Belgrade, which aimed to stabilise the export sector by buying up euros and cutting the interest rate. The situation in Croatia, meanwhile, remained tense. There, the extreme unemployment of % led to weak domestic demand, which was compounded by the structural problems in the country. Fund policy The Hypo South Eastern European Opportunities fund was unable to fully elude the negativity in the reporting period. It did, however, outperform most of the indices in the region. This was largely due to the relatively high level of Slovenian dividend-bearing securities in the portfolio. Thanks to the privatisation efforts of the Slovenian state, fund managers were always able to benefit from the price spikes in Telekom Slovenije or Petrol Ljubljana for instance. The solid development of the stock with the highest weighting, Krka, also helped the fund maintain a stable share price performance. Outlook As for the outlook, we expect to see Slovenia achieve the biggest recovery. This year s capital requirements were already covered on the capital market by early May, leaving ample time for reforms, new legislation and privatisations to take shape. The government s plans and measures include the transfer of about 50% of non-performing loans to a new bad bank and the privatisation of 15 companies from the autumn. Moreover, from 2015, the government is also obliged to have a balanced state budget following an amendment to the constitution. We consider the new government s change of direction as very positive. We regard it as the most important political and economic success of recent years, and we do not believe EU aid will be necessary. With regard to Croatia, the country s accession to the European Union has also made it possible to institute proceedings against Zagreb at any time when its budget deficit is excessively high. However, we are still confident and expect that the recent EU accession will counteract the country s economic woes. New prospects are opening up in Serbia as well. The country plans to overcome its economic and financial crisis with a major government reshuffle. Great hopes are vested in the new finance minister, 29-year-old Lazar Krstic, who was praised beforehand as a model student at Yale University in the US.

4 STATEMENT OF ASSETS AS OF 31 AUGUST 2013, INCLUDING CHANGES PORTFOLIOS OF SECURITIES FROM 1 MARCH 2013 TO 31 AUGUST 2013 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 ,49 55,52 Equities EUR ,49 55,52 Srpske Poste AD Namens-Aktien Klasse A BM 10 BA100POSTRA2 STK BAM 0, ,12 0,02 Telekom Srpske AD Namens-Aktien Klasse A BM 10 BA100TLKMRA2 STK BAM 1, ,93 4,73 Gorenje d.d. Inhaber-Aktien o.n. SI STK EUR 4, ,55 1,87 Krka,tov.zdravil,dd,Novo Mesto Inhaber-Aktien A o. N. SI STK EUR 52, ,80 8,79 Nova Kreditna banka Maribor Namens-Aktien o.n. SI STK EUR 0, ,33 0,10 Petrol d.d., Ljubljana Inhaber-Aktien o.n. SI STK EUR 213, ,30 4,34 Poslovni S. Mercator d.d.(mps) Inhaber-Aktien o.n. SI STK EUR 101, ,00 6,97 Telekom Crne Gore A.D. Namens-Aktien EO 2,9826 METECGRA0PG7 STK EUR 3, ,40 3,46 Telekom Slovenije d.d. Inhaber-Aktien o. N. SI STK EUR 111, ,00 4,70 Atlantic Grupa d.d. Namens-Aktien KK 40 HRATGRRA0003 STK HRK 680, ,80 3,21 Croatia Osiguranje d.d. Nam.-Akt. Serie A KK 1400 HRCROSRA0002 STK HRK 6.500, ,98 0,90 Hrvatski Telekom d.d. Namens-Aktien KK 100 HRHT00RA0005 STK HRK 182, ,70 7,68 Terra Firma d.d. Namens-Aktien KK 1000 HRTRFMRA0000 STK HRK 100, ,79 0,25 Viro Tvornica Secera d.d. Nam.-Akt. o.n. HRVIRORA0001 STK HRK 609, ,48 0,35 Aerodrom Nikola Tesla AD Nam.-Akt. SJ 600 RSANTBE11090 STK RSD 430, ,18 0,44 Energoprojekt Holding A.D. Nam.-Akt. SJ 510 RSHOLDE58279 STK RSD 619, ,13 4,99 Sojaprotein A.D. Nam.-Akt. SJ 300 RSSOJAE21837 STK RSD 640, ,00 2,75 Securities admitted to or included on organised markets EUR ,88 43,91 Equities EUR ,88 43,91 BH Telecom D.D. Namens-Aktien BM 10 BABHTSR00000 STK BAM 19, ,79 1,88 Bosnalijek D.D. Namens-Aktien BM 10 BABSNLR00005 STK BAM 12, ,27 1,28 Energoinvest D.D. Namens-Aktien BM 12,50 BAENISR00005 STK BAM 2, ,33 0,34 IKB d.d. Namens-Aktien BM 100 BAIKBZRK2008 STK BAM 56, ,26 0,46 JP Elektroprivreda BIH D.D. Namens-Aktien BM 71 BAJPESR00008 STK BAM 21, ,29 2,34 Sarajevo-Osiguranje D.D. Namens-Aktien BM 10 BASOSOR00001 STK BAM 5, ,99 0,24 Adris Grupa D.D. Namens-Vorzugsakt. KK 10 HRADRSPA0009 STK HRK 276, ,79 8,06 Atlantska Plovidba d.d. Nam.-Akt. KK 300 HRATPLRA0008 STK HRK 313, ,55 2,53 Dalekovod d.d. Nam.-Akt. KK 100 HRDLKVRA0006 STK HRK 33, ,06 0,63

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 Ericsson Nikola Tesla Nam.-Akt. KK 100 HRERNTRA0000 STK HRK 1.518, ,60 4,85 Institut IGH d.d. Nam.-Akt. KK 400 HRIGH0RA0006 STK HRK 201, ,45 0,20 Jadranski naftovod d.d. Nam.-Akt. KK 2700 HRJNAFRA0000 STK HRK 2.315, ,99 0,84 Koncar Elektroindustrija d.d. Nam.-Akt. KK 400 HRKOEIRA0009 STK HRK 699, ,51 4,51 Kras d.d. Nam.-Akt. KK 400 HRKRASRA0008 STK HRK 400, ,36 1,28 Luka Ploce d.d. Namens-Aktien KK 400 HRLKPCRA0005 STK HRK 499, ,36 0,31 Nava Banka d.d. Namens-Aktien KK 100 HRNVBARA0008 STK HRK 12, ,95 0,04 Privredna Banka Zagreb d.d. Nam.-Akt. KK 100 HRPBZ0RA0004 STK HRK 471, ,24 1,25 Uljanik Plovidba d.d. Nam.-Akt. KK 400 HRULPLRA0002 STK HRK 182, ,07 0,58 Valamar Adria Holding D.D. Inhaber-Aktien KK 50 HRKORFRA0007 STK HRK 160, ,81 1,19 Agrobanka A.D. Nam.-Akt. SJ RSAGROE02462 STK RSD 0,010 0,62 0,00 AIK Banka A.D. Nam.-Akt. SJ 1900 RSAIKBE79302 STK RSD 1.474, ,95 4,57 AIK Banka A.D. Nam.-Akt. SJ 1900 RSAIKBE36633 STK RSD 830, ,44 0,22 Dunav Osiguranje AD Nam.-Akt. SJ 1 RSDNOSE74915 STK RSD 987, ,37 0,52 Globos Osiguranje A.D. Nam.-Akt. SJ 770 RSGLOSE63444 STK RSD 90, ,57 0,06 Imlek A.D. Nam.-Akt. SJ 540 RSIMLKE73325 STK RSD 2.810, ,25 2,51 Komercijalna Banka A.D.Beograd Registered Shares SJ 1000 RSKOBBE16946 STK RSD 1.325, ,95 2,94 Marfin Bank a.d. Beograd Nam.-Vorzugsaktien SJ 500 RSCEBAE16649 STK RSD 311, ,41 0,05 Razvojna Banka Vojvodine A.D. Nam.-Akt. SJ 4910 RSMETBE05070 STK RSD 195, ,02 0,11 Univerzal Banka A.D. Nam.-Akt. SJ 6000 RSUBBAE14618 STK RSD 375, ,63 0,14 Securities total EUR ,37 99,43 Bank balances, non-securitised money market instruments and money market funds EUR ,56 0,21 Bank balances EUR ,56 0,21 Balances at Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft (G) Bregenz Balances in fund currency EUR , ,56 0,21 Other assets EUR ,94 0,54 Dividend claims EUR , ,94 0,54 Other liabilities EUR ,65-0,18 Management fees EUR , ,76-0,17 Custodian bank fees EUR -690,89-690,89-0,01 Fund assets EUR ,22 100,00

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 46,66 Issue price 48,99 Number of units Hypo South Eastern European Opportunities Full reinvesting Fund Unit value 48,89 Issue price 51,33 Number of units Securities in fund assets (in%) 99,43 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) 7, = 1 EUR (EUR) 114, = 1 EUR (EUR) There is a risk that the values of certain securities may deviate from their actual selling prices because of illiquid market conditions (valuation risk).

7 PURCHASES AND SALES OF SECURITIES DURING REPORTING PERIOD THAT ARE NOT LISTED IN THE STATEMENT OF ASSETS ISIN Description of type Unit / share or currency Sales Sales/ Volume in 1,000 Sales disposals Securities admitted to or included on organised markets Equities RSALFAE34014 Alfa Plam A.D. Nam.-Akt. SJ 6700 UNIT Vienna, October 2013 MASTERINVEST Kapitalanlage GmbH Management DI Andreas Müller Dr. Hannes Leitgeb