Net profitability of OUIF Kaznacheystvo (Kazakhstan) by the end of the 1st quarter exceeded the expected level

/IRBIS, Andrey Tsalyuk, April 12, 05/ - Net profitability of open unit investment fund (OUIF) "Kaznacheystvo" (Almaty), whose controlling company is Centras Securities JSC (Almaty), by the end of the 1st quarter of 2005 totaled 10.24% APR and had considerably exceeded the level expected by the moment of opening. Fund's investment report presented to IRBIS says. The fund started its activity on January 21 of 2005 while the cost of a stake was KZT100.0 th. As of March 31 of this year price of the stake grew to KZT101,935.59. For confirmation of assets management efficiency Centras Securities JSC gives comparable data. For example, average yield on six-month tenge deposits of five leading Kazakhstan banks in the same period was 6.00% APR, weighted average nominal income coefficient on pension assets of Kazakhstan accumulative pension funds (APF) for the period February of 2004 - February of 2005 did not exceed 5.52% APR, yield of Kazakhstan GS with 12 month term till maturity - 3.16% APR. According to data of IRBIS, nominal profitability of some APF within the last three full months (judging on changing of conditional pension unit) varied from 6.53% APR (Accumulative pension fund SAPF JSC) to 15.88% APR (APF NefteGas-DEM CJSC). Structure of investment portfolio of OUIF Kaznacheystvo as of 31.03.05 was as follows: funds - 16.02%; GS - 6.71%; bank deposits - 49.05%; reverse repo - 28.21%. All assets were represented by domestic currency. Report of OUIF Kaznacheystvo says growth of fund's profitability in the reporting period was achieved mainly due to dollar assets. Stake of assets in US dollars in the average for the quarter was about 12% of portfolio's whole value. Such assets were domestic corporate bonds of Kazakhstan issuers indexed on tenge devaluation against dollar. Effective work with these securities on domestic market under conditions of a temporary falling of tenge against dollar let the fund reach a rather high level of its assets profitability. By the end of the reporting period all mentioned securities were sold with a positive price difference and as of March 31 were absent in the portfolio of OUIF Kaznacheystvo. [2005-04-12]