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

Transcription

1 Monthly Bulletin May 2012 Capital Markets Comment In May the indexes of international financial markets marked negative changes. In Dow Jones Stoxx 600 fell 6.82 percent to points, the Spain's IBEX decreased by percent to points, the Austrian ATX dropped percent to , the French CAC40 marked a decrease of 6.09 percent to bp., and the British FTSE100 fell 7.27 percent to points. The German DAX decreased by 7.35 percent to bp. At the U.S. market in April Dow Jones Industrial Average fell 6.21 percent to points. The S&P 500 index reported a decrease of 6.27 percent to points. The technology index NASDAQ Composite dropped by 7.19 percent to bp. In May the indexes on BSE marked different changes. The SOFIX index marked a decrease of 2.58 percent to points. A decrease marked also BG TR30 and CGIX with 0.91 and 6.83 percent respectively to and 76.5 points. BG40 and BG REIT climbed 4.48 and 7.27 percent to and points, respectively. The turnover on BSE for May amounted to million which was an increase of percent compared to April. The greatest increase was in the REIT Segment from 1.85 million for April to million for May. Gold ended the month of May at dollars per ounce, down for the month 6.27 percent. Oil closed the month at dollars, a decrease of percent. Yield achieved in the last day of May of the two-year government bonds of the United States was at the rate of 0.27 percent, the five-year bonds yield was 0.67 percent, while the yield of ten-year bonds was 1.59 percent. In Germany, a similar term government securities are quoted respectively to percent, percent and percent YTM. The euro denominated BG 13 ended the month with percent YTM. The dollar BG 15 ended at percent YTM. In May the market for, measured in short-term interbank interest rates in ended with negative changes. The Index LEONIA, the benchmark for the daily transactions in the local market ended the month with a decrease to 0.13 percent compared to 0.14 for April. 3-months SOFIBOR, the benchmark for three-month interbank resource fell and ended the month at the level of percent compared to percent for April. In, 3-months IBOR decreased, finishing the month at a level of percent compared to percent at the end of April. Market share of Raiffeisen Asset Management Market Share RAM 31.69% DSK 10.06% CCB 7.68% Elana 6.97% Astra 5.71% Real 4.78% UBB 4.03% Karol 3.79% Kapman 3.27% Konkord 2.61% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% Source: n agency for Asset Management (

2 Raiffeisen () Money Market Fund BSE Sofia - 4R21 BLOOMBERG RAMMMKT BU BG NAV total NAV/share Shares outstanding Date of IPO Nominal value Conservative Purchase fee up tp 50,000-0,15% Redemption fee 0.15% Management fee 0.75% Minimum investment 30 Recommended investment horizon Min 1 years over ,00% Value in % of portfolio % % % Mortgage bonds % Corporate bonds % Total % Raiffeisen () Money Market Fund % 3.19% Automobile 1.25% 88.53% REIT 0.50% Trade 0.15% 0.12% In June the Money Market Fund will continue to maintain a high level of short-term deposits and cash in order to have maximum liquidity. The main priority will continue to be investing in deposits with attractive interest rates and maintaining a short duration - in the end of April the duration was It is possible to invest in Government Debt in order to achieve short term yield. It will be proceeded a diversification of some of the free funds of the Money Market Fund in low risk financial instruments. 7.52% 11.39% 0.00% 92.48% 88.61% Fund performance Past 12 months income 5.05% Standart Deviation 0.20% YTD income (not annualized) 2.08% VaR 10d, 99% 0.09% Since IPO (annualized) 5.30% Number of positive months* 74 Sharpe Ratio Number of negative months 0 *number of months since IPO

3 Raiffeisen () Bond Fund 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 50,000-0,30% over ,00% Redemption fee 0.30% Management fee 1.50% Minimum investment 30 Recommended investment horizon 1-2 years Value in % of portfolio % % % Mortgage bonds % Corporate bonds % Total % Holdings 3.53% 3.89% Services 5.75% 10.59% 11.32% Electronics 3.22% Trade 2.14% Defense 1.84% Industry 1.49% REIT 0.95% 0.51% 54.79% In June the fund management strategy will stay conservative in order to maintain a high weight of short-term deposits. It is also possible to buy corporate bonds in order to increase the current yield. Duration at the end of April was It will be proceeded a diversification of some the free funds of the Bond Fund in low risk financial instruments % 80.46% 45.16% 0.01% 54.83% Fund performance Past 12 months income 4.06% Standart Deviation 0.42% YTD income (not annualized) 1.61% VaR 10d, 99% 0.20% Since IPO (annualized) 5.30% Number of positive months* 72 Sharpe Ratio 3.37 Number of negative months 2 *number of months since IPO

4 Raiffeisen () Balanced Fund Raiffeisen () Balanced Fund BSE Sofia - RTT1 BLOOMBERG RAMBLNC BU BG NAV total NAV/share Shares outstanding Date of IPO Nominal value г. Balanced Purchase fee up to 50,000-0,40% Redemption fee 0.40% Management fee 2.30% over лв. - 0,00% Minimum investment 30 Recommended investment 2-3 years horizon Value in 18.87% % of portfolio % % Mortgage Bonds % Corporate Bonds % % ETF`s % Shares % Warrants % Total % Services 6.58% Trade 7.29% Holdings 11.62% Consumer Goods 1.71% Industry 1.95% 3.75% REIT 12.64% ETF`s Pharmacy 1.46% 0.58% Automobile 0.54% 14.70% 0.49% 34.91% 0.11% Chemical industry 0.47% In June, given the extraordinary parliamentary elections in Greece and progressively increasing risk of deepening debt crisis in Spain and Italy, we expect strong market dynamics to continue. Investments in an, American and n companies are not foreseen. The level of cash will be kept. risk will remain hedged to a minimum 90% of fund assets. Warrants 0.10% 19.03% 17.09% Fund Performance 81.13% 64.98% Past 12 months income % Standart Deviation 7.92% YTD income (not annualized) -1.74% VaR 10d, 99% 3.68% Since IPO (annualized) -4.13% Number of positive months* 38 Sharpe Ratio Negative Number of negative months 36 Year January February March April May June July August September Octomber November December *number of months since IPO 32

5 Raiffeisen () Balanced Fund Raiffeisen () Balanced Fund BSE Sofia - RTT3 BLOOMBERG RAMB BU BG NAV total NAV/share Shares outstanding Date of IPO Nominal value 1.00 Balanced Purchase fee upt o ,40% Redemption fee 0.40% Management fee 2.30% over ,00% Minimum investment 30 Recommended investment horizon 2-3 years Value in % of portfolio % % Mortgage Bonds % Corporate Bonds % % ETF`s % Shares % Total % % Holdings 13.54% 5.90% by sectors Trade 5.55% 14.09% 3.00% Industry 2.71% ETF`s 23.51% 21.55% In June, given the extraordinary parliamentary elections in Greece and progressively increasing risk of deepening debt crisis in Spain and Italy, we expect strong market dynamics to continue. The macroeconomic indicators in the U.S. worsened in the last 4 months. Given the above, the neutral structure of the fund will be maintained. Investments in American and n companies are not foreseen. The amount of cash will be maintained around current levels. USA 23.51% 21.55% 13.90% 40.01% Fund Performance 54.94% 46.09% Past 12 months income % Standart Deviation 8.39% YTD income (not annualized) -1.65% VaR 10d, 99% 3.90% Since IPO (annualized) % Number of positive months* 17 Sharpe Ratio Negative Number of negative months 34 *number of months since IPO

6 Raiffeisen () Equity Fund Raiffeisen () Equity Fund BSE Sofia - RTT2 BLOOMBERG RAMEQTY BU BG NAV total NAV/share Shares outstanding Date of IPO Nominal value 1.00 Aggressive Purchase fee up to ,50% Redemption fee 0.50% Management fee 2.85% over ,00% Minimum investment 30 Recommended investment horizon 3-5 years Value in % of portfolio % % % ETF`s % Shares % Warrants % Total % Consumer goods 3.64% 4.20% Industry 4.62% % Trade 4.33% ETF`s 3.83% Insurance 6.59% 3.50% Holdings 10.18% Pharmacy 3.12% REIT 2.25% Technology 14.72% Warrants 0.31% 19.30% In June, given the extraordinary parliamentary elections in Greece and progressively increasing risk of deepening debt crisis in Spain and Italy, we expect strong market dynamics to continue. Given the above, the investment policy of the Fund from May will be maintained. Investments in an and n companies are not foreseen. The level of cash will be kept % USA 10.47% 11.74% 37.61% 51.92% 37.88% 50.38% Fund Performance Past 12 months income % Standart Deviation 15.67% YTD income (not annualized) -6.91% VaR 10d, 99% 7.27% Since IPO (annualized) % Number of positive months* 38 Sharpe Ratio Negative Number of negative months 34 *number of months since IPO Disclaimer: Size of Achieved income in % on a monthly basis not annualized

7 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 19.98% Value in USA 1.12% % of portfolio % % % Corporate Bonds % Mortgage Bonds % Total % % 1.78% 1.64% 23.10% Services 1.26% Defense 0.51% 0.20% 76.42% During the month of June the fund will continue to be invested in deposits and instruments on the money market in order to get higher returns compared to standard alternatives in euro. Raiffeisen () Protected Investment in Euro Fund Fund Performance 78.90% 76.90% Past 12 months income 4.38% Standart Deviation 0.27% YTD income (not annualized) 1.65% VaR 10d, 99% 0.13% Since IPO (annualized) 4.77% Number of positive months* 28 Sharpe Ratio 6.23 Number of negative months *number of months since IPO 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.

8 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 web: Department «Analysis»: Katerina Nikolova Analyst Tel: Fax: Katerina.NIKOLOVA@ram.raiffeisen.bg Anton Karayanev Analyst Tel: Fax: Anton.KARAYANEV@ram.raiffeisen.bg Department «Marketing and Sales»: Kristin Cohen Department head Tel: Fax: Kristin.COHEN@ram.raiffeisen.bg Miroslav Antonov Sales Specialist Tel: Fax: Miroslav.ANTONOV@ram.raiffeisen.bg Department «Portfolio Management»: Hristo Velikov Tihomir Ganev Portfolio Manager Portfolio Manager Tel: Tel: Fax: Fax: Hristo.VELIKOV@ram.raiffeisen.bg Tihomir.GANEV@ram.raiffeisen.bg