Cell NewMarkets

The principal objective pursued by the Fund in respect of each cell of the Fund is capital appreciation within the risk profile, timeframe and other parameters established in the investment policy in respect of each cell of the Fund.

The cell’s purpose is the long-term appreciation of capital (measured in USD) based on an actively managed portfolio of negotiable equities of issuers from developing countries, or issuers that generate a substantial part of their income or profit as a result of doing business in developing countries.

When selecting securities for a portfolio, the aim is to secure an optimum interest in individual issuers, predominantly issuers of equities, with respect to liquidity, volatility and expected return. In order to achieve its goal, the cell may use investments in derivatives, focus on a specific currency or market and use other specific techniques oriented towards portfolio risk diversification.

Portfolio structure

New Markets – Top five expositions in the portfolio as of 31 December 2015:

Share issuer Economical sector Share in the portfolio
S.C. Fondul Proprietatea S.A. Financial 19,8 %
Hrvatski Telekom Communications 11,4 %
MHP SA -GDR REG S Consumer, Non-cyclical 9,3 %
Bank of Georgia Holdings PLC Financial 8,7 %
Elektrim Utilities 7,1 %