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STK EMERGENT, ADMINISTRATOR STK FINANCIAL SAI - STK

NAV as of date 31.08.2017

Release Date: 9/7/2017 6:39:42 PM

IRIS Code: 38D75

STK Emergent Monthly NAV report

August 2017

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

 

 

July

 2017

August

 2017

Unlisted shares

28,119,767

28,119,767

Tradeable shares portfolio

36,497,263

35,236,697

Shares

28,159,262

27,060,649

Cash

7,899,912

7,757,007

Collective undertakings titles

540,000

580,000

Other net assets

-101,910

-160,959

Other liabilities

151,755

149,332

Net assets

64,465,276

63,207,132

NAV per share

105.72

103.66

 At the end of August, listed shares represent 42.8% of the total net assets.

 The category Other net assets includes the difference between the dividends and other rights receivable and dividends to be distributed by the Fund from the 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 tradeable portfolio is placed in stocks of the oil companies, about 54.4%, while 15.8% of the total traded portfolio is placed in the industrial metals sector and the cash component represents only 21.9% of the portfolio.

 We further believe that the oil&gas sector has the greatest potential to outperform the stock exchange over the next period, as it is the most undervalued sector.

 2. Stock portfolio

The crude oil equilibrium price based on the historical price performance according to global oil demand and supply is now at USD 70. Compared to the level of equilibrium, since 2000, there have been only 2 cases where the price was as low as in our days, moments followed by price increases. The current situation indicates with a high probability a growth potential of 48.7% compared to the end-August price.

At the end of August, the trading portfolio of the fund is valued at about RON 35.24 million, down by 3.45% compared to the value reported in the previous month, due to the decrease by 6.2% of the crude oil price, and because of the depreciation by 2.3% of the pound sterling against national currency, with most of the portfolio being traded in pounds. At the same time, the BET index of the Bucharest Stock Exchange recorded a decrease of 2.71% compared to the value at the end of July and the BET-FI index raised by 6.01%.

 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 1.95% the last month

 On August 31, 2017 the STK Emergent net asset value per share of RON 103.66 decreased by 1.95% compared to the net asset value per share at the end of the previous month.

 The Bucharest Stock Exchange represented by the BET index shrunk by 2.7% in August. Among the components, the lowest returns were achieved by TLV, BRD and EL (-21.0%, -7.2% and -7.1%). In the case of TLV shares, most of the decrease was due to the share capital increase of 19.1%, along with the ex-dividend date (dividend yield was 2.1% as of end-July price).

 The BET-FI index of the financial sector increased by 6.0% during the last month. Of the SIFs, the most positive was SIF1 (11.4%) and the last performer was SIF3 (4.0%).

 Comparative chart of STK Emergent and the Bucharest Stock Exchange Indices between start-up and August 2017:

 

STK E*- NAV per share adjusted for dividends

 From launch to the end of August, the net asset value per share registered a positive variation of 6.82%, outperforming the BET-FI index which has shrunk by 22.95%, while BET index recorded a positive return of 7.91% during the same time.

 4. Performance of the world stock exchanges in August

 August was characterized by opposite performance in equity markets

In August, as in the last 2 months, Europe`s developed stock markets underpeformed the other stock exchanges, recording an average yield of only 0.1%. CAC 40 and DAX indices continued the corrections started 2 months ago, so that the stock exchanges from France and Germany dropped by 0.2% and 0.5%.

The geopolitical tensions between the US and North Korea triggered a slowdown in the S&P 500 index in August, ending the month at about the same level as in the previous month.

The emerging stock exchanges outperformed the developed markets in August too, recording an average yield of 1.7%. The investors who traded shares on stock exchanges in countries such as Hungary, Poland and Russia enjoyed higher returns of about 6.6%, 6.0% and 5.3%. The lowest returns were obtained from investments in securities of companies listed on the stock exchanges in India and Bulgaria (-2.4% and -1.4%).

 

Index

Country

2015*

2016**

2017YTD ***

Aug-17****

 

ATX

Austria

11.0%

9.2%

23.5%

0.5%

SOFIX

Bulgaria

-11.7%

27.2%

20.3%

-1.4%

PX

Czech Republic

1.0%

-3.6%

10.9%

1.3%

SSEC

China

9.4%

-12.3%

8.3%

2.7%

CAC40

France

8.5%

4.9%

4.6%

-0.2%

FTSE

UK

-4.9%

14.4%

4.0%

0.8%

DAX

Germany

9.6%

6.9%

5.0%

-0.5%

BSE SENSEX

India

-5.0%

1.9%

19.2%

-2.4%

WIG 20

Poland

-19.7%

4.8%

29.2%

6.0%

BET

Romania

-1.1%

1.2%

13.6%

-2.7%

BET-FI

Romania

0.0%

-1.9%

20.3%

6.0%

SP 500

USA

-0.7%

9.5%

10.4%

0.1%

BUX

Hungary

43.8%

33.8%

19.0%

6.5%

MICEX

Russia

26.1%

26.8%

-9.4%

5.3%

PFTS

Ukraine

-37.8%

10.2%

8.0%

-0.5%

ISE 100

Turkey

-16.3%

8.9%

40.8%

2.3%

                       

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

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

***r return between 12/30/2016-08/31//2017

                 ****last month return: 07/31/2017-08/31/2017

 



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