EN
Portfolio
According to the Fund Rules, the Fund may invest in the following third-country markets (together with or outside the ones entered in the list approved by the Deputy Chair):
Acting in accordance with legal restrictions and the Fund Rules, Expat New Europe Stocks plans to geographically structure its investments relying on the following model:
1. Investments in Bulgarian securities – up to 90% (ninety percent) of the Fund's portfolio
2. In foreign securities from CEE states – Serbia, Romania, Ukraine, Russia, Croatia, Bosnia and Herzegovina, Poland, the Czech Republic, Slovakia, Slovenia, Hungary, Turkey, Cyprus, Greece, Lithuania, Latvia, Estonia and Kazakhstan – up to 30% (thirty percent) of the Fund's portfolio in securities from a single country
3. In foreign securities from Western European countries – up to 30% (thirty percent) of the Fund's portfolio in securities from a single country.
4. In securities from other countries, outside the ones listed in the above paragraphs 1 through 3 – up to 10% (ten percent) of the Fund's portfolio.
The specific structure of the assets will depend on current market conditions and will be dynamic within the framework of the above restrictions, as regards the type of assets, as well as regarding the geographical structure. In the event of a prolonged market decline in a certain country, the Fund will go about withdrawing investments from the group of stocks to direct them to lower-risk assets to the end of protecting investors' investments.
Other investment strategies and techniques
In its efforts to achieve the Mutual Fund's main investment aims, Expat Asset Management may also implement appropriate strategies and techniques for protection against market, currency and other risks (hedging): transactions with options, futures, swaps and other derivative instruments. As long as it corresponds to Expat New Europe Stocks's investment aims and restrictions, the said strategies and techniques may sometimes be used, at the discretion of Expat Asset Management, to increase the Fund's investment yields. Transactions with derivative instruments involve various higher risks, as compared to traditional investments (see "MF Expat New Europe Stocks Risk Profile: Risks associated with derivative financial instruments"). There is no guarantee that such transactions and techniques, will be successful, in case they are concluded or applied. The opportunities to apply the above strategies and techniques may be limited by market conditions, as well as by regulation rules and requirements.
The Fund may, while acting in compliance with the law, buy securities and agree to allow the seller to repurchase the said securities at a later date (such transactions are known as repurchase agreement transactions or repo transactions). Such agreements may be concluded under different repo date and repurchase price conditions depending on the circumstances at the moment of conclusion and the agreement reached with the counterparty. The conclusion of such agreements may optimize the Mutual Fund's profitability and liquidity. The other parties to such agreements shall have high creditworthiness. The conclusion of repo agreements and reverse repo agreements shall comply with the restrictions on loan provision and use set out in Art. 176, paragraph 1 and Art. 197, paragraph 1 of POSA.
If Expat Asset Management is of the opinion that there are extraordinary circumstances justifying a protective investment strategy or there are not enough securities to make an appropriate investment in, Expat New Europe Stocks assets may be transformed without restrictions into bank deposits.
| State | Market |
| Croatia | Zagreb Stock Exchange |
| Serbia | Belgrade Stock Exchange |
| Macedonia | Macedonian Stock Exchange |
| Bosnia and Herzegovna | Sarajevo Stock Exchange |
| Bosnia and Herzegovna | Banja Luka Stock Exchange |
| Montenegro | Montenegro Stock Exchange |
| Turkey | Instanbul Stock Exchange |
| Russia | Moscow Internbank Currency Exchange – MICEX |
| Russia | Russian Trade System – RTS |
| Ukraine | Ukrainian Stock Exchange |
| Ukraine | PFTS Stock Trading System |
| Kazakhstan | Kazakhstan Stock Exchange |
Acting in accordance with legal restrictions and the Fund Rules, Expat New Europe Stocks plans to geographically structure its investments relying on the following model:
1. Investments in Bulgarian securities – up to 90% (ninety percent) of the Fund's portfolio
2. In foreign securities from CEE states – Serbia, Romania, Ukraine, Russia, Croatia, Bosnia and Herzegovina, Poland, the Czech Republic, Slovakia, Slovenia, Hungary, Turkey, Cyprus, Greece, Lithuania, Latvia, Estonia and Kazakhstan – up to 30% (thirty percent) of the Fund's portfolio in securities from a single country
3. In foreign securities from Western European countries – up to 30% (thirty percent) of the Fund's portfolio in securities from a single country.
4. In securities from other countries, outside the ones listed in the above paragraphs 1 through 3 – up to 10% (ten percent) of the Fund's portfolio.
The specific structure of the assets will depend on current market conditions and will be dynamic within the framework of the above restrictions, as regards the type of assets, as well as regarding the geographical structure. In the event of a prolonged market decline in a certain country, the Fund will go about withdrawing investments from the group of stocks to direct them to lower-risk assets to the end of protecting investors' investments.
Other investment strategies and techniques
In its efforts to achieve the Mutual Fund's main investment aims, Expat Asset Management may also implement appropriate strategies and techniques for protection against market, currency and other risks (hedging): transactions with options, futures, swaps and other derivative instruments. As long as it corresponds to Expat New Europe Stocks's investment aims and restrictions, the said strategies and techniques may sometimes be used, at the discretion of Expat Asset Management, to increase the Fund's investment yields. Transactions with derivative instruments involve various higher risks, as compared to traditional investments (see "MF Expat New Europe Stocks Risk Profile: Risks associated with derivative financial instruments"). There is no guarantee that such transactions and techniques, will be successful, in case they are concluded or applied. The opportunities to apply the above strategies and techniques may be limited by market conditions, as well as by regulation rules and requirements.
The Fund may, while acting in compliance with the law, buy securities and agree to allow the seller to repurchase the said securities at a later date (such transactions are known as repurchase agreement transactions or repo transactions). Such agreements may be concluded under different repo date and repurchase price conditions depending on the circumstances at the moment of conclusion and the agreement reached with the counterparty. The conclusion of such agreements may optimize the Mutual Fund's profitability and liquidity. The other parties to such agreements shall have high creditworthiness. The conclusion of repo agreements and reverse repo agreements shall comply with the restrictions on loan provision and use set out in Art. 176, paragraph 1 and Art. 197, paragraph 1 of POSA.
If Expat Asset Management is of the opinion that there are extraordinary circumstances justifying a protective investment strategy or there are not enough securities to make an appropriate investment in, Expat New Europe Stocks assets may be transformed without restrictions into bank deposits.
Up to date: 03.02.2012
Mutual Fund
NAV |
BGN 265,177.06 |
NAV per share |
BGN 837.09 |
Yield 12 months |
-14.35% |