Raiffeisen Český dluhopisový fond. Semi-annual fund report 2014

Transcription

1 Raiffeisen Český dluhopisový fond Semi-annual fund report 2014

2 Table of contents General fund information... 3 Fund characteristics... 3 Legal notice... 4 Fund details... 5 Units in circulation... 5 Fund investment policy report... 6 Makeup of fund assets in CZK... 7 Portfolio of investments in CZK... 8 Semi-annual fund report: 1 January June

3 Semi-annual report from 1 January 2014 to 30 June 2014 is a bond fund. The fund pursues an investment goal of regular income and mainly invests (at least 51 % of its fund assets) in Czech crown-denominated bonds. The fund may acquire bonds and money market instruments issued by sovereigns, supranational issuers and/or companies etc. The fund is actively managed and is not limited by means of a benchmark. The fund may invest more than 35 % of the fund assets in securities/money market instruments issued or guaranteed by the Czech Republic. General fund information Tranche Fund currency Tranche currency Launch date ISIN ISIN income-distributing (A) CZK CZK 24/2/2003 AT ISIN full income-retaining (outside Austria) (VTA) CZK CZK 24/2/2003 AT Fund characteristics Financial year: 1 January 31 December Distribution/payment/reinvestment date: 15 March EU directive compliance: EU directive-compliant jointly owned fund under the 2011 Austrian Investment Fund Act (InvFG), as amended Max. management fee for the fund: 1.50 % Custodian bank: Raiffeisen Bank International AG Management company: Raiffeisen Kapitalanlage-Gesellschaft m.b.h. Schwarzenbergplatz 3, A-1010 Vienna Tel , Fax Companies register number: w Fund management: Raiffeisen investiční společnost a.s., Prague Auditor: KPMG Austria AG Semi-annual fund report: 1 January June

4 Legal notice All data and information has been compiled and checked with the greatest care. No liability or guarantee can be assumed for the recentness, correctness and completeness of the information provided. We consider the sources used to be reliable. The software used performs calculations on the basis of more than the two decimal places displayed. Minor discrepancies cannot be ruled out due to further calculations using published results. The value of a unit is calculated by dividing the entire value of the investment fund inclusive of its income by the number of units. The total value of the investment fund is calculated on the basis of the current market prices of the securities, money market instruments and subscription rights in the fund plus the value of the fund s financial investments, cash holdings, credit balances, receivables and other rights net of its payables. That value will be calculated by the custodian bank. The net assets are calculated in accordance with the following principles: a) In principle, the value of assets quoted or traded on a stock market or on another regulated market will be determined on the basis of the most recently available price. b) Where an asset is not quoted or traded on a stock market or another regulated market or where the price for an asset quoted or traded on a stock market or another regulated market does not appropriately reflect its actual market value, the prices provided by reliable data providers or, alternatively, market prices for equivalent securities or other recognized valuation methods shall be used. The performance is calculated by Raiffeisen Kapitalanlage-Gesellschaft m. b. H. using the method developed by OeKB (Österreichische Kontrollbank AG), on the basis of data supplied by the custodian bank (where outpayment of the redemption price is suspended, with use of indicative values). Some costs the subscription fee (not exceeding 2.00 % of the invested amount) and any redemption fee (not exceeding 0.00 % of the sold amount) are not included in the performance calculation. The following applies for units sold outside of Austria: Some costs the subscription fee (not exceeding 2.00 % of the invested amount) and any redemption fee (not exceeding 2.00 % of the sold amount) or a combination of the subscription fee and the redemption fee (not exceeding 2.00 % overall) are not included in the performance calculation. Where included in any calculation, they will accordingly result in a lower performance. Past results do not permit any reliable inferences as to the future performance of the fund. Semi-annual fund report: 1 January June

5 Dear unitholder, Raiffeisen Kapitalanlage-Gesellschaft m.b.h. is pleased to present its semi-annual fund report for Raiffeisen Český dluhopisový fond for the period from 1 January 2014 to 30 June Fund details 31/12/ /6/2014 Fund assets in CZK 981,181, ,000,944, Net asset value/unit (A) CZK 1, , Issue price/unit (A) CZK 1, , Net asset value/unit (VTA) CZK 1, , Issue price/unit (VTA) CZK 1, , Units in circulation AT A AT VTA Units in circulation on 31/12/2013 1, , Sales , Repurchases , Units in circulation 1, , Total units in circulation on 30/6/ , Semi-annual fund report: 1 January June

6 Fund investment policy report In the past six months, the assets of the fund managed by Raiffeisenbank Czech Republic remained largely invested in bonds denominated (or hedged) in Czech crowns with intermediate-term maturities. Since we endeavor to realize a relatively secure and stable performance for the assets under our management, Czech government bonds with approx. 4-year maturities make up most of our portfolio (approx. 51 %). Corporate bonds (in Czech crowns and the euro) currently account for around 29 % of the fund s total net asset value. Its remaining bonds are foreign-currency government bonds from the EU or Eastern Europe. The portfolio has an average duration (i.e. the term of its bonds) of around 3.5 years. In the past six months, the fund mainly invested its assets in Czech government bonds. Due to the limited scope of attractive Czech crown investment opportunities, the fund invested a portion of its assets in euro bonds. These resources were invested both in Central and Eastern European government bonds (e.g. Romania) and in corporate bonds. The currency risk associated with euro bonds is fully collateralized. During the reporting period, the fund had a duration of between 3.2 and 3.8 years, while unsecured positions denominated in Polish bonds continued to account for less than 7.5 % of the segment. Investors growing expectations of a correction in the market growth trend which had been underway for some months proved premature. However, such a scenario is increasingly probable, partly in view of unfavorable seasonal conditions. We do not intend to make any significant changes to the portfolio s structure over the next few months. Macroeconomic data and fundamental data for companies are improving, while inflation remains low; the key central banks are continuing to pursue an expansionary monetary policy. Semi-annual fund report: 1 January June

7 Makeup of fund assets in CZK Securities Market value % Bonds: CZK 611,416, EUR 296,710, PLN 48,338, Total securities 956,465, Derivative products Valuation of forward exchange transactions - 82, Bank balances Bank balances in fund currency 26,007, Bank balances in foreign currency 3,537, Total bank balances 29,544, Accruals and deferrals Interest claims (on securities and bank balances) 16,087, Other items Various fees - 1,070, Total fund assets 1,000,944, Semi-annual fund report: 1 January June

8 Portfolio of investments in CZK Dates indicated for securities refer to the issue and redemption dates. An issuer s right of premature redemption (where applicable) is not specified. The securities marked with a "Y" have an open-ended maturity. ISIN SECURITY TITLE CURRENCY VOLUME PURCHASES SALES PRICE MARKET % SHARE 30/6/2014 ADDITIONS DISPOSALS VALUE OF FUND UNITS/NOM. IN PERIOD UNDER REVIEW IN CZK ASSETS UNITS/NOM. EURO BONDS IT ENEL S.P.A FLR EUR 500, ,758, XS PKO FINANCE 14/19 MTN EUR 800, , ,366, XS MFINANCE FRANCE 12/15 MTN EUR 550, ,396, XS CESKA EXPORTNI BKA 13/25 EUR 500, ,404, XS LITHUANIA 05/16 EUR 500,000 1,000, ,422, XS PGNIG FIN. 12/17 MTN EUR 500, ,666, XS BULGARIA 12/17 EUR 2,200, ,989, XS EESTI ENERGIA 12/18 EUR 650, , ,734, XS VTB CAPITAL 06/16 EUR 500, , ,994, XS CESKE DRAHY 11/16 EUR 750, ,954, XS ROMANIA 11/16 EUR 1,500,000 1,500, ,403, XS GAZ CAPITAL 07/14 MTN EUR 500, ,866, XS GAZ CAPITAL 09/15 MTN EUR 800, ,753, BONDS IN POLISH ZLOTY PL POLAND ZO PLN 3,500,000 2,000, ,268, PL POLAND 13/ PLN 4,000, ,070, BONDS IN CZECH CROWNS AT0000A14QE EG ANL DIP S CZK 20,000,000 20,000, ,952, XS EXPORT-IMPORT BK 13/18FLR CZK 14,000, ,056, CZ KOMERCNI BANKA CZK 10,000, ,043, XS GENL E.C.CORP.10/15FLRMTN CZK 10,000, ,984, XS CA CIB 13/18 FLR MTN CZK 10,000, ,166, CZ CZECH REP CZK 230,270, ,000, ,909, CZ CESKA POJISTOV CZK 7,000, ,072, XS VTB EURASIA 13/16 FLR CZK 27,000, ,650, CZ CZECH REP CZK 41,000,000 41,000, ,699, CZ CZECH REP CZK 53,200, ,493, CZ CZECH REP CZK 7,500, ,966, XS TELEFONICA EM, 12/17 MTN CZK 10,000, ,493, CZ CZECH REP CZK 500,000 5,000, ,500, , XS SNS BANK NV 06/14 MTN CZK 2,000, ,005, CZ CZECH REP CZK 123,000,000 5,000, ,163, CZ CZECH REP CZK 1,000,000 3,000,000 90,000, ,210, TOTAL SECURITIES PORTFOLIO 956,465, FORWARD EXCHANGE TRANSACTIONS IN EURO DTG DTG EUR CZK EUR -12,310, , FORWARD EXCHANGE TRANSACTIONS IN POLISH ZLOTY DTG DTG PLN CZK PLN -3,000, , TOTAL FORWARD EXCHANGE TRANSACTIONS 1-82, BANK BALANCES CZK BALANCES 26,007, EUR BALANCES 239, BALANCES IN OTHER EU CURRENCIES PLN 3,220, BALANCES IN NON-EU CURRENCIES USD 77, TOTAL BANK BALANCES 29,544, Price gains and losses as of cut-off date. Any discrepancies in terms of % shares of the fund assets result from rounding-off. Semi-annual fund report: 1 January June

9 MARKET VALUE IN CZK % SHARE OF FUND ASSETS ACCRUALS AND DEFERRALS INTEREST CLAIMS 16,087, OTHER ITEMS VARIOUS FEES -1,070, TOTAL FUND ASSETS 1,000,944, NET ASSET VALUE PER DISTRIBUTED UNIT CZK 1, NET ASSET VALUE PER FULLY REINVESTED UNIT CZK 1, DISTRIBUTED UNITS IN CIRCULATION UNITS 1, FULLY REINVESTED UNITS IN CIRCULATION UNITS 684, EXCHANGE RATES FOREIGN CURRENCY ASSETS WERE CONVERTED INTO CZK ON THE BASIS OF THE EXCHANGE RATES APPLICABLE ON 27/6/2014: CURRENCY UNIT PRICE EURO EUR 1 CZK = POLISH ZLOTY PLN 1 CZK = US DOLLAR USD 1 CZK = SECURITIES PURCHASES AND SALES DURING THE PERIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF ASSETS: ISIN SECURITY TITLE CURRENCY PURCHASES SALES ADDITIONS DISPOSALS BONDS IN CZECH CROWNS CZ CZECH REP CZK 5,000,000 5,000,000 XS NATIXIS 11/16 FLRMTN CZK 12,000,000 CZ CZECH REP CZK 30,000,000 XS TELEFONICA EM, 07/14 MTN CZK 2,000,000 CZ CZECH REP CZK 30,000,000 EURO BONDS XS GOLDM.S.GRP 05/15 MTN EUR 700,000 XS EESTI ENERGIA 14/18 2 EUR 650, ,000 XS MORGAN STANLEY 09/14 MTN EUR 500,000 DE000A0XFCT METRO MTN 09/15 EUR 500,000 BONDS IN POLISH ZLOTY PL POLAND PLN 2,000,000 Any discrepancies in terms of % shares of the fund assets result from rounding-off. Raiffeisen Kapitalanlage-Gesellschaft m.b.h. complies with the code of conduct for the Austrian investment fund industry Vienna, 4 August 2014 Semi-annual fund report: 1 January June