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STK EMERGENT, ADMINISTRATOR STK FINANCIAL SAI - STK

NAV as of date 28.02.2018

Release Date: 3/7/2018 6:33:19 PM

IRIS Code: 1DEB5

STK Emergent

Monthly NAV report

February 2018

Fund profile: closed-end fund listed on the Bucharest Stock Exchange

Fund objectives: invested capital increase, a 25% return per year on the managed assets and a return higher than the BET market index (1.3 x return of the BET index), distributing dividends to investors of the realised profit

Number of units fund in circulation: 609,753

CNVM notice: CSC08FIIR/120004 from 02/07/2008

Depository: BRD- GSG

1. Fund assets

 

January 2018

February 2018

Unlisted shares

28,119,767

28,119,767

Tradeable shares portfolio

41,533,735

37,718,396

Shares

32,677,212

35,593,824

Cash

8,360,268

1,643,316

Collective undertakings titles

640,000

625,000

Other net assets

-143,745

-143,745

Other liabilities

165,168

155,607

Net assets

69,488,334

65,682,556

NAV per share

113.96

107.72

Tradeable shares portfolio represents 57% of the total net assets at the end of February.

Fund holdings are recorded using the reference price of the shares traded on the last day of the month, or the book value for unlisted companies, adjusted for the fair value of these companies΄ assets.

Most of the trading portfolio is placed in titles belonging to oil & gas companies, about 78%, while cash represents 4.3% of the total portfolio.

In February, the average oil price was 62.06$/barrel, supported by the high level of compliance with the OPEC agreement to curtail production; the fall in oil prices in the last days of February is mainly due to a larger-than-expected increase in U.S. crude inventories.

In the latest International Energy Agency report, the increase in US shale oil production in the coming years will only cover 80% of the world΄s oil demand growth, and according to our calculations, the increase in shale production is conditioned by rising oil prices.

2. Stock portfolio

According to OPEC analysis, global oil demand for 2018 is estimated to increase by 1.58% above the 2017 figure, which is a factor that may generate future increases in oil prices. The equilibrium price resulting from the modelling function in relation to oil supply and demand is 81$/barrel, an increase of 1.3% over the previous valuation, representing a 32% upside against the end-February price.

At the end of February, the fund’s trading portfolio is valued at about RON 37.72 million, down by 9.15% compared to the value reported at the end of January, caused by oil companies falling with the oil price. In our opinion, this correction follows the sustained growth trend over the past months, but according to fundamental data, we believe that the multiannual growth trend will continue.

Past fund performance is no guarantee of future results!

Read the documents of incorporation before investing in this fund!

3. Changes in the NAV per share

The net asset value per share decreased by 5.48% last month

On Febuary 28, 2018, the STK Emergent net asset value per share stands at RON 107.72, decreasing by  5.48%, compared to the net asset value per share at the end of January.

The Bucharest Stock Exchange represented by the BET index, recorded a slight  increase of 0.98% in February. Among the components, SNG, BRD and SNN shares had the highest increases (6.73%, 3.70% and 3.37%), while TEL, DIGI and COTE shares registered declines of 6.21%, 4.37% and 4.27%.

The BET-FI index of the financial sector contracted by 2.55% last month. FP and SIF2 achieved positive returns of 0.54% and 0.38%, while the rest of the index components slided by 6.54% (SIF4), 5.88% (SIF1), 5.48% (SIF5) and 1.8% (SIF3).

Comparative chart of STK Emergent and the Bucharest Stock Exchange Indices between start-up and February 2018:

From launch to the end of January, the net asset value per share registered a positive variation of 11.0%, outperforming the BET-FI index which has shrunk by 9.55%, while BET index recorded a positive return of 13.28% in the same time frame.

4. Performance of the world stock exchanges in February

February was characterized by falls in equity markets

Developed stock exchanges posted an average fall of 3.97% in Febuary, due to fears of inflation and  possible raises of interest rates; the DAX index of the German stock exchange fell by 5.7%, the FTSE 100 index dropped by 4.0%, the S&P 500 corrected by 3.9%, the ATX index decreased by 3.3% and the CAC 40 index declined by 2.9%.

In the first meeting of its Monetary Policy Committee in 2018, the Bank of England left interest rates unchanged at 0.5%, but made clear that it will be likely necessary to raise interest rates in 2018. Also, the Bank of England expects UK GDP to expand by 1.7% in 2018 (compared to a previous forecast of 1.5%) and by  1.8% in 2019 (compared to 1.7% as previously forecasted).

Emerging stock markets evolved in the same direction, with an average decline of 2.52% in February, with stock exchanges in Poland and China showing negative returns of -7.4% and -6.4%, respectively. On the other hand, the stock exchanges in Ukraine, Romania and Russia recorded positive returns of 3.5%, 1.0% and 0.3%, respectively.

Index

Country

2016*

2017**

YTD 2018***

Feb -18****

ATX

Austria

9.2%

30.6%

1.6%

-3.3%

 

SOFIX

Bulgaria

27.2%

15.5%

1.3%

-3.7%

 

PX

Czech Republic

-3.6%

17.0%

3.9%

-0.9%

 

SSEC

China

-12.3%

6.6%

-1.4%

-6.4%

 

CAC40

France

4.9%

9.3%

0.1%

-2.9%

 

FTSE

UK

14.4%

7.6%

-5.9%

-4.0%

 

DAX

Germany

6.9%

12.5%

-3.7%

-5.7%

 

BSE SENSEX

India

1.9%

27.9%

0.4%

-5.0%

 

WIG 20

Poland

4.8%

26.4%

-3.9%

-7.4%

 

BET

Romania

1.2%

9.4%

9.0%

1.0%

 

BET-FI

Romania

-1.9%

33.4%

5.8%

-2.5%

 

SP 500

USA

9.5%

19.4%

1.5%

-3.9%

 

BUX

Hungary

33.8%

23.0%

-3.2%

-5.2%

 

MICEX

Russia

26.8%

-5.5%

8.9%

0.3%

 

PFTS

Ukraine

10.2%

18.8%

10.1%

3.5%

 

ISE 100

Turkey

8.9%

47.6%

3.1%

-0.5%

 

                     

 

*return between 12/31/2015-12/30/2016

                ** return between 12/30/2016-12/29/2017

*** return between 12/29/2017-02/28/2017

          ****last month return: 12/29/2017-02/28/2018

 



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