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STK EMERGENT, ADMINISTRATOR STK FINANCIAL SAI - STK

NAV as of date 30.04.2020

Release Date: 5/8/2020 6:13:57 PM

IRIS Code: 37D5E

STK Emergent  Monthly NAV report

April 2020

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 fund units in circulation: 609,753

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

Depository: BRD- GSG

 

1. Fund assets

RON

March

2020

April

2020

Unlisted shares

29,916,388

29,916,388

Tradeable shares portfolio

28,511,681

28,612,917

Shares

1,089,870

1,120,110

Cash

27,042,965

27,051,006

Collective undertakings titles

585,000

647,956

Other net assets

-206,155

-206,155

Other liabilities

134,383

134,520

Net assets

58,293,686

58,394,785

NAV per share

95.60

95.77

 

Tradeable shares portfolio represents 49.0% of the total net assets at the end of April.

Fund holdings are recorded using the reference price of the shares traded on the last day of the month, and for the unlisted companies a fair value is used, from a valuation report made by an ANEVAR certified external valuator.

At the end of April, the tradeable shares portfolio was made of 93.9% cash, collective undertakings: 2.2%, and other shares: 3.9%. Other net assets category includes the dividends payable by the Fund from previous years.

In April, governments and policy makers in the US, China and the EU continued their efforts to limit the economic damage of the pandemic through measures to reduce interest rates and provide liquidity, temporarily positively influencing financial market sentiment; the price of WTI oil futures slipped into negative territory on April 20, for the first time since listing.

 

2. Stock portfolio

The problems caused by the coronavirus pandemic have created a very risky investment environment at present, with high asset volatility and uncertainties about its duration. Under those conditions  we chose to maintain higher liquidity while waiting for a more favorable context.

At the end of April, the Fund’s trading portfolio is valued at about RON 28.61 million, slightly up by 0.36% compared to the value reported at the end of March, reflecting the changes in the prices of the remaining companies in the portfolio.

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 varied by 0.17% last month

On April 30, 2020, the STK Emergent net asset value per share stands at RON 95.77, slightly up by         0.17%, compared to the net asset value per share at the end of March.

The BET index of the Bucharest Stock Exchange recovered by 4.63% in April, reaching 7,978.64 points at the end of the month; the highest increases were registered by COTE shares +19.1%, M and ALR shares +18.9%, and SFG shares +17.1%; BRD and SNG shares registered decreases of -3.7% and -0.4%.

The BET-FI index of the financial sector registered an increase of 2.48% in April, the five Financial Investment Companies and FP posting returns between -1.5% and 12.2%.

From launch to the end of April, the net asset value per share registered a negative variation of 1.32%, underperforming the BET index, which increased by 6.93%, but overperforming the BET-FI index, which registered a decline of 12.87% over the same time frame.

 

4. Performance of the world stock exchanges

 April was characterized by increases in financial markets

The developed financial markets grew by an average of 8.38% in April, amid measures taken by central banks and announcements of economies reopening, the mature capital market indexes recording the following returns: the American index S&P500 12.7%, the Austrian ATX index 11.3%, the German DAX index 9.3%, the Polish WIG20 index 9.0%, the French CAC40 index and the British FTSE100 index 4.0%.

At its 30 April meeting, the President of the European Central Bank stated that the impact of the coronavirus was unprecedented and the speed and scale of the recovery highly uncertain and launched a new series of pandemic emergency longer-term refinancing operations (PELTROs), in order to to support liquidity conditions in the euro area financial system and contribute to preserving the smooth functioning of money markets.

Emerging and frontier stock exchanges increased by an average of 8.11% in April, with stocks exchanges in India, Turkey and the Czech Republic posting the largest increases of 14.4%, 12.8% and 10.5%.

 

Index

Country

2018*

2019**

YTD 2020***

Apr -20****

 

ATX

Austria

-19.7%

16.1%

-30.1%

11.3%

SOFIX

Bulgaria

-12.3%

-4.4%

-21.2%

6.7%

PX

Czech Republic

-8.5%

13.1%

-21.7%

10.5%

SSEC

China

-24.6%

22.3%

-6.2%

4.0%

CAC40

France

-11.0%

26.4%

-23.5%

4.0%

FTSE

UK

-12.5%

12.1%

-21.8%

4.0%

DAX

Germany

-18.3%

25.5%

-18.0%

9.3%

BSE SENSEX

India

5.9%

14.4%

-18.3%

14.4%

WIG 20

Poland

-7.5%

-5.6%

-23.3%

9.0%

BET

Romania

-4.8%

35.1%

-20.0%

4.6%

BET-FI

Romania

-12.6%

37.3%

-15.0%

2.5%

SP 500

USA

-6.2%

28.9%

-9.9%

12.7%

BUX

Hungary

-0.6%

17.7%

-23.7%

6.2%

MOEX

Russia

11.8%

29.1%

-13.0%

5.7%

ISE 100

Turkey

-20.9%

-8.9%

-1.8%

12.8%

                     

 



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