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 239.73 points, the Spain's IBEX decreased by 13.14 percent to 6089.80 points, the Austrian ATX dropped 10.47 percent to 1897.04, the French CAC40 marked a decrease of 6.09 percent to 3017.01 bp., and the British FTSE100 fell 7.27 percent to 5320.86 points. The German DAX decreased by 7.35 percent to 6264.38 bp. At the U.S. market in April Dow Jones Industrial Average fell 6.21 percent to 12 393.45 points. The S&P 500 index reported a decrease of 6.27 percent to 1310.33 points. The technology index NASDAQ Composite dropped by 7.19 percent to 2827.34 bp. In May the indexes on BSE marked different changes. The SOFIX index marked a decrease of 2.58 percent to 293.96 points. A decrease marked also BG TR30 and CGIX with 0.91 and 6.83 percent respectively to 249.10 and 76.5 points. BG40 and BG REIT climbed 4.48 and 7.27 percent to 108.82 and 67.58 points, respectively. The turnover on BSE for May amounted to 61.27 million which was an increase of 55.75 percent compared to April. The greatest increase was in the REIT Segment from 1.85 million for April to 14.09 million for May. Gold ended the month of May at 1560.43 dollars per ounce, down for the month 6.27 percent. Oil closed the month at 86.53 dollars, a decrease of 17.79 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 0.002 percent, 0.337 percent and 1.200 percent YTM. The euro denominated BG 13 ended the month with 1.607 percent YTM. The dollar BG 15 ended at 3.409 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 2.433 percent compared to 2.665 percent for April. In, 3-months IBOR decreased, finishing the month at a level of 0.668 percent compared to 0.708 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 (www.baud.bg)
Raiffeisen () Money Market Fund BSE Sofia - 4R21 BLOOMBERG RAMMMKT BU BG9000007062 NAV total 67 572 994.56 NAV/share 1.3784 Shares outstanding 49 022 475.2783 Date of IPO 16.3.2006 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 50 000-0,00% Value in % of portfolio 84 408.47 0.12% 59 888 293.50 88.53% 4 236 379.98 6.26% Mortgage bonds 1 152 501.19 1.70% Corporate bonds 2 288 022.52 3.38% Total 67 649 605.66 100.00% Raiffeisen () Money Market Fund 1.4000 1.3500 1.3000 1.2500 1.2000 1.1500 1.0500 0.9500 16.3.2006 16.4.2009 16.5.2012 6.26% 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 0.44. 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 11.61 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
Raiffeisen () Bond Fund Raiffeisen () Bond Fund BSE Sofia - 4R31 BLOOMBERG RAMBOND BU BG9000008060 NAV total 6 475 629.07 NAV/share 1.3780 Shares outstanding 4 699 132.3880 Date of IPO 16.3.2006 Nominal value 1.00 Conservative Purchase fee up tp 50,000-0,30% over 50 000-0,00% Redemption fee 0.30% Management fee 1.50% Minimum investment 30 Recommended investment horizon 1-2 years Value in % of portfolio 33 160.35 0.51% 3 553 558.14 54.79% 686 950.00 10.59% Mortgage bonds 370 313.97 5.71% Corporate bonds 1 842 255.31 28.40% Total 6 486 237.77 100.00% 1.4500 1.4000 1.3500 1.3000 1.2500 1.2000 1.1500 1.0500 0.9500 16.3.2006 16.4.2009 16.5.2012 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 1.21. It will be proceeded a diversification of some the free funds of the Bond Fund in low risk financial instruments. 19.54% 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 2 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
Raiffeisen () Balanced Fund Raiffeisen () Balanced Fund BSE Sofia - RTT1 BLOOMBERG RAMBLNC BU BG9000005066 NAV total 4 770 318.90 NAV/share 0.7696 Shares outstanding 6 198 455.1294 Date of IPO Nominal value 1.00 16.03.2006г. Balanced Purchase fee up to 50,000-0,40% Redemption fee 0.40% Management fee 2.30% over 50 000 лв. - 0,00% Minimum investment 30 Recommended investment 2-3 years horizon Value in 18.87% % of portfolio 23 216.57 0.49% 814 737.63 17.09% Mortgage Bonds 413 020.92 8.66% Corporate Bonds 1 776 752.47 37.27% 700 747.80 14.70% ETF`s 69 725.34 1.46% Shares 964 080.00 20.22% Warrants 4 940.00 0.10% Total 4 767 220.73 100.00% 1.7000 1.5000 1.3000 0.9000 0.7000 16.3.2006 16.4.2009 16.5.2012 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 -12.61% 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 2006 - - - 1.04 1.10 0.41 0.35 2.14 2.03 5.00 3.46 1.54 2007 3.86 3.10-0.80 0.57 2.38 3.23 3.79 2.39 9.51 2.74-5.03-0.90 2008-10.71 1.16-4.94-3.79 2.73-4.38-5.64 0.08-8.27-12.15-5.66-1.08 2009-5.68-0.78 1.41 1.14 1.54-1.35 0.38 2.71 2.81-0.36-1.19-0.40 2010 0.10 0.02-0.08-0.53-0.24-0.58-1.05 1.40 0.91-0.96 0.55 0.64 2011 0.97 2.56-1.02-0.25-0.90-1.13 0.20-7.67-0.58 1.24-3.67 0.53 2012 1.63-0.34-0.61-0.61-1.80 *number of months since IPO 32
Raiffeisen () Balanced Fund Raiffeisen () Balanced Fund BSE Sofia - RTT3 BLOOMBERG RAMB BU BG9000026070 NAV total 1 154 508.35 NAV/share 0.6241 Shares outstanding 1 849 761.9552 Date of IPO 11.2.2008 Nominal value 1.00 Balanced Purchase fee upt o 40 000-0,40% Redemption fee 0.40% Management fee 2.30% over 40 000-0,00% Minimum investment 30 Recommended investment horizon 2-3 years Value in % of portfolio 159 453.08 14.09% 114 984.48 10.16% Mortgage Bonds 46 327.93 4.09% Corporate Bonds 153 877.34 13.60% 243 922.13 21.55% ETF`s 266 044.00 23.51% Shares 147 212.32 13.01% Total 1 131 821.28 100.00% 0.9000 0.8000 0.7000 0.6000 11.2.2008 11.3.2010 11.4.2012 10.16% 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 -17.03% Standart Deviation 8.39% YTD income (not annualized) -1.65% VaR 10d, 99% 3.90% Since IPO (annualized) -10.37% Number of positive months* 17 Sharpe Ratio Negative Number of negative months 34 *number of months since IPO 31 2008 - - 0.91-1.58 1.00-2.64-1.77-0.32-7.77-11.19-3.42-2.07 2009-2.35-2.46 0.92 4.94 1.19-1.12 1.14 3.82-0.69-1.55-0.61-0.38 2010 0.09 0.80-0.91-1.30-0.71-1.65-1.67 0.61-0.65-1.17-0.34 1.30 2011 2.58 4.11-0.33 0.58-1.96-1.80-0.19-5.21-5.14-0.08-6.07 1.75 2012 3.55 0.18-0.50-0.61-4.13
Raiffeisen () Equity Fund Raiffeisen () Equity Fund BSE Sofia - RTT2 BLOOMBERG RAMEQTY BU BG9000006064 NAV total 3 153 381.42 NAV/share 0.4700 Shares outstanding 6 709 022.5832 Date of IPO 16.3.2006 Nominal value 1.00 Aggressive Purchase fee up to 50 000-0,50% Redemption fee 0.50% Management fee 2.85% over 50 000-0,00% Minimum investment 30 Recommended investment horizon 3-5 years Value in % of portfolio 112 068.08 3.50% 482 392.37 15.09% 617 166.79 19.30% ETF`s 122 540.32 3.83% Shares 1 853 547.75 57.97% Warrants 9 880.00 0.31% Total 3 197 595.31 100.00% Consumer goods 3.64% 4.20% Industry 4.62% 2.0000 1.8000 1.6000 1.4000 1.2000 0.8000 0.6000 0.4000 16.3.2006 16.4.2009 16.5.2012 4.33% 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. 15.09% USA 10.47% 11.74% 37.61% 51.92% 37.88% 50.38% Fund Performance Past 12 months income -26.57% Standart Deviation 15.67% YTD income (not annualized) -6.91% VaR 10d, 99% 7.27% Since IPO (annualized) -11.44% Number of positive months* 38 Sharpe Ratio Negative Number of negative months 34 *number of months since IPO 33 2006 - - - 1.14 1.36 0.46 0.89 4.95 3.37 8.60 5.44 3.33 2007 6.54 3.75-0.75 0.83 2.41 3.43 4.75 2.27 11.75 3.27-6.68-1.84 2008-15.56 1.27-7.84-5.92 3.67-6.17-8.17-0.07-15.57-22.20-9.24-2.05 2009-11.21-1.19 1.07 4.54 1.85-3.15 0.21 7.30 4.54-1.24-2.06-1.15 2010-0.30-0.67 0.23-1.77-1.80-2.18-1.73 1.07 1.63-2.00 0.90 1.23 2011 2.19 4.44-2.06-1.79-2.21-2.76 0.03-12.30-2.80 1.99-7.80 0.80 2012 1.76 0.47-0.52-2.14-6.47 Disclaimer: Size of Achieved income in % on a monthly basis not annualized
Fund Presantation Raiffeisen () Protected Investment in Euro Fund RAFBUCP BU BG9000013094 NAV/Total 27 909 938.99 NAV/Share 1.1165 Shares Outstanding 24 997 692.9663 Date of IPO 19.2.2010 Nominal Value 1.00 Conseravtive Purchase fee Free period up to 25 000 0.10% over to 25 000 0.00% Limited period up to 25 000 0.10% over to 25 000 0.00% Redemption fee Free period 0.10% Limited period 5.00% Management fee 1.00% Minimum invesment 5000. Recommended investment horizon Min 90 days 19.98% Value in USA 1.12% % of portfolio 57 099.90 0.20% 21 348 804.91 76.42% 5 081 209.02 18.19% Corporate Bonds 1 265 666.23 4.53% Mortgage Bonds 183 622.61 0.66% Total 27 936 402.67 100.00% 1.1200 1.1100 1.0900 1.0800 1.0700 1.0600 1.0500 1.0400 1.0300 1.0200 1.0100 0.9900 19.1.2010 19.8.2010 19.3.2011 19.10.2011 19.5.2012 18.19% 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 0 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 *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.
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 web: www.ram.bg Department «Analysis»: Katerina Nikolova Analyst Tel: +359 2 91985-451 Fax: +359 2 9433365 e-mail: Katerina.NIKOLOVA@ram.raiffeisen.bg Anton Karayanev Analyst Tel: +359 2 91985-654 Fax: +359 2 9433365e-mail: Anton.KARAYANEV@ram.raiffeisen.bg Department «Marketing and Sales»: Kristin Cohen Department head Tel: +359 2 91985-467 Fax: +359 2 9433365 e-mail: Kristin.COHEN@ram.raiffeisen.bg Miroslav Antonov Sales Specialist Tel: +359 2 91985-626 Fax: +359 2 9433365 e-mail: Miroslav.ANTONOV@ram.raiffeisen.bg Department «Portfolio Management»: Hristo Velikov Tihomir Ganev Portfolio Manager Portfolio Manager Tel: + 359 2 91985-501 Tel: + 359 2 91985-635 Fax: + 359 2 94333 65 Fax: + 359 2 94333 65 e-mail: Hristo.VELIKOV@ram.raiffeisen.bg e-mail: Tihomir.GANEV@ram.raiffeisen.bg