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STK EMERGENT, ADMINISTRATOR STK FINANCIAL SAI - STK

NAV as of date 31.01.2018

Release Date: 2/7/2018 6:39:09 PM

IRIS Code: A1D5F

STK Emergent

Monthly NAV report

January 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 profit made

Number of units fund in circulation: 609,753

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

Depository: BRD- GSG

1. Fund assets

 

December 2017

January 2018

Unlisted shares

28,119,767

28,119,767

Tradeable shares portfolio

39,268,637

41,533,735

Shares

28,710,984

32,677,212

Cash

10,079,659

8,360,268

Collective undertakings titles

632,000

640,000

Other net assets

-154,007

-143,745

Other liabilities

147,673

165,168

Net assets

67,240,731

69,488,334

NAV per share

110.28

113.96

Listed shares represent 47% of the total net assets at the end of January.

In January, the category Other net assets includes only the dividends payable by the Fund from previous years.

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 73.6%, while cash represents 20.1% of the total portfolio.

In the first month of the year, oil price reached a level of 66$/barrel, the maximum of the past three years, helped by the high level of compliance with the OPEC agreement to curtail production, oil demand and strong economic growth, as well as sentiment in the financial markets.

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 25% upside against the end-January price.

At the end of January, the fund’s trading portfolio is valued at about RON 41.53 million, up by 5.77% compared to the value reported in the previous month. At the same time, both the BET index of the Bucharest Stock Exchange and the  BET-FI index  recorded increases of 7.95% and 8.61% respectively.

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 increased by 3.34% last month

On January 31, 2018, the STK Emergent net asset value per share stands at RON 113.96, increasing by  3.34% compared to the net asset value per share at the end of December.

The Bucharest Stock Exchange represented by the BET index, recorded an increase of 7.95% in January.  Among the components, COTE, TLV and SNN had the highest increases (17.71%, 12.68% and 11.39%), the DIGI share being the only one to decline, by 3.68%.

The BET-FI index of the financial sector increased by 8.61% during the last month. Of the SIFs, the highest return was achieved by SIF5 (13.07%), while SIF3 and SIF4 have recorded lower performances (2.67%, respectively 4.59%).

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

From launch to the end of January, the net asset value per share registered a positive variation of 17.43%, outperforming the indices of the Bucharest Stock Exchange (BET index increased by 12.18%, while BET-FI index has shrunk by 7.18% over the same period of time).

4. Performance of the world stock exchanges in January

January was characterized by increases in equity markets

Developed stock exchanges posted an average growth of 2.80% in January, the best performer being the New York Stock Exchange, with a return of the S&P index of 5.6%, followed by the Vienna Stock Exchange, the ATX index marking a growth of  5.1%;  the CAC40 index of the French market increased by 3.2% and the DAX index of the German Stock Exchange rose by 2.1%.

During the same period, the FTSE100 index fell 2.0%, due to a strengthening of the pound by 5% against the dollar, about 75% of revenue generated by FTSE 100 companies coming from international markets.

As regards the emerging stock markets, they have increased strongly, on average by 5.33% in January, the highest returns being registered by the Stock Exchanges from Russia (8.5%) and Romania (8.0%). At the opposite end are stock exchanges from Hungary, Turkey and Poland, which recorded lower increases of 2.1%, 3.6% and 3.8%, respectively.

Index

Country

2015*

2016**

2017 ***

Jan -18****

 

ATX

Austria

11.0%

9.2%

30.6%

5.1%

SOFIX

Bulgaria

-11.7%

27.2%

15.5%

5.2%

PX

Czech Republic

1.0%

-3.6%

17.0%

4.9%

SSEC

China

9.4%

-12.3%

6.6%

5.3%

CAC40

France

8.5%

4.9%

9.3%

3.2%

FTSE

UK

-4.9%

14.4%

7.6%

-2.0%

DAX

Germany

9.6%

6.9%

12.5%

2.1%

BSE SENSEX

India

-5.0%

1.9%

27.9%

5.6%

WIG 20

Poland

-19.7%

4.8%

26.4%

3.8%

BET

Romania

-1.1%

1.2%

9.4%

8.0%

BET-FI

Romania

0.0%

-1.9%

33.4%

8.6%

SP 500

USA

-0.7%

9.5%

19.4%

5.6%

BUX

Hungary

43.8%

33.8%

23.0%

2.1%

MICEX

Russia

26.1%

26.8%

-5.5%

8.5%

PFTS

Ukraine

-37.8%

10.2%

18.8%

6.4%

ISE 100

Turkey

-16.3%

8.9%

47.6%

3.6%

                       

                *return between 12/31/2014-12/31/2015

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

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

          ****last month return: 12/29/2017-01/31/2018

 



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