Raiffeisen Asset Management · Raiffeisen Asset Management (Bulgaria) EAD is owned by...

1

Raiffeisen Asset Management

DECEMBER 2016

Monthly bulletin

Raiffeisen Asset Management (Bulgaria) EAD is owned by Raiffeisenbank (Bulgaria) EAD as part of Raiffeisen

Group - a leader in financial services in Central and Eastern Europe. The company is licensed by Bulgarian

Financial Supervision Commission with a Decision №7-УД/22.12.2005 and works in close cooperation and in

accordance with the highest standards of Austrian management company Raiffeisen Capital Management.

Raiffeisen Asset Management manages the largest bond fund in Bulgaria Fund "Raiffeisen Conservative Fund

Bulgaria" as well as the largest mixed conservative fund "Raiffeisen Active Protection".

The responsibility towards investors and their interests is the basis of any investment decision. This principle is

fundamental to our business. The Company adheres to the following priorities in management:

Strong performance of the funds and

protection of investors’ interests

Establish and maintain long-term

relationships with investors

Trust, reliability, stability, transparency and

constructiveness

Proactivity, flexibility, innovation

Adherence to the corporate culture of the

Group's highest standards and best

practices for the industry

Implementation of strict rules and policies

for risk management in the investment

proces

Raiffeisen Asset Management (Bulgaria) EAD is the first asset management company in Bulgaria to offer a

combination of local and foreign funds in order to provide customers with the opportunity to invest in diversified

portfolios of financial instruments.

The Company organizes and manages four local funds (three of which are the first “Feeder funds”, registered in

Bulgaria) and distributes eleven funds managed by Raiffeisen Capital Management, Vienna.

Funds managed byRaiffeisen

Asset Management /

Bulgaria / EAD

Funds managed by Raiffeisen

Capital Management in Vienna 1. Raiffeisen (Bulgaria)

Conservative Fund

1. Raiffeisen Global Bond

2. Raiffeisen (Bulgaria) Global

Growth

2. Raiffeisen Sustainable Mix

3. Raiffeisen (Bulgaria) Active

Protection

3. Raiffeisen European SmallCap

4. Raiffeisen (Bulgaria) Global

Mix

4. Raiffeisen Global Equities

5. Raiffeisen Eastern European Equities

Other products

6. Raiffeisen Eurasia Equity Fund

1. Individual Investment Plan

7. Raiffeisen Emerging Markets Equity

2. Deposit Mix

8. Raiffeisen Russia Equities

9. Raiffeisen Energy Equities

10. Raiffeisen Infrastructure Equities

11. Raiffeisen Active Commodities

2


DECEMBER 2016

Index Changes 30.11.2016 31.10.2016 Change Comment

Europa

2016 ended up being a reasonably good

year for markets. However, the year will

be remembered for Brexit, Trump and

Renzi, partly due to the unexpected

nature of some of the results, but also the

potentially profound shift in international

relations in coming years. In Bulgaria the

presidential elections in the autumn

brought the greatest surprise. The first

election loss of GERB and the victory of

the Gen. R. Radev led to the resignation

of the government. Early parliamentary

elections expected to be held in mid-

spring 2017th.

Overall, the divergence in monetary

policy that was expected played out, and

is likely to remain a theme for 2017.

Investors have bought into the Trump or

“reflation trade” on hopes of stronger

growth, rising inflation and higher interest

rates. We factor a fiscal boost into our

forecast, but the impact will not be felt

until 2018.

Political risk shifts to Europe in 2017 with

the risk of an upset in France or Italy

potentially threatening a breakup of the

euro.

For Bulgaria the main risk lies in early

elections and the inability to form a

government for a long time

Dow Jones Euro

Stoxx 600 361.42 341.99 5.68%

FTSE100 7142.83 6783.79 5.29%

DAX 11481.06 10640.30 7.90%

USA

Dow Jones 19762.60 19123.58 3.34%

S&P 500 2238.83 2198.81 1.82%

Nasdaq 5383.12 5323.68 1.12%

Bulgaria

SOFIX 586.43 562.82 4.19%

BGBX40 111.3 106.37 4.63%

BG REIT 108.11 103.48 4.47%

BG TR30 459.19 439.11 4.57%

Commodities

Gold 1147.50 1173.20 -2.19%

Oil 53.72 49.44 8.66%

Govt. bonds

US 10y 2.444% 2.381% 0.06%

US 5y 1.927% 1.842% 0.09%

DE 10y 0.208% 0.275% -0.07%

DE 5y -0.532% -0.429% -0.10%

Index Money

market

LEONIA 0.000% -0.300% 0.30%

SOFIBOR -0.070% -0.070% 0.00%

EURIBOR -0.319% -0.314% -0.01%

Източник: Bloomberg.

RAM Market share

3


DECEMBER 2016

Yield %

YTD 0.73%

6 months 0.71%

1 year 0.73%

2 years 0.54%

5 years 11.06%

Since inception* 3.83%

Risk %

St. Dev (daily) 0.039%

St. Dev (yearly) 0.62%

Sharpe ratio 1.24

Positive months 118

Negative months 10

SRRI 3

Structure of the fund by

asset classesValue in BGN % of the portfolio

Cash 15 356 623 17.53%

Deposits 11 119 552 12.69%

Govt Debt 61 134 970 69.78%

Total 87 611 145 100.00%

BLOOMBERG code RAMMMKT BU

ISIN BG9000007062

Currency BGN

Total NAV 87 611 145.03

NAV/ Unit 1.4997

Shares outstanding 58 419 113.8422

Date of IPO 16.03.2006

Nominal Value 1.0000

Subscription fee %

Redemption feeFor investments over

12 months - 0.00%

for investments

under 12 months -

0.30%

Management fee 0.25%

Minimum investment BGN 30

Recommended investment

horizonMinimum 2.5 years

Conservative Fund Bulgaria

y/m I II III IV V VI VII VIII IX X XI XII

2012 0.41 0.42 0.4 0.37 0.47 0.36 0.35 0.3 0.32 0.35 0.32 0.22

2013 0.16 0.23 0.25 0.31 0.19 0.13 0.34 0.16 0.28 0.51 0.27 0.28

2014 0.32 0.43 0.33 0.39 0.31 -0.2 0.12 0.22 0.28 0.12 0.07 0.26

2015 0.31 0.12 -0.17 -0.01 -0.25 -0.49 0.01 -0.09 0.06 0.08 0.19 -0.11

2016 0.11 0.07 -0.13 -0.2 -0.11 0.05 0.54 0.13 0.06 0.09 -0.19 0.08

Yields by months for the last five years %

Raiffeisen Conservative Fund Bulgaria

Net Asset Value per Unit

2 yrs return

As of 31.12.2016 near 70% of the fund’s NAV is invested in 9 emissions

of Bulgarian Local Government Bonds.

Modified Duration of the fund is 2.13 yrs.

Raiffeisen Conservative Fund Bulgaria

(former “Raiffiesen (Bulgaria) Liquidity

Fund”) starts public offering of units in

March 2006. The fund invests up to 100%

of its assets in government debt, issued

and/or guaranteed by the Republic of

Bulgaria, with maturity of up to 5 years;

up to 10% in corporate bonds of

Bulgarian issuers; no less than 5% in cash

and bank deposits with maturity of up to

12 months.

The investment purpose of the fund is to

realize capital gains by taking low to

moderate risk.

4


DECEMBER 2016

Risk -



Sharpe ratio 1.04

Positive months 68

Negative months 14

SRRI 3

Yield %

YTD 2.32%

6 months 0.10%

1 year 2.32%

2 years -0.77%

5 years 8.59%



asset classesValue in BGN

% of the

portfolio

Cash 1 264 537 5.10%

Deposits 23 539 996 94.90%

Total 24 804 533 100.00%

BLOOMBERG code RAFBUCP BU

ISIN BG9000013094

Currency EUR

Total NAV 24 804 532.65

NAV/ Unit 1.1927




Subscription fee 0.00%

Redemption feefor investments over

12 months - 0.00%

for investments under

12 months - 0.30%


Minimum investment 200 EUR


horizon5 years

Active Protection


2012 0.36 0.36 0.36 0.28 0.27 0.45 0.35 0.45 0.33 0.36 0.32 0.22

2013 0.10 0.06 0.11 0.39 0.05 -0.10 0.24 0.18 0.17 0.45 0.27 0.28

2014 0.29 0.30 0.26 0.30 0.35 -0.34 0.08 0.63 0.19 0.14 0.07 0.26

2015 0.63 0.21 -0.30 -0.12 -0.88 -1.20 -0.03 0.05 0.06 0.00 0.19 -0.11

2016 0.30 0.61 0.38 0.71 -0.17 0.63 0.54 -0.01 -0.14 -0.38 -0.46 0.56

Yields by months for the last five years

Raiffeisen (Bulgaria) Active Protection

Feeder Fund

As of 31.12.2016 95% from fund’s NAV is invested in Master fund –

Raiffeisen Euro-Click.

Cash exposure is 5% from the fund’s NAV.

Raiffeisen (Bulgaria) Active Protection is

established on 25 Nov 2015 after the

transformation of “Raiffeisen (Bulgaria)

Fund Protected Investment in Euro” into

a Feeder fund.

The fund invests constantly at least 85%

of its assets in units of “Raiffeisen Euro-

Click” – Master fund, organized and

managed by Raiffeisen Capital

Management – Austria. The rest of the

portfolio is kept in cash.

The main purpose of the Master fund is to

protect at least 90% of the highest

historical NAV per unit achieved.

The investment purpose and policy,

including the risk profile and the return of

the Master and the Feeder funds, are

identical.


2 yrs return

5


DECEMBER 2016

Bond Ratios*

Ø Duration (Next call) 0.56

Ø Modified Duration (Next call) 0.57

Avg. Yield to Maturity -0.11

Avg. Yield next call -0.11

Avg. Coupon 0.55

Avg. Rating A

Fund structure by asset class

Bonds Developed Markets 6.9%

Bonds Emerging Markets 6.0%

Inflation-Linked Bonds 11.1%

Corporate Bonds 12.8%

Equities Euro/Europe 5.5%

Equities Non-Euro/Global 9.5%

Equities Emerging Markets 2.0%

Commodities 7.7%

Currencies -9.1%

Cash 46.1%

n.a. 1.7%

Total 100%

Largest positions:

Raiffeisen Sustainable ShortTerm (I) T 17.8%

LYX ETF EUROMTS INFL IG DR 8.1%

AMUNDI ETF US TREASURY 7-10 5.7%

ISHARES USD TIPS 3.2%

ISHARES EM LOCAL GOVT 3.1%

ISHARES EURO CORP BND EX-FIN 2.1%

SOURCE EURO STOXX 50 UCITS E 2.0%

ISHARES CORE UK GILTS 1.6%

ISHARES EURO HY CORP 1.6%

ISHARES CORE EM IMI UCITS ET 1.4%

Raiffeisen-Euro-Click

Master Fund

"Raiffeisen-Euro-Click" offers a protection model, which

aims to preserve 90% of the highest NAV per unit of the

fund achieved historically. This value is subject to a

constant correction in case there is a new high in the

fund’s NAV per unit.

"Raiffeisen-Euro-Click" invest its assets in two types of

components

component that ensures stability (deposits,

money market instruments, bonds, funds investing

in bonds)

(mainly in bonds , bond funds or equity funds

investing in shares)

Thanks to the elevated ratio of equities, the fund profited from the strong equity market performance. The current

strategic adjustment also resulted in a minor increase in this asset class, whereas investment in commodities was cut

back in favour of inflation-linked bonds. The US central bank raised its key interest rate, as had been generally

anticipated. Its unexpectedly hawkish outlook for the future, however, triggered intense reactions on the market,

which on the whole had a very small negative impact on the fund.

The year-end rally on the equity markets triggered by the US elections continued in December. The bond markets

initially stabilised, but the US bond market then quickly came under pressure again due to the unexpectedly

hawkish outlook presented by the US Fed. In line with this, USD rapidly began appreciating again. On the other

hand, commodities – and precious metals in particular – conceded their gains. Along with the corporate outlooks,

the fundamental economic and labour market are positive.

ISIN AT0000A1G7D6

Currency EUR

Total NAV 23 564 796

NAV/ Unit 101.34

Shares outstanding 232 532.03


Nominal Value 100

SRRI 3


horizon5 years

Raiffeisen-Euro-Click

6


DECEMBER 2016

Yield %

YTD 1.53%

6 months 1.15%

1 year -

2 years -

5 years -


Risk -

St. Dev (daily) -

St. Dev (yearly) -

Sharpe ratio -

Positive months 5

Negative months 4

SRRI 3



% of the

portfolio

Cash 209 142 5.59%

Deposits 3 528 949 94.41%

Total 3 738 092 100.00%

ISIN BG9000002154

Currency EUR

Total NAV 3 738 091.88

NAV/ Unit 1.0153






12 months - 0.00%


12 months - 0.50%


Minimum investment 200 EUR


horizon5 years

Raiffeisen Global Mix


2012 - - - - - - - - - - - -

2013 - - - - - - - - - - - -

2014 - - - - - - - - - - - -

2015 - - - - - - - - - - - -

2016 - - - -0.29 0.05 0.62 1.11 0.17 -0.59 -0.59 -0.23 1.30


Raiffeisen (Bulgaria) Global Mix

Feeder Fund

As of 31.12.2016 94.4% from fund’s NAV is invested in Master fund –

Raiffeisen Sicherheit.

Cash exposure is 5.6% from the fund’s NAV.

Raiffeisen (Bulgaria) Global Mix is a Feeder

scheme, which invests 85% or more of its

assets in shares of “Raiffeisen Security”

(Raiffeisen - Sicherheit) – Master collective

investment scheme, which is organized and


Management – Austria.

Raiffeisen Global Mix Fund is a Feeder

scheme, which invests 85% or more of its

assets in units of “Raiffeisen Security”

(Raiffeisen - Sicherheit) – Master collective

investment scheme, which is organized and


Management – Austria. The rest is kept in

cash. The Fund starts public offering of its

units 05.04.2016.

The investment objective of the fund is

realizing capital gains while taking low to

medium risk.


2 yrs return

7


DECEMBER 2016

Bond Ratios

Ø Duration (Next call) 4.03

Ø Modified Duration (Next call) 4.00

Avg. Yield to Maturity 1.09

Avg. Yield next call 0.99

Avg. Coupon 2.05

Avg. Rating А

Fund structure by asset class

Bonds Developed Markets 75.0%

Equities Euro/Europe 5.4%

Equities Non-Euro/Global 17.1%

Equities Emerging Markets 2.5%

Total 100.0%

Largest positions:

Raiffeisen-Global-Bonds (R) T 9.5%

Raiffeisen 304 - Euro Corporates T 7.4%

Raiffeisen 902 - Treasury Zero II A 6.3%

Raiffeisen-Euro-ShortTerm-Bonds (R) T 5.7%

Raiffeisen 301 - Euro Gov. Bonds A 5.1%

Raiffeisen US Equities A 4.6%

Raiffeisen-GlobalAllocation-StrategiesPlus (S) T 3.9%

GOLDMAN SACHS EUR LIQ RES-IA 2.6%

Raiffeisen Euro Corporates (R) T 2.4%

LYX ETF EURMTS INV GRADE DR 2.0%

Raiffeisen Sicherheit

Master Fund

Raiffeisen-Fund-Security is a mixed fund of funds.

It pursues an investment goal of moderate

capital growth and mainly invests (at least 51% of

its fund assets) in units in investment funds. Units in

equity funds may not exceed 35% of the fund’s

assets. Units in investment funds are mainly

selected on the basis of the quality of the

investment process, their performance to date

and their risk management. In addition to

investment funds, the fund may also invest in

securities, in bonds and money market

instruments issued by sovereigns, supranational

issuers and/or companies etc. and in sight

deposits and deposits at notice.

There were modest purchases of equities at the end of November. Preference was shown for equities from Japan,

the emerging markets, and the UK, especially versus US equities. In the bond segment, the ad-mix of inflation-linked

bonds was maintained, and there were purchases of EUR-denominated high yield bonds. Holdings of emerging

market hard currency bonds were reduced. US high yield bonds and corporate bonds were added as a new ad-

mix.

Markets essentially did not react at all to the rate hike in the USA, as this move was expected and had thus already

been priced in. On the other hand, the Fed’s hawkish comments on the outlook for the next few years did come as

a surprise. If the economic data do indeed continue to improve, several more interest rate hikes can be expected

from the Fed in 2017.

ISIN AT0000743562 (VTA)

Currency EUR

Total NAV 1 203 060 000

NAV/ Unit 149.74



Nominal Value 100

SRRI 3


horizon5 years

Raiffeisen-Security

8


DECEMBER 2016

Yield %

YTD 2.46%

6 months 10.53%

1 year 2.46%

2 years 2.97%

5 years -


Risk -



Sharpe ratio 0.16

Positive months 31

Negative months 15

SRRI 6



% of the

portfolio

Cash 564 374 5.92%

Deposits 8 968 304 94.08%

Total 9 532 678 100.00%

ISIN BG9000001131

Currency BGN

Total NAV 9 532 678.08

NAV/ Unit 1.2049






12 months - 0.00%


12 months - 0.70%


Minimum investment BGN 30


horizon10 years

Global Growth


2012 - - - - - - - - - - - -

2013 - - 0.52 2.27 1.82 -3.10 3.56 -2.07 2.12 2.34 0.36 0.31

2014 1.13 3.22 1.47 0.82 2.48 -0.52 -1.33 1.22 0.51 -0.71 -0.24 0.94

2015 3.03 4.37 0.99 1.59 -1.26 -4.14 0.76 -7.65 -4.22 7.04 3.50 -4.41

2016 -6.85 -2.04 1.21 1.84 1.22 -2.63 3.54 0.74 -0.26 0.45 3.84 1.86


Raiffeisen (Bulgaria) Fund Global Growth

Feeder Fund

As of 31.12.2016 94% from fund’s NAV is invested in Master fund –

Raiffeisen Global Equities.

Cash exposure is 6% from the fund’s NAV.


2 yrs return

"Raiffeisen (Bulgaria) Fund Global

Growth" started its activities on

01.03.2013 . the merger of three mutual

funds "Raiffeisen Equity Fund", "Raiffeisen

Balanced Fund" and "Raiffeisen

Balanced Dollar". On 29.05.2015, the

fund is converted into a feeder

collective investment scheme which

invests 85 percent or more of its assets in

units of mutual fund "Raiffeisen Global

Equities" - Main collective investment

scheme organized and managed by

Raiffeisen Capital Management -

Austria.

9


DECEMBER 2016

ISIN AT0000785266 (VTA)

Currency EUR

Total NAV 494 690 000

NAV/ Unit 281.29



Nominal Value 100

SRRI 6

Recommended investment horizon 10 years

Raiffeisen Global Equity

Fund structure by issuer country

United States 55.37%

United Kingdom 6.72%

Japan 5.74%

Germany 3.70%

France 3.61%

Canada 3.10%

Hong Kong 2.79%

Switzerland 2.76%

Spain 2.52%

Netherlands 2.40%

Others 11.31%

Total 100.00%

Fund structure by MSCI sectors

Financials 19.32%

Information Technology 18.86%

Consumer Discretionary 11.82%

Health Care 11.76%

Industrials 9.57%

Consumer Staples 8.65%

Energy 6.29%

Materials 5.46%

Telecommunication Serv ices 4.16%

Utilit ies 1.59%

Real Estate 1.48%

n.a. 0.56%

Cash 0.50%

Total 100.00%

Raiffeisen Global Equities

Master fund

Месечен бюлетин

Raiffeisen Global Equities was established on

16.10.1986, the Fund invests primarily in global

equities, with a regional focus on North America,

Europe and Japan. The main objective of the

Fund is long-term capital growth by taking a - high

risks.

Preferred are companies with attractive

fundamental results.

In addition, sectoral and geographical selection

of stocks provide broad diversification. The fund is

aimed at investors wishing to benefit from the

receipt of high incoe investing in stocks, while

knowingly take the risk of significant exchange

rate fluctuations (movement of stock prices and

exchange rates.)

During the reporting period, the fund’s performance was positive, driven by the selection of securities in the energy

sector. In terms of individual names, Sompo Holdings, CME Group, Citigroup, and SunTrust Banks all did well. At the

same time, despite the aforementioned names, the overweighting in this sector cost the fund some performance.

The performance contributions from the tech sector were weaker. Ralph Lauren Corporation was a new addition to

the portfolio.

Markets essentially did not react at all to the rate hike in the USA, as this move was expected and had thus already

been priced in. On the other hand, the Fed’s hawkish comments on the outlook for the next few years did come as

a surprise. If the economic data do indeed continue to improve, several more interest rate hikes can be expected

from the Fed in 2017.

Top 10 equities positions:

UnitedHealth Group Inc 1.72%

Citigroup Inc 1.71%

PepsiCo Inc 1.59%

Comcast Corp 1.52%

Pfizer Inc 1.39%

Siemens AG 1.37%

Cisco Systems Inc 1.28%

AT&T Inc 1.25%

Illinois Tool Works Inc 1.24%

Nestle SA 1.15%

10


DECEMBER 2016

What is Deposit Mix?

Deposit mix is a combination of a standard term deposit Raiffeisenbank (Bulgaria) EAD and investment in

a mutual fund Organized and managed by Raiffeisen Asset Management (Bulgaria) EAD.

Basic parameters of Deposit Mix

Term - 12 months.

Currency - lev or euros.

Minimum detection-2 000 BGN or 1 000 EUR.

Distribution: The amount deposited is distributed 70% of the

amount imported in term deposit and with 30% of the

amount is purchase t shares funds of RAM.

Return: Interest "MIX deposit" is formed as: the interest rate at 12 month standard term deposit in BGN, EUR

is margin of 0.10% (see section TABLE with current interest rates under official interest rates bulletin of

Raiffeisenbank (Bulgaria) EAD).

1. Term/

2. currency 3. BGN EUR

USD

4. 6 months 5. 0.01% 6. 0.01% 7. 0.01%

8. 1 years 9. 0.05% 0.05% 10. 0.01%

Advantages of Deposit Mix

70% of the sum is guaranteed by the Act to guarantee deposits in banks

0.10% Surcharge on standard deposits in BGN or EUR;

30% can be distributed in more than one fund chosen by the customer;

Ability to Convert further return, Depending on the risk profile of the chosen fund or combination

of funds on RAM/RCM;

The deposit and the fund can be in different currencies.

Example Deposit Mix:

Client: Ivan Ivanov Ivanov

Amount: The customer has available BGN 5 000 and is interested in Deposit MIX

The money is allocated as follows:

BGN 3 500 (70%) –opens one-year deposit at 0.05 % interest /in BGN and EUR/+ 0.10% bonus

BGN 1 500 (30%) – subscribe units of a selected fund

DEPOSIT MIX

11


DECEMBER 2016

What is IIP?

Scheme periodically investing funds to investors in their chosen mutual fund , depending on their

objectives and willingness to take risk. The client alone fix the contribution rate at a certain level

equal to or higher than the minimum amount for investment.

Scheme, which is not bound by time , customers are free to determine the frequency and the

date of their investments. Periods of investing can be 1 and 3 months, the most common option

each month.

The client receives income from investment that accumulates in the price of the acquired shares.

He can withdraw their money back at his wish, it is not limited by time.

Upon withdrawal of some or all of the accumulated amount at a time, EPI does not cease . It may

be terminated by the customer or in the event that four consecutive months unavailable the

client's account to be accomplished investment.

Along with the contract for EPI, the client signs an agreement for direct debit. Thus EPI does not

involve investor with a visit to the office of the bank or the management company in each

investment

Who can invest?

The product is suitable for individual

investors and legal persons or institutional

investors.

What is the minimum amount to invest?

The minimum investment for the funds organized and managed by Raiffeisen Asset

Management (Bulgaria) EAD is 30 lev/ €30 depending on the currency of the fund.

The minimum investment for the funds organized and managed by Raiffeisen Capital

Management , Austria and distributed in Bulgaria is 30 euros.

The customer can specify other amount that is above the specified minimum.

How to implement your

Sign a contract for the Individual Investment

Plan. Identify the fund, which will invest.

Your investment is not bound by time.

Fix the amount of the contribution.

Identify period for investment and specify date

of the month.

Open a checking account in lev or euro RBBG.

You can always change their risk profile, to

end the regular investment or download some

/ any accumulated investment

Individual Investment Plan

12


DECEMBER 2016

This newsletter is a promotional material. It contains the latest publicly available market information at the time

of its issuance. The information used is taken from publicly available sources, no facts have been omitted or

events that would change her saestvenost or would make it incorrect and misleading. The management

company does not engage with the completeness and accuracy of the information. When calculating the

coefficients using data from the financial statements of public companies.

Investing in mutual funds involves certain risks. The value of shares and the income from them can go down.

Profit is not guaranteed and investors may not recover the full amount of money. Investments in mutual funds

are not guaranteed by a guarantee fund set up by the state or any other type of security, the investments of

the fund are not guaranteed. The future performance of mutual funds are not necessarily related to the results

of previous periods.

The information presented is not a recommendation to invest in financial instruments, including shares of

mutual funds organized and managed by Raiffeisen Asset Management Bulgaria and should not be

construed as such. For investors it is advisable to get acquainted with the current prospectuses and rules of

mutual funds before deciding to invest.

The full prospectuses and additional information about mutual funds may be obtained at the offices of

Raiffeisen Asset Management (Bulgaria) EAD and Raiffeisenbank (Bulgaria) EAD, as well as on the website of

RAM www.ram.bg.

Custodian Fund (main circuit) is Raiffeisen Bank International AG. The prospectus, annual and half-yearly

financial statements, the prices for subscription and redemption, as well as additional information on the main

circuit can be found free on the Internet in German at www.rcm.at. In case of international registrations from

countries that are not German speaking, you can find this information in English www.rcm-international.com.

Upon request, the investor is entitled to receive free, paper prospectus, annual and six-monthly report on the

relevant chapters collective investment scheme.

Contacts:


(Bulgaria) EAD

55 Nikola Vaptzarov, EXPO 200, Phase II, Sofia

e-mail: [email protected]

Факс: +359 2 9433365

web: www.ram.bg

Department “Sales and Marketing”:

Tel: +359 2 91985-500

Department “Portfolio Manager”:

Natalia Petrova

Senior portfolio manager

Tel.: +359 2 91985-635


Hristo velikov

Portfolio manager

Tel.: +359 2 91985-501


Disclaimer

http://www.ram.bg/

mailto:[email protected]

http://www.ram.bg/



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