Market Update 11.01.2019
Market Update 04.01.2019
PNB EM High Yield Bond Fund value decreased by 0.78% last week amid continuous volatility in global equity markets.
PNB EM High Yield Bond Fund value decreased by 0.32% last week mostly due to continuous weakness in Nostrum Oil & Gas 25 which was down by 3.75 points.
PNB EM High Yield Bond Fund value increased by 0.39% last week despite significant volatility in global equity markets.
PNB EM High Yield Bond Fund lost 0.97% last week which was challenging for our Ukrainian and oil credits.
PNB EM High Yield Bond Fund lost 1.87%
PNB EM High Yield Bond Fund lost 0.94% last week
Our fund gained 0.57% last week
PNB EM High Yield Bond Fund’s value was practically unchanged last week (up 0.01%).
PNB EM High Yield Bond Fund’s value was lower by 3.02% during last week.
PNB EM High Yield Bond Fund value increased by 0.42% last week
PNB EM High Yield Bond Fund was lower by 1.46% last week.
PNB EM High Yield Bond Fund was up 1.23% last week, moving into positive territory for the current month and the quarter. The global backdrop was positive for most risk assets, US equity markets reached new highs, concerns about escalation of US-China trade war receded as Chinese retaliatory trade tariffs to US were probably raised less than market expected
PNB EM High Yield Bond Fund was up 0.70% last week recovering on the back of renewed market optimism following expectations that IMF will accelerate the disbursement of $50bn to Argentina.
PNB EM High Yield Bond Fund had a very challenging August (-4.62%) as July’s rally (+3.69) was reversed by Turkey’s and Argentina’s currency crises, which spilled over to the rest of emerging market currencies and credits.
PNB EM High Yield Bond Fund value lost 0.63% last week on renewed jitters in USA global trade talks and continued weakening of emerging market currencies, particularly Turkish lira and Argentinian peso
PNB EM High Yield Bond Fund value stabilised and started to recover, last week we were up +0.54%. Muslim Eid holidays for the whole week kept new Turkish market headlines away.
PNB EM High Yield Bond Fund value lost 2.28% last week suffering from “risk-off” mentality and general weakness in emerging markets. Principal cause of sell-off was a contagion from Turkey.
PNB EM High Yield Bond Fund value lost 0.41% last week after several week of gains and very good performance in July, up +3.69%. Ukraine 32 lost 2.4 points, Ecuador 28 lost 1.3 points and Argentina 28 lost -0.9, while Nostrum Oil & Gas 25 gained 1 point.
PNB EM High Yield Bond Fund continued to perform, gaining 1.23% during last week. In our year to date standing we are again outperforming our benchmark Barclays EM USD Aggregate Index which is so far down 2.24% ytd versus -2.15% for our fund.
PNB EM High Yield Bond Fund celebrated its first anniversary last week. The first year it made 5.06% after management fees. Compared to our benchmark – Barclays EM USD Aggregate Total Return Index which lost 0.16% in the same one year period, it is not bad. Last week EM hard currency debt continued consolidating and showing signs of selective investor interest.
PNB EM High Yield Bond Fund’s value increased slightly last week as US Treasury 10 year rates stayed in a narrow 2.83-2.88% corridor and market was seeing renewed investors interest in emerging markets hard currency debt.
PNB EM High Yield Bond Fund value were flat last week but investors interest started returning to emerging markets USD universe as 10 year US Treasury bond yields fell from 2.95% to 2.85% in a week.
PNB EM High Yield Bond Fund fell 2.05% last week due to continuous risk-off sentiments in global markets caused by increase of trade protectionism and new custom tariffs introduced by USA, China and Europe.
PNB EM High Yield Bond Fund value moved sideways, losing 0.10% last week. Best performer in our portfolio was Argent 28, up 1.5 points as country was reported being close to agreeing a fresh deal with IMF.
PNB EM High Yield Bond Fund value moved sideways, losing 0.10% last week. Best performer in our portfolio was Argent 28, up 1.5 points as country was reported being close to agreeing a fresh deal with IMF.
PNB EM High Yield Bond Fund lost last week 0.30%, but so far in 2018 year to date we were still comfortably outperforming (down 1.73%) our benchmark Barclays EM USD aggregate index which is down 3.19%.
PNB EM High Yield Bond Fund continued its recovery last week. Share value reached USD 1, 073.5659 (up 0.74%) during a week. Recovery in US Treasury bond prices clearly helped with 10 year yields moving back to sub 3% territory.
PNB EM High Yield Bond Fund started some recovery last week despite continuing sell-off in US Treasury markets, where 10 year yield has advanced from 2.95% to 3.10% with a spike to 3.12% earlier this week. We managed to reach unit price of USD 1,065.6579 with a gain of 1.58% last week.
PNB EM High Yield Bond Fund is facing considerable challenges for a second month in row having a losing streak as is US Treasuries and the rest of US dollar denominated bond markets. Nevertheless we are still outperforming our benchmark Barclays EN USD Aggregate Index both since inception (+5.74% vs -0.69% for index) and 2018 year to date (-2.92% vs -3.36% for index).
PNB EM High Yield Bond Fund continued to recover during last week to unit price USD 1091.34. We are again in positive territory for 2018 up 0.2% year to date while our benchmark index Barclays USD EM aggregate is down 1.56%. We participated in the new Ukrainian Hryvnia denominated Ukreximbank 3 year issue with 16.50% yield.
PNB EM High Yield Bond Fund восстановился на прошлой неделе до стоимости USD 1083,77. У фонда не было новых сделок. На этой неделе Беларусь запустила новые 12-летние и Кения новые 10 и 30-летние облигации по которым был довольно высокий спрос со стороны инвесторов.
PNB EM High Yield Bond Fund продолжал падать, на прошлой неделе минус 1,57%. Более высокий, чем ожидалось, индекс потребительских цен в США, вызвал продолжающуюся слабость государственных облигаций США и расширение spread суверенных облигаций.
На фонд PNB EM High Yield Bond Fund а также на облигационных и фондовых рынках в значительной степени повлияло повышение волатильности рынка на прошлой неделе.
Фонд PNB EM High Yield Bond Fund завершил январь положительно с доходностью 1,97%, на прошлой неделе фонд вырос на 0,23%. Корпоративные облигации PDVSA 37 увеличились на 0,375 пункта до цене 23,50.
Фонд PNB EM High Yield Bond Fund снизился на 0,43% на этой неделе. Облигации PDVSA 37 снизились на 1,5% по цене 22,875 долларов США. Uосударственные облигации Кот-д’Ивуар 33 и Таджикистан 27 после положительных результатов прошлой недели, снизились примерно на 0,75%.
Фонд PNB EM High Yield Bond Fund провел еще одну блестящую неделю, поднявшись 1,24% и достигнув новых высот стоимости доли фонда 1 116 510 долларов США. Солидные цены на нефть оказали положительное влияние на облигации нефтедобывающих стран – PDVSA 37 увеличились на 2% до 24,50, облигации Angola 25 также увеличились на 2%, и облигации Iraq 23 на 0,75%.
PNB EM High Yield Bond Fund уже прошел 6 месяцев с начала действия фонда 12 июля 2017 года. С того момента фонд вырос на 10,28% с доходностью 21,55% годовых. Во второй неделе января фонд также работал с прибылью в размере 0,56%.
PNB EM High Yield Bond Fund начал 2018 год очень позитивно. Стоимость доли Фонда за неделю выросла на 0,86%, 4го января достигнув стоимость 1096,7215. Облигации нефтедобывающих стран Ирак 23 и Ангола 25 продолжили рост (один процент). Ивуарийские облигации тоже начали повышательный тренд (рост на 1,5 процента).
PNB EM High Yield Bond Fund закончил месяц на позитивной ноте, +0.31% за месяц и +0.40% за неделю, несмотря на сложный месяц для рынка фиксированной доходности (казначейские бумаги США и индексы развивающихся рынков показали отрицательные результаты).
Вчера PNB EM High Yield Bond Fund исполнилось 3 месяца. С момента образования 12 июля он заработал 7,67%. Прошлая неделя оказалась относительно спокойной, без новых сделок. Фонд продолжил наращивать купонный доход, который достиг 0,15% (в период с четверга по четверг). К фонду присоединился один новый сотрудник PNB Banka (с вкладом в размере USD 1,2 тыс.) и все еще нет погашений.
С 11 июля по 30 сентября PNB Banka приглашает: при подаче заявки на любой из пенсионных планов 2-го уровня – Даугава, Вента или Гауя – можете получить подарочную карту стоимостью до 25 EUR!
Рады сообщить, что в соответствии с решением совета Комиссии рынка финансов и капитала (КРФК) от 19.07.2016, был зарегистрирован учрежденный AS “PNB Asset management IPAS” открытый фонд альтернативных инвестиций “PNB CIS FIXED INCOME ABSOLUTE RETURN FUND” (далее в тексте – Фонд).
С приближением окончания года люди стали интересоваться годовыми результатами и доходностью своих пенсионных планов. Несмотря на резкие колебания цен на финансовых рынках в 2015 году (прирост в 1-ом квартале, за которым последовало значительное падение во 2-ом и 3-ем квартале и прирост в конце года), пенсионные планы PNB Banka смогли обеспечить положительную доходность, что означает большие накопления на 2-ом пенсионном уровне.
PNB Banka в сотрудничестве с PNB Asset management IPAS предлагает акцию, в рамках которой при подписке на управляемые PNB Asset management IPAS планы 2-го пенсионного уровня DAUGAVA, VENTA или GAUJA в PNB Banka Вы примете участие в моментальной лотерее, в которой будет разыграна 1000 призов!
Информация для средств массовой информации 6 марта 2015 года Принимая во внимание, что доходность пенсионных планов 2-го уровня, управляемых PNB Asset management IPAS (IPS), в долгосрочной перспективе демонстрирует стабильный рост, все больше людей выбирает PNB Asset management IPAS в качестве управляющего своей пенсией.
Yield of the pension plan should be the key factor for choice of the plan. The higher the yield, the more funds accumulate on your account and the larger pension pay-outs you get. For instance, at the yield of 5% per annum the amount accrued over 10 years will be by 62.9% more compared to zero yield. Choose your pension plan with IPAS “PNB Asset Management”.
The investment purpose of the PNB EM High Yield Bond Fund is a stable long-term growth of the capital. To achieve this purpose, the resources of the Fund are being invested in the debt securities or money market instruments issued or guaranteed by governments, central banks, municipalities or commercial companies of the developing countries.
The investment strategy of the Fund stipulates quality debt securities investments in a well-diversified portfolio. The Fund’s investment portfolio is diversified by investing in various countries, currencies and branches in order to ensure an optimum ratio between the risk and yield of the investments as well as larger protection of the investments against value fluctuations of the Fund’s assets.
The resources of the Fund are kept in liquid assets, including money, in the amount required for the operations of the Fund.
| 1 month | 3 months | 6 months | YTD | 1 year | |
| Total return for the period, % | 1.19% | 14.91% | -11.34% | -14.56% | -20.89% |
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| 1 month | 3 months | 6 months | YTD | |
| Total return for the period, % | -6.45% | -5.67% | -4.34% | -6.03% |
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