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Russian Prosperity Fund (EUR)

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Russian Prosperity Fund (EUR) january 2018 Russian Prosperity Fund Euro Investment Objectives and Methodology NAV EUR (A) 113.30, (K) 103.30 Prosperity utilises a long-only, bottom-up, fundamental-value, active investment approach that seeks to benefit from the significant value PERFORMANCE % INCEPTION JAN YTD 1 YR 3 YR 5 YR 10 YR generated from Russia and the Former Soviet Union’s (FSU) on-going The Fund* 1033.0 5.8 5.8 8.7 108.3 19.8 27.6 corporate consolidation and restructuring processes whilst mitigating the principal risk of investing in the region – namely corporate governance. In MSCI Russia (Euro) 124.2 9.0 9.0 -1.7 53.8 -13.3 -36.9 general, Prosperity’s investment philosophy can be described as a bottom-up search for companies that are adding value through internal modernisation RTS (Euro) 399.5 7.6 7.6 -4.3 58.1 -13.5 -19.6 and consolidation. Russian Prosperity Fund Euro is a UCITS compliant, Finland-domiciled *A Shares, in EUR terms, net of all PCM fees. Index data, provided for reference only, is not of the total vehicle advised by Alexey Krivoshapko. On 1 February 2014, RPFE became a return variants - which are not available to the Fund’s inception. feeder fund, investing its assets in the master fund, Russian Prosperity Fund Luxembourg – a UCITS compliant Sicav. Performance Fund Comment €120 Russian equities started 2018 on a high note, gaining 9.0% in January. The The Fund Fund somewhat lagged behind the market, being 5.8% higher. The market €100 rallied on ETF-driven inflows and most of the blue-chips were 5% to 15% MSCI Russia higher. Our oil and gas exposure was 8% higher in the period. Gazprom and €80 Lukoil each rose by 9% to 11%. KazMunaiGas traded closer to its buy-out RTS price and we sold our entire position at a small discount in early February. €60 Despite the fact that the Fund recorded a significant gain on its KazMunaiGas investment, we believe that minorities were effectively pushed out of the company by NC KMG at a low valuation, while the small free-float did not €40 allow a more active stance vis-à-vis the Kazakh state owned oil champion. Our financials were 15% higher in the period on the strong performance of €20 Sberbank, Tinkoff Bank and Halyk Bank. Russian banks still trade at an undemanding valuation and will benefit from further rate cuts, coupled with the predicted acceleration of economic growth. Our metals and mining €0 companies were 4% higher in the period. The environment for MMK, Evraz Mar 00 Mar 02 Mar 04 Mar 06 Mar 08 Mar 10 Mar 12 Mar 14 Mar 16 and NLMK remains very favourable with high global prices and almost 100% capacity utilisation, so performance was strong from all of them for the period. We took some profits in Evraz and NLMK and put them into retail stocks, which were weak (-6%) during the period. Magnit lost 17%, following Sectors Top Exposures’ Drivers below-expectations sales and margins in Q4 2017 and weak management explanations. We believe in the strong earnings capacity of Magnit, while it is obvious that the management is not acting properly in the current environment. X5’s trade update for Q4 2017 with a 23% sales growth, came in-line with our expectations. We started to build a position in Lenta, which has underperformed considerably in the last two years, while mid-term multiples look very attractive to us, especially taking into account a few recent strategic acquisitions. Our power stocks were 6% higher in the month across the board. Enel Oil & Gas 23.9% Value 58.8% Russia was especially strong on rumours about a bid for its core asset. MHP Financials 17.7% rallied despite below forecast trade update for Q4 2017 as the domestic Metals & Mining 14.6% Growth 27.2% demand in Ukraine reacted negatively to the significant price increase for Retail 11.7% Corporate Governance 8.8% poultry, which more or less equalised domestic and export prices. We met Power 8.6% Agriculture 6.1% with LSR’s CEO, who shared his optimism about housing demand and Restructuring 5.2% Real Estate 2.8% reassured us on the continued disciplined dividend policy. Overall the fund trades at 5.6x 2018 P/E with 6% DY. Other sectors 6.5% Top Ten Exposures Cash 8.1% SECURITY EXPOSURE, % SECTOR PERFORMANCE, % PE18 PE19 DRIVER COMMENT Sberbank 9.0 Financials 12.6 7.8 6.9 Value Dominant bank, rising consumer leverage, corporate transformation Gazprom 8.4 Oil & Gas 8.6 3.3 2.9 Value Low valuation, efficiency turnaround potential, strong cash gen. MHP 6.1 Agriculture 12.5 4.3 3.9 Value Vert. integr. poultry prod, dominant Ukr. m. share, growing exports Tinkoff Bank 5.1 Financials 11.2 9.7 8.3 Growth Leading data-driven credit card lender, strong management Lukoil 4.5 Oil & Gas 10.5 5.9 5.4 Value Low valuation, attractive dividend yield Surgutneftegas 4.2 Oil & Gas 5.7 3.9 4.0 Corp. Gov. Low valuation, cash pile exceeds market capitalisation X5 4.2 Retail -2.5 12.0 8.3 Growth Leading food retailer in Russia MMK 4.1 Metals & Mining 5.0 8.2 11.6 Restructuring Flat steel maker, non-integr. to raw materials, high dividend potential Magnit 3.7 Retail -17.4 10.5 6.8 Growth Leading food retailer, undergoing restructuring Halyk Bank 3.6 Financials 28.1 4.6 4.5 Value Dominant bank, underinvested balance sheet, low valuation Total 52.9 Company exposure may comprise several individual equity positions - in ordinary shares, preferred shares or depository receipts. Where this is the case, the performance and price earnings ratios of the largest equity position are noted. january 2018 russian prosperity fund euro | prosperity capital management Annual Performance Risk Characteristics (Three Years) Year Fund Returns % MSCI RU % RTS(Euro)% Alpha(%): 10.39 Since Inception 1033 124 399 Beta: 0.77 2000 -34 -32 -26 0.71 2001 114 63 90 R-Square: 2002 18 -4 18 Sharpe: 1.18 2003 60 42 32 Treynor(%): 35.57 2004 8 -4 0 Tracking(%): 13.80 2005 135 94 110 2006 46 38 53 Ann. Std Deviation(%): 23.08 2007 4 10 7 Source: FolioMetrics 2008 -76 -73 -71 2009 176 95 123 2010 48 26 13 Key Information 2011 -23 -18 -7 Investment Manager for Seligson & Co Fund Management Plc RPFE (Feeder Fund) 2012 20 8 8 Investment Manager for Prosperity Capital Management (UK) Ltd* 2013 0 -7 -9 RPFL (Master Fund) 2014 -42 -38 -38 Home Page www.prosperitycapital.com 2015 15 5 7 Status Open-ended (UCITS) 2016 66 53 57 Domicile Finland 2017 6 -12 -12 ISIN Code FI0008808183 (K Shares) FI0008802004 2018 6 9 8 (A Shares - open to Swedish/Finnish investors) CAGR 15 5 9 Trading Daily Past performance is not an indication or guarantee of future returns. Listing No Advisor Profile Date Of Inception 08-Mar-00 PCM is one of the leading Russia-focused asset managers in the world, with around USD 4.3bn of assets under management. Total Fund Assets EUR 46 million Founded in 1996, PCM has consistently topped performance charts Fees K Shares: 2.7% mgmt fee, A Shares: 1.2% mgmt fee, for emerging market funds. The firm has built a reputation for its performance fee of 15% over RTS Euro. thorough research and “active” investment approach. PCM is now a major shareholder in some of the leading companies in Russia, Minimum Investment Euro 25k Ukraine and Central Asia. Our international client base includes international pension funds, Placing/Exit fees Up to 2.5%/0.5% (within 6 months) insurers, endowments, family offices and private banks, as well as Redemption Daily, on dealing day sovereign wealth funds. PCM has a strong presence in Moscow - with 16 staff based in NAV/Price Release Bloomberg (SELPRUS), Morningstar offices close to Red Square. The majority of the staff are Russian. PCM Administrator also has offices in London and the Cayman Islands. Seligson & Co (Helsinki) +358 9 6817 8200 The company’s philosophy is “long-only/active” using no leverage. Investments are made on a fundamental value basis, using a bottom- up approach. Portfolios tend to be concentrated. Investment Manager for RPFE (Feeder Fund) Investment Manager for RPFL (Master Fund) Client Services (Finnish investors) Client Services (Other investors) Seligson & Co Fund Management Plc Prosperity Capital Management (UK) Ltd* Seligson & Co Fund Management Plc Prosperity Capital Management (UK) Ltd* Erottajankatu 1-3 2nd Floor, 6 Cavendish Square Erottajankatu 1-3 2nd Floor, 6 Cavendish Square FI -00130, Helsinki, Finland London, W1G 0PD FI -00130, Helsinki, Finland London, W1G 0PD Tel +358 9 68178200 Fax +358 9 68178222 Tel +44 20 7299 6950 Fax +44 20 7299 6951 Tel +358 9 68178200 Fax +358 9 68178222 Tel +44 20 7299 6950 Fax +44 20 7299 6951 [email protected] [email protected] [email protected] [email protected] *Authorised and regulated by the UK Financial Conduct Authority. Registered in England and Wales. Company No. 04959887. Registered Office: 5 Old Bailey, London EC4M 7BA january 2018 russian prosperity fund euro | prosperity capital management Disclaimer The information contained in this factsheet is not approved for the public and Investment in investment vehicles investing in Russia and other FSU is only intended for recipients who would be generally classified as 'qualified', countries involves risks not normally associated with vehicles investing in 'professional', ‘sophisticated’, ‘accredited' or 'institutional' investors. No more developed and more politically and economically stable jurisdictions person in any jurisdiction may treat this factsheet as constituting an offer to with more sophisticated capital markets and regulatory regimes, such as the purchase any Shares, nor should any person attempt to purchase shares or United States and Western Europe.
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