newsletter - december, 2017...individuals 37.2 0.3 5,761,922 corporate 48.2 14.3 212 total 85.4 14.6...
TRANSCRIPT
Newsletter - December, 2017
Achieving higher value and higher quality for the assets under management by increasing the asset management’s efficiency
Increasing the speed and efficacy of the rebalancing and optimization processes of the portfolio.
Investments in new companies of private-equity type in order to improve the portfolio performance.
TYPE OF THE INVESTMENT COMPANY
SIF Moldova is a joint stock company (non-UCITS/AIF) focused mainly on the Romanian market, operating as a closed financial investment company with main investments in equities, having a medium level of risk.
MANAGEMENT
SHAREHOLDERS Residents
weight in share capital % Non-residents
weight in share capital % Total
shareholders
Individuals 37.2 0.3 5,761,922
Corporate 48.2 14.3 212
TOTAL 85.4 14.6 5,762,134
100
123
165
2015 2016 2017
Net profit mn RON
Bucharest Stock Exchange: SIF2; ISIN: ROSIFBACNOR0 Bloomberg: BBGID BBGOOOBMN5F5; Reuters: SIF2.BX LEI: 254900Y1O0025N04US14
phone: 004 0234 576740 ; fax: 004 0234 570062 e-mail: [email protected]; web site: www.sifm.ro
STRATEGIC OBJECTIVES
1/2
IDENTIFICATION DATA
CONTACT
161
191
272
2015 2016 2017
Investments mn RON
The company is self-managed in unitary system, by a Board. Executive management: Claudiu Doros - CEO Catalin Iancu - Deputy CEO (ASF Opinion no. 400, 401,402 /July 13, 2017)
174% of 2017 target
109% of 2017 target
VALUES / STRUCTURE
Number of shares 1,038,179,176 RON EUR
Nominal value 0.1 0.02 Share Capital 103,817,917 22,278,523 Market cap 1,463,832,638 314,127,175 Total Assets 1,912,418,642 410,390,266 Net Assets Value 1,792,060,276 384,562,291
Assets under management
RON/share Oct 2017 Nov 2017 Dec 2017 NAV/share* 1.6833 1.6991 1.7971 Price SIF2 1.2040 1.3600 1.4100 Discount % 28 20 22
ASSETS STRUCTURE % of total
assets
Shares, of which 87.80
• listed 79.39
• unlisted 8.41
Non – UCITS Securities (fond units) 8.96
Monetary instruments (deposits, cash) 1.91
Bonds (municipal, corporate) 0.41
Other assets 0.92
SECTOR EXPOSURE (share portfolio)
% of total assets
Financial 45.26 Energy 18.18 Manufacturing 9.59 Wholesale and retail trade 5.58 Real estate 3.81 Pharmaceutical industry 2.09 Agriculture 1.13 Tourism 1.04 Other 1.00
2/2 0%
10%
20%
30%
40%
50%
60%
0.00
0.50
1.00
1.50
2.00
Dec'16 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec '17
NAV per share RON Market price RON Discount %
PERFORMANCE / RISK INDICATORS
Exposure to the market risk quantified by SIRR: 14,26%
The Synthetic Indicator of Risk and Return calculated based on annualized volatility of the monthly NAV from the last 3 years of activity, places SIF Moldova in the medium risk profile (currently is classified in the 5th class; 5th in December 31, 2016).
Returns: SIF2 NAV/share, SIF2 share, BET FI
Returns on Dec, 2017 (%)
SIF2 share
BET-FI SIF2
NAV/share 1 M 3.68 3.06 5.77 3 M 15.76 5.96 6.49 6 M 45.81 22.05 7.36
12 M 80.77 33.43 16.14
Risk Analysis (1Y, daily series): SIF2 share / BET-FI
Indicator SIF2 share BET-FI
Annualized volatility (%) 18.87 9.92 Beta 1.40 1
* The number of shares used in the calculation of the NAV/share (997,179,176) has resulted by decreasing, from the total number of shares, the shares acquired under the ongoing buyback program (according to the applicable regulations).
The price series and the historical NAV/share series taken into account at the calculation of the yield/risk indicators are adjusted with the corporate events of the issuers.
TOP PORTFOLIO COMPANIES weight >1% of total assets
BANCA TRANSILVANIA 35.02
OMV PETROM 7.33
AEROSTAR 5.63
SNTGN TRANSGAZ 5.51
SNGN ROMGAZ 5.08
PROFESSIONAL IMO PARTNERS 4.44
TESATORIILE REUNITE 3.28
SIF OLTENIA 3.28
SIF BANAT CRISANA 2.64
SIF MUNTENIA 2.06
BIOFARM 2.05
MECANICA CEAHLAU 1.43
SIF TRANSILVANIA 1.38
AGROINTENS 1.12
HOTEL SPORT CLUJ 1.00
TOTAL 81.25