Monthly Bulletin Capital Markets Comment In April the indexes on BSE ended positive. SOFIX index increased by 0.28% to 601.98 points, BG REIT and BG TR30 marked increase of 0.04% and 0.12% to 97.16 and 443.53 points, respectively, BGBX40 index increased by 1.18% to 122.17 points. In Europe Dow Jones Stoxx 600 increased by 1.07% to 337.89 points, the German DAX increased by 0.5% to 9603.23 points, the British FTSE100 and the French CAC40 increased by 2.75% and 2.18% to 6780.03 and 4487.39 points, respectively. The Spanish IBEX 35 increased by 1.15% to 10459.50 points. In USA, Dow Jones Industrial Average index increased by 0.75% to 16580.80 points; S&P 500 index increased by 0.62% to 1883.95 points. The technology index NASDAQ Composite decreased by -2.01% to 4114.56 points. Gold ended the month at 1291.60 dollars per ounce, increase of 0.59%. Oil closed at 99.74 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 (www.baud.bg)
Raiffeisen () Liquidity Fund Presentation Raiffeisen () Liquidity BSE Sofia - 4R21 BLOOMBERG RAMMMKT BU BG9000007062 NAV total 167 592 392.20 NAV/share 1.4752 Shares outstanding 113 609 206.3311 Date of IPO 16.3.2006 Nominal value 1.0000 Conservative Purchase fee up tp 50,000-0,00% over 50 000-0,00% Redemption fee 0.15% Management fee 0.75% Minimum investment 30 Recommended investment horizon Min 1 years 1.4500 1.4000 1.3500 1.3000 1.2500 1.2000 1.1500 1.1000 1.0500 1.0000 0.9500 12.5.2006 12.5.2008 12.5.2010 12.5.2012 71.33% Govt Debt 9.77% by asset type Value in % of portfolio 5 194 222.97 3.10% 119 646 614.91 71.33% Govt Debt 14 190 470.02 8.46% Mortgage bonds* 2 226 235.73 1.33% Corporate bonds 26 480 567.59 15.79% Total 167 738 111.22 100.00% 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 1.20. 82.97% 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 0 2006 - - - 0.08 0.31 0.24 0.45 0.17 0.42 0.36 0.49 0.34 2007 0.28 0.34 0.40 0.20 0.24 0.05 0.76 0.47 0.40 0.37 0.38 0.25 2008 0.08 0.47 0.40 0.40 0.37 0.35 0.51 0.47 0.59 0.41 0.75 0.33 2009 0.66 0.28 0.62 0.44 0.58 0.35 0.53 0.80 0.73 0.75 0.43 0.66 2010 0.53 0.47 0.55 0.44 0.50 0.51 0.47 0.52 0.46 0.47 0.50 0.47 2011 0.51 0.43 0.45 0.42 0.45 0.41 0.42 0.43 0.41 0.40 0.40 0.41 2012 0.41 0.42 0.40 0.37 0.47 0.36 0.35 0.30 0.32 0.35 0.32 0.22 2013 0.16 0.23 0.25 0.31 0.19 0.13 0.34 0.16 0.28 0.51 0.27 0.28 2014 0.32 0.43 0.33 0.39 Disclaimer: Size of achieved income in % on a monthly basis not annualized
Raiffeisen () Bond Fund Fund Presentation Raiffeisen () Bond Fund BSE Sofia - 4R31 BLOOMBERG RAMBOND BU BG9000008060 NAV total 844 903.05 NAV/share 1.3523 Shares outstanding 624 775.6952 Date of IPO 16.3.2006 Nominal value 1.00 Conservative Purchase fee up tp 50,000-0,00% over 50 000-0,00% Redemption fee 0.30% Management fee 1.50% Minimum investment 30 Recommended investment horizon 1-2 years by asset type Value in % of portfolio 214 599.02 25.41% 192 050.05 22.74% Govt Debt 224 002.69 26.53% Mortgage bonds 47 324.76 5.60% Corporate bonds 166 457.01 19.71% Total 844 433.53 100.00% 1.4500 1.4000 1.3500 1.3000 1.2500 1.2000 1.1500 1.1000 1.0500 1.0000 0.9500 16.3.2006 16.3.2008 16.3.2010 16.3.2012 16.3.2014 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 2.11. 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 2 80.73% 2006 - - - 0.07 0.33 0.30 0.09 0.02 0.88 0.09 0.29 0.94 2007 0.66 0.56 0.37 0.27 0.33 0.18 0.79 0.54 0.41 0.24 0.37 0.24 2008 0.59 0.33 0.36 0.39 0.39 0.30 0.56 0.54 0.70-0.01 0.34 0.50 2009 0.62-0.14 0.87 0.52 0.64 0.39 0.51 0.31 0.96 1.27 0.40 0.70 2010 0.77 0.93 0.54 0.55 0.64 0.43 0.28 0.52 0.32 0.46 0.56 0.35 2011 0.32 0.38 0.29 0.26 0.46 0.32 0.32 0.38 0.37 0.33 0.26 0.43 2012 0.37 0.33 0.41 0.12 0.36 0.51 0.55 0.55 0.56 0.26-0.58 0.17 2013-3.09-2.18-0.03 0.52-0.46-0.64-0.06-0.02 0.26 0.49-0.05 0.15 2014 0.22 0.35 0.31 0.42 Disclaimer: Size of achieved income in % on a monthly basis not annualized
Raiffeisen () Protected Investment in Euro Fund Fund Presantation Raiffeisen () Protected Investment in Euro Fund RAFBUCP BU BG9000013094 NAV/Total 42 496 911.16 NAV/Share 1.1833 Shares Outstanding 35 913 993.1585 Date of IPO 19.2.2010 Nominal Value 1.00 Conseravtive Purchase fee Free period up to 25 000 0.00% over to 25 000 0.00% Limited period up to 25 000 0.00% over to 25 000 0.00% Redemption fee Free period 0.10% Limited period 5.00% Management fee 1.00% Minimum invesment 1000. Recommended investment horizon Min 90 days 1.2100 1.1900 1.1700 1.1500 1.1300 1.1100 1.0900 1.0700 1.0500 1.0300 1.0100 0.9900 19.2.2010 19.2.2011 19.2.2012 19.2.2013 19.2.2014 7.43% 77.52% by asset type Value in % of portfolio 3 161 216.04 7.43% 32 988 714.02 77.52% Govt Debt 1 544 607.36 3.63% ETF 330 525.00 0.78% Corporate Bonds 326 656.36 0.77% Mortgage Bonds* 4 200 733.29 9.87% Total 42 552 452.07 100.00% 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 0.97. 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 2010-0.34 0.49 0.43 0.33 0.42 0.43 0.44 0.44 0.43 0.43 0.45 2011 0.49 0.42 0.43 0.40 0.39 0.39 0.36 0.41 0.38 0.38 0.37 0.38 2012 0.36 0.36 0.36 0.28 0.27 0.45 0.35 0.45 0.33 0.36 0.32 0.31 2013 0.10 0.06 0.11 0.39 0.05-0.10 0.24 0.18 0.17 0.45 0.24 0.24 2014 0.29 0.30 0.26 0.30 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.
Fund Presentation Raiffeisen () Global Growth Fund BSE Sofia - RTT5 BG9000001131 NAV total 9 142 683.75 NAV/share 1.1557 Shares outstanding 7 910 927.2406 Date of IPO 01.03.2013. 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 1 396 427.68 15.24% 315 658.67 3.44% Shares 7 451 758.49 81.32% Total 9 163 844.84 100.00% Raiffeisen () Global Growth Fund 0.9000 28.2.2013 31.5.2013 31.8.2013 30.11.2013 28.2.2014 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. 1.2000 1.1000 1.0000 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 32 2013 - - 0.52 2.27 1.82-3.10 3.56-2.07 2.12 2.34 0.36 0.31 2014 1.13 3.22 1.47 0.82
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 www.ram.bg For Contact: Raiffeisen Asset Management () EAD Street "Gogol" 18-20, Sofia 1504 e-mail: info@ram.raiffeisen.bg Fax: + 359 2 94333 65 web: www.ram.bg Department «Marketing and Sales»: Madlen Mineva Department head Tel: +359 2 91985-467 e-mail: Madlen.MINEVA@ram.raiffeisen.bg Department «Portfolio Management»: Hristo Velikov Tihomir Ganev Portfolio Manager Portfolio Manager Tel: + 359 2 91985-501 Tel: + 359 2 91985-635 e-mail: Hristo.VELIKOV@ram.raiffeisen.bg e-mail: Tihomir.GANEV@ram.raiffeisen.bg