Funds Report

Mutual funds of «Energocapital» Asset Management Company
MONTHLY REPORT
m
a
y
j u n e
j
u
l
y
august
september
october
november
december
january
february
m a r c h
a p r i l
july
2014
About mutual funds of «Energocapital» Asset Management Company
«Energocapital-Balanced»
Open-ended miscellaneous mutual fund
The fund was established on February 9, 2001
The fund was established on September 10, 2004
130
2000
120
1800
110
1600
100
1400
1200
90
80
1000
70
800
60
600
50
400
40
200
Fund strategy:
1) option for securities according to the fundamental indicators;
2) constant work upon the comparative instruments analysis;
3) consideration of all factors that influence the instruments of stock
exchange.
Fund awards:
Winner in two nominations of «INVESTFUNDS-AWARDS 2006»: «The
most profitable open-ended miscellaneous mutual fund of 2006 year»
and «The first Leader in the fund management efficiency 2006 (by
Sharpe ratio within 3 years)».
«Finance» magazine Award 2007 – «The best miscellaneous mutual
fund».
Fund results:
The 2d place in the funds performance rating among open-ended
miscellaneous mutual funds with NAV more than 10 mln rub for 2d
quarter 2014 according to the Investfunds data on june 30, 2014
2014
2014
2014
2014
2014
2014
2013
2013
2013
2013
2011
2009
2006
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
30
2001
0
«Energocapital-Global markets»
Interval equity mutual fund
Fund strategy:
1) global search of potentially interesting instruments;
2) existence of fundamental assessments on every position;
3) option for securities with the considerable perspective of growth
(more than 50%).
Fund results:
The 2nd place in the funds performance ranking among open-ended equity
mutual funds from the beginning of the year according to the Investfunds data
on april 30, 2014.
«Energocapital-MICEX Index»
Open-ended index mutual fund
The fund was established on December 12, 2006
130
120
110
100
90
«Energocapital-Saving»
Open-ended bond mutual fund
The fund was established on January 31, 2006
80
70
60
50
40
30
2014
2013
2012
2011
2010
2009
2008
2006
2007
20
200
190
180
170
160
150
140
130
120
110
100
90
80
Fund strategy:
The passive strategy of management is aimed at maximally possible repetition of
2014
2013
2012
2011
2010
2009
2008
2007
2006
MICEX Index.
Fund results:
The 1st place in the funds performance ranking among open-ended index mutual funds
for the beggining of the year according to the Investfunds data on july 31, 2014.
Fund strategy:
1) fundamental analysis of issuers;
2) comparative analysis – elimination of market inefficiency;
3) macroeconomic analysis of external and internal factors.
Fund results:
The 2nd place in the funds performance ranking among open-ended
bond mutual funds for april according to the Investfunds data
on April 30, 2014.
«Energocapital-Cumulative»
Open-ended miscellaneous mutual fund
The fund was established on December 6, 2001
400
350
300
250
200
150
100
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
50
Fund strategy:
1) option for securities according to the fundamental indicators;
2) constant work upon the comparative instruments analysis;
3) consideration of all factors that influence the instruments of stock exchange.
Fund results:
The 3d place in the funds performance rating among open-ended miscellaneous
mutual funds with NAV more than 10 mln rub for 2d quarter 2014 according to the
Investfunds data on june 30, 2014
Cost of investment units can increase and decrease, results of investment in the past do not define incomes in the future and the state does not guarantee profitableness of investments into mutual funds.
Collection of extra charges (discounts) will reduce profitableness of investments into investment units of mutual fund. Before purchasing the investment unit, it is necessary to familiarize attentively with
the rules of trust management of mutual funds.
4A Efimova str., Saint-Petersburg 190031; Tel: +7(812) 458-5868, 329-5501; Fax: 458-5702 e-mail: [email protected]; http://www.pif-energ.ru
2
FUND «ENERGOCAPITAL BALANCED»
OPEN-ENDED / OF MISCELLANEOUS INVESTMENTS
Dynamics of unit cost in % on July 31, 2014
30.06.2014
31.07.2014
Within 3 months
Within 6 months
Within 1 year
Within 3 year
Unit cost, rub
792.58
764.68
+8.36
-10.32
-17.12
-52.75
NAV amount, rub
109 232 853.35
105 070 417.55
Performance comparison of the unit and
MSCI Russia 10/40 NR RUB Index at %
15%
Utilities:
5%
07.14
06.14
05.14
04.14
03.14
02.14
01.14
12.13
11.13
10.13
08.13
07.13
0%
-10%
Reuters Identification Code
Shares
10%
-5%
The structure of Mutual fund "EnergocapitalBalanced" (percentage wise to assets value)
на 31.07
на 30.06
97,74%
95,84%
48,25%
47,75%
Lenenergo
LSNG.MM
10,44%
9,96%
TGK-1
TGKA.MM
6,49%
6,50%
-15%
Krasnoyarskenergosbyt pref
KRSB_p.MM
5,93%
5,61%
-20%
OGK 2
OGK2.MM
5,50%
5,97%
Rosseti ord
MRKH.MM
4,63%
4,87%
Feder gidr company
HYDR.MM
4,34%
4,52%
Mosenergo
MSNG.MM
3,80%
3,47%
Krasnoyarskenergosbyt
KRSB.MM
3,13%
2,95%
INTER RAO EES
IUES.MM
2,39%
2,53%
MRSK SZ
MRKZ.MM
1,60%
1,37%
21,93%
21,31%
MMK
MAGN.MM
9,62%
8,95%
TMK
TRMK.MM
9,19%
8,68%
Mechel
MTLR.MM
1,85%
2,33%
Belon
BLNG.MM
1,27%
1,35%
8,45%
8,06%
-25%
-30%
-35%
Fund
MSCI Russia 10/40 NR RUB
The structure of Mutual fund “Energocapital-Balanced”
48.25%
Utilities
Metallurgy:
21.31%
8.45%
8.06%
Developers
6.87%
Automobile industry
7.40%
5.09%
4.31%
Banks
на 31.07
5.26%
4.99%
Transport
Developers:
на 30.06
1.89%
2.02%
Telecommunications
Bonds
47.75%
21.93%
Metallurgy
0.00%
0.00%
4.16%
0%
LSRG.MM
8,23%
7,86%
OPIN
OPIN.MM
0,22%
0,20%
6,87%
7,40%
Sollers
SVAV.MM
5,04%
5,28%
Irkut
IRKT.MM
1,83%
2,12%
5,26%
4,99%
5,26%
4,99%
Automobile industry:
2.26%
Cash resources
Gruppa LSR
10%
20%
30%
40%
50%
Transport:
Aeroflot
Although July saw a reduction of the share value, this reduction was
smaller than the fall of Russia’s major indexes.
Situation with flight MH-17 in the Donetsk Region opened Pandora’s
box of various sanctions. Those sanctions cause a significant economic
harm both to the EC and to Russia, while impact on the USA and Asia is
lower. The market got scared, and the western investors were actively
selling their securities related to the consumer- and banking sectors. The
impact on the stocks of electrical energy- and metallurgy sectors was lower.
This fact, coupled with payment of dividends, ensured that the portfolio
looked better than the market.
Today, the major risk is associated with something other than the
current sanctions which are essentially of a declarative nature and can be
by-passed. What is much more dangerous is the fear that the sanction
spiral between the EC and Russia may continue to unwind. If we see that
the leaders do not seek further sanctions, the market will show a good
growth.
AFLT.MM
Banks:
5,09%
4,31%
Sberbank
SBER.MM
3,49%
2,61%
Bank Sankt-Petersburg
BSPB.MM
1,60%
1,70%
1,89%
2,02%
Telecommunications:
1,89%
2,02%
Bonds
0,00%
1,65%
Metallurgy:
0,00%
1,65%
0,00%
1,65%
2,26%
2,51%
RBK OAO
RUSSKIY ALYUMINIY
RBCM.MM
RU000A0JRF11=RRPS
Cash resources
Cost of investment units can increase and decrease, results of investment in the past do not define incomes in the future and the state does not guarantee profitableness of investments into mutual funds.
Collection of extra charges (discounts) will reduce profitableness of investments into investment units of mutual fund. Before purchasing the investment unit, it is necessary to familiarize attentively with
the rules of trust management of mutual funds.
4A Efimova str., Saint-Petersburg 190031; Tel: +7(812) 458-5868, 329-5501; Fax: 458-5702 e-mail: [email protected]; http://www.pif-energ.ru
3
FUND «ENERGOCAPITAL-SAVING»
OPEN-ENDED / OF BONDS
Dynamics of unit cost in % on July 31, 2014
30.06.2014
31.07.2014
Within 3 months
Within 6 months
Within 1 year
Within 3 year
Unit cost, rub
198.21
197.69
+1.82
+2.24
+6.18
+20.59
NAV amount, rub
19 166 815.54
20 132 314.79
Performance comparison of the unit and
MICEX Bond TR Index at %
The structure of Mutual fund "EnergocapitalSaving" (percentage wise to assets value)
Reuters Identification
Code
на 31.07
на 30.06
92,57%
97,45%
8%
Corporate bonds:
7%
6%
Consumer sector:
5%
4%
3%
2%
1%
0%
Fund
07.14
06.14
05.14
04.14
03.14
02.14
01.14
12.13
11.13
10.13
08.13
07.13
-1%
MICEX Bond TR Index
The structure of Mutual fund “Energocapital-Saving”
31.64%
Consumer sector:
32.89%
26.87%
Finance:
26.86%
11.67%
11,27%
11,86%
Lenta, 3
RU000A0JTQB9=RRSP
8,25%
8,53%
X5 Finance, EB-03
RU000A0JU8X9=RRPS
6,91%
7,07%
X5 Finance, EB-01
RU000A0JPBN4=RRPS
Finance:
5,43%
26,86%
MDM Bank, 8
RU000A0JPQA9=RRPS
7,65%
8,03%
BINBANK, EB-2
RU000A0JU0N7=RRPS
6,85%
7,15%
KB Renaissance Capital, 2
RU000A0JS3E4=RRPS
6,66%
7,00%
Metcombank, EB-6
RU000A0JU575=RRPS
4,46%
4,68%
Gazprombank, 07
RU000A0JT767=RRPS
1,25%
0,00%
EUROKOMMERZ, 5
RU000A0JPP11=RRPS
0,00%
0,00%
10,73%
11,67%
Transport
10.96%
GosTransportLizingKomp 01
RU000A0JTKB2=RRPS
6,86%
7,23%
на 31.07
Uralsib Leasing-BO8
RU000A0JTVT1=RRPS
2,69%
3,21%
на 30.06
Uralsib Leasing-BO5
RU000A0JS3E4=RRPS
1,18%
1,23%
9,50%
10,96%
9,50%
10,96%
6,98%
7,33%
6,98%
7,33%
5,63%
6,47%
6.98%
Fertilizers:
7.33%
5.63%
Metallurgy:
6.47%
1.22%
Oil ana oil related services:
1.27%
Developers:
0.00%
0.00%
LenSpetsSMU, 02
0.00%
RU000A0JTFX6=RRPS
0.00%
cash resources
2.55%
0%
5%
Fertilizers:
7.43%
10%
15%
20%
25%
30%
35%
Akron, 01
RU000A0JT5E8=RRPS
Metallurgy:
Geopolitics once again prevailed in July, with enhanced armed hostilities
between the Ukrainian armed forces and the militia which the West believes is supported
by Russia. Both sides are increasingly using heavy armament, resulting in a far heavier
toll. However, a yet another wave of sanctions (this time sector-oriented) was triggered
by the accident with the Malaysian aircraft. It seems that denial of access to the US
and EC capital markets for the Russian companies, included in the sanction list, will
significantly complicate (at least for the time being) the refinancing opportunities for
the issuers and will instigate the yield increase across the entire Russian debt market.
5,21%
26,87%
9.50%
Developers:
shares
32,89%
RU000A0JTFU2=RRPS 10.73%
Transport:
sovereign bonds
31,64%
O'KEY
RUSSKIY ALYUMINIY, 8
RU000A0JRF11=RRPS
4,64%
4,78%
Sibmentinvest, 1
RU000A0JQFU8=RRPS
0,99%
1,69%
1,22%
1,27%
1,22%
1,27%
Oil ana oil related services:
Gidromashservis, 02
RU000A0JS3V8=RRPS
Sovereign bonds:
0,00%
0,00%
Shares:
0,00%
0,00%
Cash resources
7,43%
2,55%
Yield will also increase due to a somewhat surprise decision of the Central
Bank to raise the key weekly repo rate by 0.5 percentage points with effect from 28
July. Although this decision was formally explained by the intent to slow down the
growth of inflation, one of the goals of the regulator was probably to support ruble in
the conditions of growing geopolitical tension. As a result, the federal loan bond (FLB)
segment is showing active sales, with the most tangible sales demonstrated in the
medium segment of the curve. This led to an almost horizontal FLB yield curve with
duration of more than 2.5 years. Thus, the market does not now offer any premium on
extended duration. After noting the negative trends on the debt market, the Ministry of
Finance elected to cancel the FLB auctions on 23 and 30 July.
In the past month, the fund’s structure saw minimum changes. To ensure
liquidity, the Sibmetinvest bonds position was reduced in early July, and the Gazprombank
bonds were purchased in late July as their value dropped as a result of Gazprombank’s
inclusion in the sanction list.
Cost of investment units can increase and decrease, results of investment in the past do not define incomes in the future and the state does not guarantee profitableness of investments into mutual funds.
Collection of extra charges (discounts) will reduce profitableness of investments into investment units of mutual fund. Before purchasing the investment unit, it is necessary to familiarize attentively with
the rules of trust management of mutual funds.
4A Efimova str., Saint-Petersburg 190031; Tel: +7(812) 458-5868, 329-5501; Fax: 458-5702 e-mail: [email protected]; http://www.pif-energ.ru
4
FUND «ENERGOCAPITAL-MOEX INDEX»
OPEN-ENDED / INDEX
Dynamics of unit cost in % on July 31, 2014
30.06.2014
31.07.2014
Within 3 months
Within 6 months
Within 1 year
Within 3 year
Unit cost, rub
103.40
99.80
+8.88
-2.20
+6.02
-12.78
NAV amount, rub
7 246 792.42
5 009 467.21
Performance comparison of the unit and MICEX Index at %
15%
10%
5%
0%
-10%
на 30.06
Shares:
98,16%
97,32%
oil:
30,63%
29,65%
12,80%
LUKOIL
LKOH.MM
14,62%
Rosneft Oil Comp
ROSN.MM
4,28%
4,81%
Surgutneftegas
SNGS.MM
4,25%
3,33%
TATN.MM
2,29%
2,36%
Surgutneftegas pref
SNGS_p.MM
2,10%
2,21%
AK Transneft' pref
TRNF_p.MM
1,47%
2,04%
Bashneft` pref
BANE_p.MM
0,67%
0,97%
BANE.MM
0,51%
0,82%
TATN_p.MM
0,44%
0,31%
19,50%
19,92%
14,75%
07.14
06.14
05.14
04.14
03.14
02.14
01.14
12.13
11.13
10.13
08.13
07.13
Bashneft`
MICEX-Index Fund
MICEX Index
Reuters Identification
Code
на 31.07
Tatneft'
-5%
-15%
The structure of Mutual fund "EnergocapitalMICEX Index" (percentage wise to assets value)
Tatneft' pref
gas:
Gazprom
GAZP.MM
14,86%
NOVATEK
NOTK.MM
4,64%
5,17%
17,33%
17,20%
SBER03.MM
12,59%
12,08%
VTBR.MM
3,06%
3,14%
SBER03_p.MM
0,81%
0,96%
Moscow Exchange
MOEX.MM
0,70%
0,89%
Bank Sankt-Petersburg
BSPB.MM
0,17%
0,13%
8,89%
8,56%
banks:
Sberbank of Rus
VTB Bank
The structure of Mutual fund “Energocapital-MICEX Index”
30.63%
29.65%
oil
19.50%
19.92%
17.33%
17.20%
metallurgy:
Norilsk Nickel
GMKN.MM
5,07%
4,89%
Alrosa
ALRS.MM
1,05%
1,09%
Severstal'
CHMF.MM
0,88%
0,73%
NLMK
NLMK.MM
0,59%
0,60%
TMK
TRMK.MM
0,40%
0,28%
Rusal RDR
RUALR.MM
0,39%
0,38%
MMK
MAGN.MM
0,24%
0,17%
VSMPO-AVISMA Corp.
VSMO.MM
0,15%
0,31%
0.37%
0.43%
0.24%
0.17%
Mechel
MTLR.MM
0,12%
0,11%
8,62%
9,64%
0.15%
0.16%
MTS
MTSI.MM
4,27%
4,62%
AFK Sistema
AFKC.MM
1,93%
2,39%
MegaFon
MFON.MM
1,38%
1,47%
Rostelecom
RTKM.MM
0,92%
0,99%
RTKM_p.MM
0,12%
0,17%
7,40%
6,86%
banks
8.89%
8.56%
8.62%
9.64%
7.40%
6.86%
metallurgy
2.40%
1.98%
utilities
на 31.07
1.84%
2.02%
0.83%
0.73%
developers
health care:
Sberbank of Rus pref
на 30.06
telecommunications:
1.80%
2.68%
cash resources
0%
5%
10%
15%
20%
25%
30%
35%
Rostelecom pref
consumer sector:
We are making every effort to harmonize the fund’s
structure with the MICEX index structure.
Magnit
MGNT.MM
6,79%
6,29%
M.video
MVID.MM
0,36%
0,29%
DIKSI Grupp
DIXY.MM
0,25%
0,28%
2,40%
1,98%
utilities:
Feder gidr kom
HYDR.MM
0,97%
0,95%
OGK 4
OGK4.MM
0,43%
0,24%
INTER RAO EES
IUES.MM
0,37%
0,29%
FGC UES
FEES.MM
0,31%
0,24%
Rosseti
MRKH.MM
0,24%
0,19%
MOESK
MOEK.MM
0,08%
0,07%
1,84%
2,02%
fertilizers:
Uralkaliy
URKA.MM
1,34%
1,55%
PhosAgro
PHOR.MM
0,50%
0,47%
developers:
0,83%
0,73%
LSRG.MM
0,43%
0,30%
Gruppa Kompaniy PIK
PIKK.MM
0,23%
0,30%
Mostotrest
MSTT.MM
0,17%
0,13%
0,37%
0,43%
Gruppa LSR
transport:
Aeroflot
AFLT.MM
0,20%
0,31%
NMTP
NMTP.MM
0,17%
0,12%
0,24%
0,17%
0,24%
0,17%
0,11%
0,16%
health care:
Farmstandart
PHST.MM
Machinery-producing industry
Sollers
SVAV.MM
Cash resources
0,11%
0,16%
1,84%
2,68%
Cost of investment units can increase and decrease, results of investment in the past do not define incomes in the future and the state does not guarantee profitableness of investments into mutual funds.
Collection of extra charges (discounts) will reduce profitableness of investments into investment units of mutual fund. Before purchasing the investment unit, it is necessary to familiarize attentively with
the rules of trust management of mutual funds.
4A Efimova str., Saint-Petersburg 190031; Tel: +7(812) 458-5868, 329-5501; Fax: 458-5702 e-mail: [email protected]; http://www.pif-energ.ru
5
FUND «ENERGOCAPITAL-GLOBAL MARKETS»
INTERVAL / OF EQUITIES
Dynamics of unit cost in % on July 31, 2014
30.06.2014
31.07.2014
Within 3 months
Within 6 months
Within 1 year
Within 3 year
Unit cost, rub
94.88
97.51
+0.17
+3.80
+15.78
-21.27
NAV amount, rub
3 391 932.04
3 486 032.07
Performance comparison of the unit and
MSCI Russia 10/40 NR RUB Index at %
Reuters
Identification
Code
The structure of Mutual fund "EnergocapitalPerspective" (percentage wise to assets value)
20%
10%
Shares:
68,05%
69,76%
25,84%
26,36%
Russia
PJPq.L
8,23%
8,93%
Switzerland
NESNE.S
5,31%
5,31%
Mexico
FMX.N
4,78%
4,61%
COACH INC
USA
COH.N
2,71%
2,59%
Unilever PLC
United Kingdom /
Netherland
ULVR.L
2,64%
2,68%
Mexico
KOF.N
2,17%
2,24%
15,75%
16,90%
Gazpromneft
Russia
SIBN.MM
5,72%
6,57%
Tatneft' pref
Russia
TATN_p.MM
5,63%
5,76%
LUKOIL
Russia
LKOH.MM
4,40%
4,57%
15,34%
14,90%
Germany
SAP.N
6,08%
5,77%
ASML HOLDING, АДР
Netherlands
ASML.O
5,18%
4,96%
GEMALTO
Netherlands
GTO.AS
4,08%
4,17%
4,73%
5,64%
Russia
OGK4.MM
4,73%
5,64%
3,03%
2,82%
3,03%
2,82%
2,16%
1,89%
2,16%
1,89%
1,20%
1,25%
NESTLE SA
FOMENTO ECONOMICO MEXICANO
-10%
COCA-COLA FEMSA
-20%
07.14
06.14
05.14
04.14
03.14
02.14
01.14
12.13
11.13
10.13
09.13
08.13
07.13
energy
Fund
MSCI Russia 10/40 NR RUB
The structure of Mutual fund “Energocapital-Global markets”
IT
SAP AG, АДР
25.84%
26.36%
consumer staples
15.75%
16.90%
energy
15.34%
14.90%
IT
utilities
industrial goods & services
transport
health care
4.73%
5.64%
3.03%
2.82%
Utilities
на 31.07
OGK 4
на 30.06
industrial goods & services
EDENRED SA
2.16%
1.89%
GOL LINHAS AEREAS SA, АДР
31.95%
30.24%
cash resources
0%
5%
France
EDNMF.PK
Transport
1.20%
1.25%
10%
15%
20%
25%
30%
35%
There had been a lot of news on the world trade floors in July.
Geopolitical tension in view of the events in Ukraine and the resulting
sanctions against Russia, negotiations with Argentina’s intractable
creditors, and problems in Portugal’s major bank Banco Espirito Santo
– all these adverse events occurred along with the ongoing cut-back of
the third program of the US FRS quantitative easing. A steady growth of
the American economy by 4 %, demonstrated in Quarter 2, will inevitably
cause an earlier beginning of the interest rate rise cycle.
In this view, a slow growth of the developed markets which had
for a long time regularly achieved new local and, sometimes, all-time
peaks, looked quite natural. Another adverse factor was associated with
the published financial statements and revision of the forecasted profit of
a number of large companies (Adidas, Lufthansa, Amazon, LVMH) whose
stocks fluctuated in a way impacting the national stock indexes.
In July the fund had undergone some structural changes
(settlements under transactions were done not until August). We chose to
sell shares of two consumer-segment companies (Nestle и Unilever) which
had for a long time looked better than the market, and to buy shares of
two IT companies of the Russian origin (Mail.Ru Group and Qiwi) which
suffered from a generally negative attitude to Russian shares.
на 30.06
consumer staples
X5 Retail Group, GDR
0%
на 31.07
Brasil
GOLL4.SA
France
ESLOF.PK
health care
ESSILOR INTL
Cash resources
1,20%
1,25%
31,95%
30,24%
Cost of investment units can increase and decrease, results of investment in the past do not define incomes in the future and the state does not guarantee profitableness of investments into mutual funds.
Collection of extra charges (discounts) will reduce profitableness of investments into investment units of mutual fund. Before purchasing the investment unit, it is necessary to familiarize attentively with
the rules of trust management of mutual funds.
4A Efimova str., Saint-Petersburg 190031; Tel: +7(812) 458-5868, 329-5501; Fax: 458-5702 e-mail: [email protected]; http://www.pif-energ.ru
6
FUND «ENERGOCAPITAL-CUMULATIVE»
OPEN-ENDED / OF MISCELLANEOUS INVESTMENTS
Dynamics of unit cost in % on July 31, 2014
30.06.2014
31.07.2014
Within 3 months
Within 6 months
Within 1 year
Within 3 year
Unit cost, rub
196.91
192.55
+9.25
-7.11
-10.00
-43.01
NAV amount, rub
82 270 316.95
80 068 243.48
Performance comparison of the unit and
MSCI Russia 10/40 NR RUB Index at %
The structure of Mutual fund “EnergocapitalReuters Identification
Cumulative” (percentage wise to assets
Code
value)
15%
10%
5%
07.14
06.14
05.14
04.14
03.14
02.14
01.14
12.13
11.13
10.13
08.13
-5%
07.13
0%
-10%
на 31.07
на 30.06
Shares:
85,93%
87,31%
Utilities
37,77%
37,19%
TGK 1
TGKA.MM
8,91%
8,49%
Lenenergo
LSNG.MM
6,68%
6,24%
Feder gidr kom
HYDR.MM
6,08%
6,52%
MRSK Yuga
MRKA.MM
4,01%
3,73%
Krasnoyarsenergosbit
KRSB.MM
3,53%
3,44%
-15%
Krasnoyarsenergosbit pref
KRSB_p.MM
3,16%
3,07%
-20%
Rosseti ord
MRKH.MM
3,04%
3,29%
OGK 2
OGKB.MM
1,20%
1,35%
Kvadra
TGKD.MM
0,75%
0,67%
VRAO_p.RTS
0,28%
0,27%
TVSB.RTS
0,13%
0,12%
18,91%
19,22%
-25%
Fund
MSCI Russia 10/40 NR RUB
RAO ES Vostoka OAO pref
The structure of Mutual fund “Energocapital-Cumulative”
Tverenergosbyt pref
Metallurgy
37.77%
37.19%
Utilities
18.91%
Metallurgy
19.22%
14.69%
15.47%
Machinery-producing industry
6.28%
6.76%
Transport
3.60%
3.55%
2.10%
Developers
Banks
Telecommunications
Consumer sector
на 31.07
0.43%
0.48%
на 30.06
Shares
11.62%
Metallurgy
Bonds
5%
8,08%
7,54%
7,41%
Mechel
MTLR.MM
2,42%
3,15%
Belon
BLNG.MM
0,53%
0,58%
14,69%
15,47%
IRKUT
IRKT.MM
8,24%
8,70%
Sollers
SVAV.MM
4,63%
5,00%
Mashinostroitel`nyi zavod
MASZ.MM
1,82%
1,77%
6,28%
6,76%
Aeroflot
2.45%
1.55%
0%
8,42%
TRMK.MM
Transport
11.14%
cash resources
MAGN.MM
TMK
Machinery-producing industry
2.30%
1.65%
1.79%
0.50%
0.55%
Gas
MMK
AFLT.MM
Developers
10% 15%
20%
25%
30% 35%
40%
45%
Gruppa LSR
LSRG.MM
Banks
Bank Sankt-Petersburg
As a result of a generally negative market situation, the share
value somewhat dropped as compared with the June’s success. Some
of the positions showed a positive revaluation, though. We would like
to mention the major position of our portfolio – Rusal Issue 8 bonds.
So far we do not sell this position, but if the market continues to fall
we will reduce the share of these bonds in order to increase the share
of the falling, yet promising, stock.
BSPB.MM
Gas
Gazprom
GAZP.MM
Telecommunications
RBK
RBCM.MM
Consumer sector
M.video
MVID.MM
Corporate bonds:
Metallurgy
RUSSKIY ALYUMINIY, 8
RU000A0JRF11=RRPS
Cash resources
6,28%
6,76%
3,60%
3,55%
3,60%
3,55%
2,10%
2,30%
2,10%
2,30%
1,65%
1,79%
1,65%
1,79%
0,50%
0,55%
0,50%
0,55%
0,43%
0,48%
0,43%
0,48%
11,62%
11,14%
11,62%
11,14%
11,62%
11,14%
2,45%
1,55%
Cost of investment units can increase and decrease, results of investment in the past do not define incomes in the future and the state does not guarantee profitableness of investments into mutual funds.
Collection of extra charges (discounts) will reduce profitableness of investments into investment units of mutual fund. Before purchasing the investment unit, it is necessary to familiarize attentively with
the rules of trust management of mutual funds.
190031, СПб, ул. Ефимова, д. 4А; тел. +7(812) 458-5868, 329-5501; факс: 458-5702 e-mail: [email protected]; http://www.pif-energ.ru
7
OFFICIAL INFORMATION
Head office of «Energocapital» Asset Management Company is located at:
4A Efimova str., Saint-Petersburg 190031
Working hours:
Mon-Fri: 10.00 – 19.00, Sat-Sun: days off
Contacts:
General Director Asset management department Client department
Aksenov Dmitriy
Aleksandr Pavlov
Bobkova Alexandra
+7 (812) 458-58-68
+7 (812) 441-36-29
+7 (812) 329-55-01
«Energocapital» Asset Management Company Joint-Stock Company (short name – Energocapital Asset Management Company JSC).
License № 21-000-1-00070 issued by the Federal Financial Markets Service on June 25, 2002
Registration of Rules of:
Open-ended miscellaneous mutual fund “Energocapital-Balanced” on December 20, 2002 № 0047-18548678-4;
Open-ended bond mutual fund “Energocapital-Saving” on December 22, 2005 № 0450-75409623;
Open-ended index mutual fund “Energocapital-MICEX index” on December 7, 2006 № 0692-75408629;
Interval equity mutual fund “Energocapital-World markets” on May 12, 2004 № 0211-58233714;
Open-ended miscellaneous mutual fund “Energocapital-Cumulative” on December 27, 2002 № 0062-18549212-2.
You can get the information about the Funds and also take a closer view of the Rules of the Funds by tel. (812) 458-58-68, 329-55-01
and at the address: 4A Efimova str., Saint-Petersburg 190031, and also at web-site of the company www.pif-energ.ru
The analytic information contained in this report was prepared by the «Energocapital» Asset management Company experts and is designed only for the company clients solely for information purpose. Under no circumstances this publication should not be considered as
a proposal to buy or sell the instruments mentioned in it.
In spite of the fact that there were considerable efforts to make the analytic information contained in this report reliable, the company
doesn’t pretend to its completeness and accuracy. The analytic information contained in this report can be changed without previous
notice. Neither the «Energocapital» Asset management Company nor anybody from its staff members has responsibility for any direct or
indirect loss as a result of the use of this publication.
Cost of investment units can increase and decrease, results of investment in the past do not define incomes in the future and the state does not guarantee profitableness of investments into mutual funds.
Collection of extra charges (discounts) will reduce profitableness of investments into investment units of mutual fund. Before purchasing the investment unit, it is necessary to familiarize attentively with
the rules of trust management of mutual funds.
4A Efimova str., Saint-Petersburg 190031; Tel: +7(812) 458-5868, 329-5501; Fax: 458-5702 e-mail: [email protected]; http://www.pif-energ.ru
8