Raiffeisen Asset Management · Raiffeisen Asset Management (Bulgaria) EAD is owned by...
Transcript of Raiffeisen Asset Management · Raiffeisen Asset Management (Bulgaria) EAD is owned by...
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Raiffeisen Asset Management
DECEMBER 2016
Monthly bulletin
Raiffeisen Asset Management (Bulgaria) EAD is owned by Raiffeisenbank (Bulgaria) EAD as part of Raiffeisen
Group - a leader in financial services in Central and Eastern Europe. The company is licensed by Bulgarian
Financial Supervision Commission with a Decision №7-УД/22.12.2005 and works in close cooperation and in
accordance with the highest standards of Austrian management company Raiffeisen Capital Management.
Raiffeisen Asset Management manages the largest bond fund in Bulgaria Fund "Raiffeisen Conservative Fund
Bulgaria" as well as the largest mixed conservative fund "Raiffeisen Active Protection".
The responsibility towards investors and their interests is the basis of any investment decision. This principle is
fundamental to our business. The Company adheres to the following priorities in management:
Strong performance of the funds and
protection of investors’ interests
Establish and maintain long-term
relationships with investors
Trust, reliability, stability, transparency and
constructiveness
Proactivity, flexibility, innovation
Adherence to the corporate culture of the
Group's highest standards and best
practices for the industry
Implementation of strict rules and policies
for risk management in the investment
proces
Raiffeisen Asset Management (Bulgaria) EAD is the first asset management company in Bulgaria to offer a
combination of local and foreign funds in order to provide customers with the opportunity to invest in diversified
portfolios of financial instruments.
The Company organizes and manages four local funds (three of which are the first “Feeder funds”, registered in
Bulgaria) and distributes eleven funds managed by Raiffeisen Capital Management, Vienna.
Funds managed byRaiffeisen
Asset Management /
Bulgaria / EAD
Funds managed by Raiffeisen
Capital Management in Vienna 1. Raiffeisen (Bulgaria)
Conservative Fund
1. Raiffeisen Global Bond
2. Raiffeisen (Bulgaria) Global
Growth
2. Raiffeisen Sustainable Mix
3. Raiffeisen (Bulgaria) Active
Protection
3. Raiffeisen European SmallCap
4. Raiffeisen (Bulgaria) Global
Mix
4. Raiffeisen Global Equities
5. Raiffeisen Eastern European Equities
Other products
6. Raiffeisen Eurasia Equity Fund
1. Individual Investment Plan
7. Raiffeisen Emerging Markets Equity
2. Deposit Mix
8. Raiffeisen Russia Equities
9. Raiffeisen Energy Equities
10. Raiffeisen Infrastructure Equities
11. Raiffeisen Active Commodities
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Raiffeisen Asset Management
DECEMBER 2016
Index Changes 30.11.2016 31.10.2016 Change Comment
Europa
2016 ended up being a reasonably good
year for markets. However, the year will
be remembered for Brexit, Trump and
Renzi, partly due to the unexpected
nature of some of the results, but also the
potentially profound shift in international
relations in coming years. In Bulgaria the
presidential elections in the autumn
brought the greatest surprise. The first
election loss of GERB and the victory of
the Gen. R. Radev led to the resignation
of the government. Early parliamentary
elections expected to be held in mid-
spring 2017th.
Overall, the divergence in monetary
policy that was expected played out, and
is likely to remain a theme for 2017.
Investors have bought into the Trump or
“reflation trade” on hopes of stronger
growth, rising inflation and higher interest
rates. We factor a fiscal boost into our
forecast, but the impact will not be felt
until 2018.
Political risk shifts to Europe in 2017 with
the risk of an upset in France or Italy
potentially threatening a breakup of the
euro.
For Bulgaria the main risk lies in early
elections and the inability to form a
government for a long time
Dow Jones Euro
Stoxx 600 361.42 341.99 5.68%
FTSE100 7142.83 6783.79 5.29%
DAX 11481.06 10640.30 7.90%
USA
Dow Jones 19762.60 19123.58 3.34%
S&P 500 2238.83 2198.81 1.82%
Nasdaq 5383.12 5323.68 1.12%
Bulgaria
SOFIX 586.43 562.82 4.19%
BGBX40 111.3 106.37 4.63%
BG REIT 108.11 103.48 4.47%
BG TR30 459.19 439.11 4.57%
Commodities
Gold 1147.50 1173.20 -2.19%
Oil 53.72 49.44 8.66%
Govt. bonds
US 10y 2.444% 2.381% 0.06%
US 5y 1.927% 1.842% 0.09%
DE 10y 0.208% 0.275% -0.07%
DE 5y -0.532% -0.429% -0.10%
Index Money
market
LEONIA 0.000% -0.300% 0.30%
SOFIBOR -0.070% -0.070% 0.00%
EURIBOR -0.319% -0.314% -0.01%
Източник: Bloomberg.
RAM Market share
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Raiffeisen Asset Management
DECEMBER 2016
Yield %
YTD 0.73%
6 months 0.71%
1 year 0.73%
2 years 0.54%
5 years 11.06%
Since inception* 3.83%
Risk %
St. Dev (daily) 0.039%
St. Dev (yearly) 0.62%
Sharpe ratio 1.24
Positive months 118
Negative months 10
SRRI 3
Structure of the fund by
asset classesValue in BGN % of the portfolio
Cash 15 356 623 17.53%
Deposits 11 119 552 12.69%
Govt Debt 61 134 970 69.78%
Total 87 611 145 100.00%
BLOOMBERG code RAMMMKT BU
ISIN BG9000007062
Currency BGN
Total NAV 87 611 145.03
NAV/ Unit 1.4997
Shares outstanding 58 419 113.8422
Date of IPO 16.03.2006
Nominal Value 1.0000
Subscription fee %
Redemption feeFor investments over
12 months - 0.00%
for investments
under 12 months -
0.30%
Management fee 0.25%
Minimum investment BGN 30
Recommended investment
horizonMinimum 2.5 years
Conservative Fund Bulgaria
y/m I II III IV V VI VII VIII IX X XI XII
2012 0.41 0.42 0.4 0.37 0.47 0.36 0.35 0.3 0.32 0.35 0.32 0.22
2013 0.16 0.23 0.25 0.31 0.19 0.13 0.34 0.16 0.28 0.51 0.27 0.28
2014 0.32 0.43 0.33 0.39 0.31 -0.2 0.12 0.22 0.28 0.12 0.07 0.26
2015 0.31 0.12 -0.17 -0.01 -0.25 -0.49 0.01 -0.09 0.06 0.08 0.19 -0.11
2016 0.11 0.07 -0.13 -0.2 -0.11 0.05 0.54 0.13 0.06 0.09 -0.19 0.08
Yields by months for the last five years %
Raiffeisen Conservative Fund Bulgaria
Net Asset Value per Unit
2 yrs return
As of 31.12.2016 near 70% of the fund’s NAV is invested in 9 emissions
of Bulgarian Local Government Bonds.
Modified Duration of the fund is 2.13 yrs.
Raiffeisen Conservative Fund Bulgaria
(former “Raiffiesen (Bulgaria) Liquidity
Fund”) starts public offering of units in
March 2006. The fund invests up to 100%
of its assets in government debt, issued
and/or guaranteed by the Republic of
Bulgaria, with maturity of up to 5 years;
up to 10% in corporate bonds of
Bulgarian issuers; no less than 5% in cash
and bank deposits with maturity of up to
12 months.
The investment purpose of the fund is to
realize capital gains by taking low to
moderate risk.
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Raiffeisen Asset Management
DECEMBER 2016
Risk -
St. Dev (daily) 0.14%
St. Dev (yearly) 2.28%
Sharpe ratio 1.04
Positive months 68
Negative months 14
SRRI 3
Yield %
YTD 2.32%
6 months 0.10%
1 year 2.32%
2 years -0.77%
5 years 8.59%
Since inception* 2.57%
Structure of the fund by
asset classesValue in BGN
% of the
portfolio
Cash 1 264 537 5.10%
Deposits 23 539 996 94.90%
Total 24 804 533 100.00%
BLOOMBERG code RAFBUCP BU
ISIN BG9000013094
Currency EUR
Total NAV 24 804 532.65
NAV/ Unit 1.1927
Shares outstanding 20 796 958.71
Date of IPO 19.01.2010
Nominal Value 1.0000
Subscription fee 0.00%
Redemption feefor investments over
12 months - 0.00%
for investments under
12 months - 0.30%
Management fee 0.75%
Minimum investment 200 EUR
Recommended investment
horizon5 years
Active Protection
y/m I II III IV V VI VII VIII IX X XI XII
2012 0.36 0.36 0.36 0.28 0.27 0.45 0.35 0.45 0.33 0.36 0.32 0.22
2013 0.10 0.06 0.11 0.39 0.05 -0.10 0.24 0.18 0.17 0.45 0.27 0.28
2014 0.29 0.30 0.26 0.30 0.35 -0.34 0.08 0.63 0.19 0.14 0.07 0.26
2015 0.63 0.21 -0.30 -0.12 -0.88 -1.20 -0.03 0.05 0.06 0.00 0.19 -0.11
2016 0.30 0.61 0.38 0.71 -0.17 0.63 0.54 -0.01 -0.14 -0.38 -0.46 0.56
Yields by months for the last five years
Raiffeisen (Bulgaria) Active Protection
Feeder Fund
As of 31.12.2016 95% from fund’s NAV is invested in Master fund –
Raiffeisen Euro-Click.
Cash exposure is 5% from the fund’s NAV.
Raiffeisen (Bulgaria) Active Protection is
established on 25 Nov 2015 after the
transformation of “Raiffeisen (Bulgaria)
Fund Protected Investment in Euro” into
a Feeder fund.
The fund invests constantly at least 85%
of its assets in units of “Raiffeisen Euro-
Click” – Master fund, organized and
managed by Raiffeisen Capital
Management – Austria. The rest of the
portfolio is kept in cash.
The main purpose of the Master fund is to
protect at least 90% of the highest
historical NAV per unit achieved.
The investment purpose and policy,
including the risk profile and the return of
the Master and the Feeder funds, are
identical.
Net Asset Value per Unit
2 yrs return
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Raiffeisen Asset Management
DECEMBER 2016
Bond Ratios*
Ø Duration (Next call) 0.56
Ø Modified Duration (Next call) 0.57
Avg. Yield to Maturity -0.11
Avg. Yield next call -0.11
Avg. Coupon 0.55
Avg. Rating A
Fund structure by asset class
Bonds Developed Markets 6.9%
Bonds Emerging Markets 6.0%
Inflation-Linked Bonds 11.1%
Corporate Bonds 12.8%
Equities Euro/Europe 5.5%
Equities Non-Euro/Global 9.5%
Equities Emerging Markets 2.0%
Commodities 7.7%
Currencies -9.1%
Cash 46.1%
n.a. 1.7%
Total 100%
Largest positions:
Raiffeisen Sustainable ShortTerm (I) T 17.8%
LYX ETF EUROMTS INFL IG DR 8.1%
AMUNDI ETF US TREASURY 7-10 5.7%
ISHARES USD TIPS 3.2%
ISHARES EM LOCAL GOVT 3.1%
ISHARES EURO CORP BND EX-FIN 2.1%
SOURCE EURO STOXX 50 UCITS E 2.0%
ISHARES CORE UK GILTS 1.6%
ISHARES EURO HY CORP 1.6%
ISHARES CORE EM IMI UCITS ET 1.4%
Raiffeisen-Euro-Click
Master Fund
"Raiffeisen-Euro-Click" offers a protection model, which
aims to preserve 90% of the highest NAV per unit of the
fund achieved historically. This value is subject to a
constant correction in case there is a new high in the
fund’s NAV per unit.
"Raiffeisen-Euro-Click" invest its assets in two types of
components
component that ensures stability (deposits,
money market instruments, bonds, funds investing
in bonds)
(mainly in bonds , bond funds or equity funds
investing in shares)
Thanks to the elevated ratio of equities, the fund profited from the strong equity market performance. The current
strategic adjustment also resulted in a minor increase in this asset class, whereas investment in commodities was cut
back in favour of inflation-linked bonds. The US central bank raised its key interest rate, as had been generally
anticipated. Its unexpectedly hawkish outlook for the future, however, triggered intense reactions on the market,
which on the whole had a very small negative impact on the fund.
The year-end rally on the equity markets triggered by the US elections continued in December. The bond markets
initially stabilised, but the US bond market then quickly came under pressure again due to the unexpectedly
hawkish outlook presented by the US Fed. In line with this, USD rapidly began appreciating again. On the other
hand, commodities – and precious metals in particular – conceded their gains. Along with the corporate outlooks,
the fundamental economic and labour market are positive.
ISIN AT0000A1G7D6
Currency EUR
Total NAV 23 564 796
NAV/ Unit 101.34
Shares outstanding 232 532.03
Date of IPO 25.11.2015
Nominal Value 100
SRRI 3
Recommended investment
horizon5 years
Raiffeisen-Euro-Click
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Raiffeisen Asset Management
DECEMBER 2016
Yield %
YTD 1.53%
6 months 1.15%
1 year -
2 years -
5 years -
Since inception* 2.09%
Risk -
St. Dev (daily) -
St. Dev (yearly) -
Sharpe ratio -
Positive months 5
Negative months 4
SRRI 3
Structure of the fund by
asset classesValue in BGN
% of the
portfolio
Cash 209 142 5.59%
Deposits 3 528 949 94.41%
Total 3 738 092 100.00%
ISIN BG9000002154
Currency EUR
Total NAV 3 738 091.88
NAV/ Unit 1.0153
Shares outstanding 3 681 760.9386
Date of IPO 05.04.2016
Nominal Value 1.0000
Subscription fee 0.00%
Redemption feefor investments over
12 months - 0.00%
for investments under
12 months - 0.50%
Management fee 1.25%
Minimum investment 200 EUR
Recommended investment
horizon5 years
Raiffeisen Global Mix
y/m I II III IV V VI VII VIII IX X XI XII
2012 - - - - - - - - - - - -
2013 - - - - - - - - - - - -
2014 - - - - - - - - - - - -
2015 - - - - - - - - - - - -
2016 - - - -0.29 0.05 0.62 1.11 0.17 -0.59 -0.59 -0.23 1.30
Yields by months for the last five years
Raiffeisen (Bulgaria) Global Mix
Feeder Fund
As of 31.12.2016 94.4% from fund’s NAV is invested in Master fund –
Raiffeisen Sicherheit.
Cash exposure is 5.6% from the fund’s NAV.
Raiffeisen (Bulgaria) Global Mix is a Feeder
scheme, which invests 85% or more of its
assets in shares of “Raiffeisen Security”
(Raiffeisen - Sicherheit) – Master collective
investment scheme, which is organized and
managed by Raiffeisen Capital
Management – Austria.
Raiffeisen Global Mix Fund is a Feeder
scheme, which invests 85% or more of its
assets in units of “Raiffeisen Security”
(Raiffeisen - Sicherheit) – Master collective
investment scheme, which is organized and
managed by Raiffeisen Capital
Management – Austria. The rest is kept in
cash. The Fund starts public offering of its
units 05.04.2016.
The investment objective of the fund is
realizing capital gains while taking low to
medium risk.
Net Asset Value per Unit
2 yrs return
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Raiffeisen Asset Management
DECEMBER 2016
Bond Ratios
Ø Duration (Next call) 4.03
Ø Modified Duration (Next call) 4.00
Avg. Yield to Maturity 1.09
Avg. Yield next call 0.99
Avg. Coupon 2.05
Avg. Rating А
Fund structure by asset class
Bonds Developed Markets 75.0%
Equities Euro/Europe 5.4%
Equities Non-Euro/Global 17.1%
Equities Emerging Markets 2.5%
Total 100.0%
Largest positions:
Raiffeisen-Global-Bonds (R) T 9.5%
Raiffeisen 304 - Euro Corporates T 7.4%
Raiffeisen 902 - Treasury Zero II A 6.3%
Raiffeisen-Euro-ShortTerm-Bonds (R) T 5.7%
Raiffeisen 301 - Euro Gov. Bonds A 5.1%
Raiffeisen US Equities A 4.6%
Raiffeisen-GlobalAllocation-StrategiesPlus (S) T 3.9%
GOLDMAN SACHS EUR LIQ RES-IA 2.6%
Raiffeisen Euro Corporates (R) T 2.4%
LYX ETF EURMTS INV GRADE DR 2.0%
Raiffeisen Sicherheit
Master Fund
Raiffeisen-Fund-Security is a mixed fund of funds.
It pursues an investment goal of moderate
capital growth and mainly invests (at least 51% of
its fund assets) in units in investment funds. Units in
equity funds may not exceed 35% of the fund’s
assets. Units in investment funds are mainly
selected on the basis of the quality of the
investment process, their performance to date
and their risk management. In addition to
investment funds, the fund may also invest in
securities, in bonds and money market
instruments issued by sovereigns, supranational
issuers and/or companies etc. and in sight
deposits and deposits at notice.
There were modest purchases of equities at the end of November. Preference was shown for equities from Japan,
the emerging markets, and the UK, especially versus US equities. In the bond segment, the ad-mix of inflation-linked
bonds was maintained, and there were purchases of EUR-denominated high yield bonds. Holdings of emerging
market hard currency bonds were reduced. US high yield bonds and corporate bonds were added as a new ad-
mix.
Markets essentially did not react at all to the rate hike in the USA, as this move was expected and had thus already
been priced in. On the other hand, the Fed’s hawkish comments on the outlook for the next few years did come as
a surprise. If the economic data do indeed continue to improve, several more interest rate hikes can be expected
from the Fed in 2017.
ISIN AT0000743562 (VTA)
Currency EUR
Total NAV 1 203 060 000
NAV/ Unit 149.74
Shares outstanding 8 034 326.17
Date of IPO 22.06.1998
Nominal Value 100
SRRI 3
Recommended investment
horizon5 years
Raiffeisen-Security
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Raiffeisen Asset Management
DECEMBER 2016
Yield %
YTD 2.46%
6 months 10.53%
1 year 2.46%
2 years 2.97%
5 years -
Since inception* 4.99%
Risk -
St. Dev (daily) 1.01%
St. Dev (yearly) 16.05%
Sharpe ratio 0.16
Positive months 31
Negative months 15
SRRI 6
Structure of the fund by
asset classesValue in BGN
% of the
portfolio
Cash 564 374 5.92%
Deposits 8 968 304 94.08%
Total 9 532 678 100.00%
ISIN BG9000001131
Currency BGN
Total NAV 9 532 678.08
NAV/ Unit 1.2049
Shares outstanding 7 911 592.7267
Date of IPO 01.03.2013
Nominal Value 1.0000
Subscription fee 0.00%
Redemption feefor investments over
12 months - 0.00%
for investments under
12 months - 0.70%
Management fee 2.20%
Minimum investment BGN 30
Recommended investment
horizon10 years
Global Growth
y/m I II III IV V VI VII VIII IX X XI XII
2012 - - - - - - - - - - - -
2013 - - 0.52 2.27 1.82 -3.10 3.56 -2.07 2.12 2.34 0.36 0.31
2014 1.13 3.22 1.47 0.82 2.48 -0.52 -1.33 1.22 0.51 -0.71 -0.24 0.94
2015 3.03 4.37 0.99 1.59 -1.26 -4.14 0.76 -7.65 -4.22 7.04 3.50 -4.41
2016 -6.85 -2.04 1.21 1.84 1.22 -2.63 3.54 0.74 -0.26 0.45 3.84 1.86
Yields by months for the last five years
Raiffeisen (Bulgaria) Fund Global Growth
Feeder Fund
As of 31.12.2016 94% from fund’s NAV is invested in Master fund –
Raiffeisen Global Equities.
Cash exposure is 6% from the fund’s NAV.
Net Asset Value per Unit
2 yrs return
"Raiffeisen (Bulgaria) Fund Global
Growth" started its activities on
01.03.2013 . the merger of three mutual
funds "Raiffeisen Equity Fund", "Raiffeisen
Balanced Fund" and "Raiffeisen
Balanced Dollar". On 29.05.2015, the
fund is converted into a feeder
collective investment scheme which
invests 85 percent or more of its assets in
units of mutual fund "Raiffeisen Global
Equities" - Main collective investment
scheme organized and managed by
Raiffeisen Capital Management -
Austria.
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Raiffeisen Asset Management
DECEMBER 2016
ISIN AT0000785266 (VTA)
Currency EUR
Total NAV 494 690 000
NAV/ Unit 281.29
Shares outstanding 1 758 647.66
Date of IPO 26.05.1999
Nominal Value 100
SRRI 6
Recommended investment horizon 10 years
Raiffeisen Global Equity
Fund structure by issuer country
United States 55.37%
United Kingdom 6.72%
Japan 5.74%
Germany 3.70%
France 3.61%
Canada 3.10%
Hong Kong 2.79%
Switzerland 2.76%
Spain 2.52%
Netherlands 2.40%
Others 11.31%
Total 100.00%
Fund structure by MSCI sectors
Financials 19.32%
Information Technology 18.86%
Consumer Discretionary 11.82%
Health Care 11.76%
Industrials 9.57%
Consumer Staples 8.65%
Energy 6.29%
Materials 5.46%
Telecommunication Serv ices 4.16%
Utilit ies 1.59%
Real Estate 1.48%
n.a. 0.56%
Cash 0.50%
Total 100.00%
Raiffeisen Global Equities
Master fund
Месечен бюлетин
Raiffeisen Global Equities was established on
16.10.1986, the Fund invests primarily in global
equities, with a regional focus on North America,
Europe and Japan. The main objective of the
Fund is long-term capital growth by taking a - high
risks.
Preferred are companies with attractive
fundamental results.
In addition, sectoral and geographical selection
of stocks provide broad diversification. The fund is
aimed at investors wishing to benefit from the
receipt of high incoe investing in stocks, while
knowingly take the risk of significant exchange
rate fluctuations (movement of stock prices and
exchange rates.)
During the reporting period, the fund’s performance was positive, driven by the selection of securities in the energy
sector. In terms of individual names, Sompo Holdings, CME Group, Citigroup, and SunTrust Banks all did well. At the
same time, despite the aforementioned names, the overweighting in this sector cost the fund some performance.
The performance contributions from the tech sector were weaker. Ralph Lauren Corporation was a new addition to
the portfolio.
Markets essentially did not react at all to the rate hike in the USA, as this move was expected and had thus already
been priced in. On the other hand, the Fed’s hawkish comments on the outlook for the next few years did come as
a surprise. If the economic data do indeed continue to improve, several more interest rate hikes can be expected
from the Fed in 2017.
Top 10 equities positions:
UnitedHealth Group Inc 1.72%
Citigroup Inc 1.71%
PepsiCo Inc 1.59%
Comcast Corp 1.52%
Pfizer Inc 1.39%
Siemens AG 1.37%
Cisco Systems Inc 1.28%
AT&T Inc 1.25%
Illinois Tool Works Inc 1.24%
Nestle SA 1.15%
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Raiffeisen Asset Management
DECEMBER 2016
What is Deposit Mix?
Deposit mix is a combination of a standard term deposit Raiffeisenbank (Bulgaria) EAD and investment in
a mutual fund Organized and managed by Raiffeisen Asset Management (Bulgaria) EAD.
Basic parameters of Deposit Mix
Term - 12 months.
Currency - lev or euros.
Minimum detection-2 000 BGN or 1 000 EUR.
Distribution: The amount deposited is distributed 70% of the
amount imported in term deposit and with 30% of the
amount is purchase t shares funds of RAM.
Return: Interest "MIX deposit" is formed as: the interest rate at 12 month standard term deposit in BGN, EUR
is margin of 0.10% (see section TABLE with current interest rates under official interest rates bulletin of
Raiffeisenbank (Bulgaria) EAD).
1. Term/
2. currency 3. BGN EUR
USD
4. 6 months 5. 0.01% 6. 0.01% 7. 0.01%
8. 1 years 9. 0.05% 0.05% 10. 0.01%
Advantages of Deposit Mix
70% of the sum is guaranteed by the Act to guarantee deposits in banks
0.10% Surcharge on standard deposits in BGN or EUR;
30% can be distributed in more than one fund chosen by the customer;
Ability to Convert further return, Depending on the risk profile of the chosen fund or combination
of funds on RAM/RCM;
The deposit and the fund can be in different currencies.
Example Deposit Mix:
Client: Ivan Ivanov Ivanov
Amount: The customer has available BGN 5 000 and is interested in Deposit MIX
The money is allocated as follows:
BGN 3 500 (70%) –opens one-year deposit at 0.05 % interest /in BGN and EUR/+ 0.10% bonus
BGN 1 500 (30%) – subscribe units of a selected fund
DEPOSIT MIX
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Raiffeisen Asset Management
DECEMBER 2016
What is IIP?
Scheme periodically investing funds to investors in their chosen mutual fund , depending on their
objectives and willingness to take risk. The client alone fix the contribution rate at a certain level
equal to or higher than the minimum amount for investment.
Scheme, which is not bound by time , customers are free to determine the frequency and the
date of their investments. Periods of investing can be 1 and 3 months, the most common option
each month.
The client receives income from investment that accumulates in the price of the acquired shares.
He can withdraw their money back at his wish, it is not limited by time.
Upon withdrawal of some or all of the accumulated amount at a time, EPI does not cease . It may
be terminated by the customer or in the event that four consecutive months unavailable the
client's account to be accomplished investment.
Along with the contract for EPI, the client signs an agreement for direct debit. Thus EPI does not
involve investor with a visit to the office of the bank or the management company in each
investment
Who can invest?
The product is suitable for individual
investors and legal persons or institutional
investors.
What is the minimum amount to invest?
The minimum investment for the funds organized and managed by Raiffeisen Asset
Management (Bulgaria) EAD is 30 lev/ €30 depending on the currency of the fund.
The minimum investment for the funds organized and managed by Raiffeisen Capital
Management , Austria and distributed in Bulgaria is 30 euros.
The customer can specify other amount that is above the specified minimum.
How to implement your
Sign a contract for the Individual Investment
Plan. Identify the fund, which will invest.
Your investment is not bound by time.
Fix the amount of the contribution.
Identify period for investment and specify date
of the month.
Open a checking account in lev or euro RBBG.
You can always change their risk profile, to
end the regular investment or download some
/ any accumulated investment
Individual Investment Plan
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Raiffeisen Asset Management
DECEMBER 2016
This newsletter is a promotional material. It contains the latest publicly available market information at the time
of its issuance. The information used is taken from publicly available sources, no facts have been omitted or
events that would change her saestvenost or would make it incorrect and misleading. The management
company does not engage with the completeness and accuracy of the information. When calculating the
coefficients using data from the financial statements of public companies.
Investing in mutual funds involves certain risks. The value of shares and the income from them can go down.
Profit is not guaranteed and investors may not recover the full amount of money. Investments in mutual funds
are not guaranteed by a guarantee fund set up by the state or any other type of security, the investments of
the fund are not guaranteed. The future performance of mutual funds are not necessarily related to the results
of previous periods.
The information presented is not a recommendation to invest in financial instruments, including shares of
mutual funds organized and managed by Raiffeisen Asset Management Bulgaria and should not be
construed as such. For investors it is advisable to get acquainted with the current prospectuses and rules of
mutual funds before deciding to invest.
The full prospectuses and additional information about mutual funds may be obtained at the offices of
Raiffeisen Asset Management (Bulgaria) EAD and Raiffeisenbank (Bulgaria) EAD, as well as on the website of
RAM www.ram.bg.
Custodian Fund (main circuit) is Raiffeisen Bank International AG. The prospectus, annual and half-yearly
financial statements, the prices for subscription and redemption, as well as additional information on the main
circuit can be found free on the Internet in German at www.rcm.at. In case of international registrations from
countries that are not German speaking, you can find this information in English www.rcm-international.com.
Upon request, the investor is entitled to receive free, paper prospectus, annual and six-monthly report on the
relevant chapters collective investment scheme.
Contacts:
Raiffeisen Asset Management
(Bulgaria) EAD
55 Nikola Vaptzarov, EXPO 200, Phase II, Sofia
e-mail: [email protected]
Факс: +359 2 9433365
web: www.ram.bg
Department “Sales and Marketing”:
Tel: +359 2 91985-500
Department “Portfolio Manager”:
Natalia Petrova
Senior portfolio manager
Tel.: +359 2 91985-635
e-mail: [email protected]
Hristo velikov
Portfolio manager
Tel.: +359 2 91985-501
e-mail: [email protected]
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