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Quarterly Report – September 2018

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Quarterly Report – September 2018 Quarterly Report – September 2018 Author: 3K Investment Partners During the 3rd qu arter of 2018 the fund essentially remained unchanged Our largest holding is Piraeus Port Authorities. Following the successful (‐0,14%) while its benchmark (ASE Total Return Index) lost 8,056%. Out of privatization, Cosco now owns the majority of the shares (51%). We see the 42 holdings, 21 contributed positively, 19 negatively and 2 remained strong improvement in the earning power of the company and we even unchanged. We did not have any material changes in the portfolio expect to accelerate. Still, it trades at attractive valuation. Cumulatively, allocation within the 3rd quarter. on behalf of all our funds under management we hold slightly less than 1% of the company. The fund emphasizes on the management team, the business model and the price of the co mpanies it invests in. The Greek market, so far, in 2018 Our 2nd largest holding is Terna Energy, a renewable energy producer has delivered disappointing results. Since the beginning of the year, the active in Greece, USA and Poland. This is another example of a growth Athens General In dex, including dividends, has lost 12,48%, while company that trades at very attractive P/E multiples. In addition to that, the fund for the same period appreciated by 1,43%. its free cash flow is strengthening and it plans to return capital twice to its shareholders within the current year. The company was our largest We have confidence that the management of the companies we hold in positive contributor to the performance of the fund during the 3rd the fund’s portfolio, are coping successfully with the challenges, while the quarter. market, may offer us some entry points in good investment opportunities. Performances Cumulative Performance Annual Performance 20 45 10 25 0 5 -10 -15 -20 -35 -30 2013 2014 2015 2016 2017 1Y 3Y 5Y EUR 1Y 3Y 5Y EUR 2013 2014 2015 2016 2017 Fund 6,44 17,34 0,57 Fund 40,79 -21,05 -2,55 -5,32 19,86 Benchmark* -6,32 12,44 -25,52 Benchmark* 31,66 -28,26 -22,22 4,52 27,05 Fund 100 % ASE (TR) Mutual fund's Net Price evolution versus Benchmark 130 120 110 100 90 80 70 60 50 40 30 UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES Quarterly Report – September 2018 Distribution by capitalization size Weight of the main holdings < 50mln (8 companies) 4,14% 100kmln > 50mln (4 companies) 7,76% Top 5 holdings 33,68% 500mln > 100mln (9 companies) 30,43% Top 10 holdings 55,55% 1bn > 500mln (6 companies) 18,50% Top 20 holdings 82,90% ≥ 1bn (11 companies) 33,96% 0,00% 20,00% 40,00% 60,00% 80,00% 100,00% 0,00% 10,00% 20,00% 30,00% 40,00% Distribution of holding by sector Indicators Commercial Services 0,06% Real Estate 0,47% Holdings 0,67% Fund: 17,55% Financial 0,87% 1‐year volatility Benchmark: 18,83% 1,46% Domestic Mutual Funds Insurance 3,87% Number of lines 40 Chemicals 4,34% Average cap. of equities 13,08 δισ. 4,49% Banks Median cap. of equities 392 εκ. Food & Beverages 5,86% Technology 6,21% Basic Resources 6,84% Travel & Leisure 7,88% 9,17% Oil and Gas Utilities Services 9,89% Industrial Goods & Services 10,80% 12,93% Construction & Materials Personal & Household goods 14,19 0,00% 5,00% 10,00% 15,00% Main holdings Main contributions to performance in absolute terms Name Sector Country Net asset % Name Contrib. Name Contrib. Piraeus Port Auth. Industrial Goods and Services Greece 7,63% Terna Energy SA 1,59% Eurobank SA ‐1,30% Terna Energy Construction & Materials Greece 7,00% Motor Oil SA 1,41% Jumbo SA ‐0,70% Jumbo SA Retail Greece 6,74% Iktinos Hellas 1,21% National Bank of Greece ‐0,46% Mytilineos Holding Basic Resources Greece 6,40% Kri Kri 0,49% Autohellas SA ‐0,29% Motor Oil SA Oil & Gas Greece 5,92% MLS 0,20% Aegean Airlines SA ‐0,20% Main Characteristics Legal Form UCITS / Greek Mutual Fund Launch Date 17/3/2006 Unit Class Retail Recommended Investement Period Over 5 years ISIN Code GRF000072006 Custodian Bank of Piraeus Bloomberg Code INGDOEF GA Maximum Subscription Fee 2% Benchmark 100% ASE (TR) Exit Fee 0% NAV/AuM 6,98 € / 42,38 M € Management Fee 2,05% Unit NAV period Daily based on prices on market close Performance Fee 20% per annum on the potential positive difference between the performance of UCITS and the performance of the benchmark. In case unit price underperforms in relation to the performance of the benchmark for one or more years, the performance fee calculation will begin only after the accumulated underperformance is previously eliminated. UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES Quarterly Report – September 2018 Disclaimer The elements contained in this document have been prepared solely for informational purposes. Under no circumstances should this document be considered as an investment advice or an offer ‐ incitement for investing in mutual funds managed by 3K Investment Partners M.F.M.C. For the disposal of units of UCITS in Greece, the provisions wof La 4099/2012 and the decisions of the Capital Market Commission, which have been delegated by virtue of this law, are in force and are applied. Investments may be suitable for professional or private investors only upon personal investment advice from a professional who has signed a written agreement with the investor concerned. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, expressed or implied, is given, regarding the accuracy, correctness and adequacy of the contents of this document. Any information contained in this document is subject to change or update without notice. Neither 3K Investment Partners M.F.M.C., nor any of its officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and judgements of any kind expressed herein. No direct or indirect liability or obligation is accepted for losses that may be incurred by readers / investors / prospective investors from the use of this document or basing any decision on it. Investments involve risks; while investments in UCITS do not offer guaranteed performance and any past returns do not secure future ones. Please note that the value of your investments may increase or decrease dan that past returns are not indicative of future performance and are never considered as such. This presentation and information contained herein may not be copied, reproduced, distributed or passed to any person at any time without prior written consent of 3K Investment Partners M.F.M.C. Any claims arising out of or relating to the terms and conditions of the "disclaimer" are subject to the applicable law. The prospectus and the Key Investor Information document of the Mutual Fund are available (free of charge) in Greek and in English in the offices of 3K Investment Partners M.F.M.C., 25‐29 Karneadou Str, 106 75, Athens, Greece and on the website: www.3kip.gr. Copyright © 2017 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or 3K Investment Partners M.F.M.C.; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor 3K Investment Partners M.F.M.C. are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating is an assessment of a fund’s past performance – based on both return and risk – which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision. Management Company: 3K Investment Partners M.F.M.C. – Address: 25‐29 Karneadou Str, 10675 Athens‐ General Commercial Registry Number: 1003501000 ‐ Ministry of National Economy decision: 38476/Β 1288/13‐ 09‐1990 Custodian: Piraeus Bank ‐ Supervising Authority: Hellenic Capital Market Commission UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES .
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