LHV Tõusva Euroopa Alfa Fond
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LHV pakub oma klientidele enda poolt juhitud aktsiafondi, mis investeerib tarbimisega seotud sektoritesse Uues Euroopas.
Kiirelt kasvav Uus Euroopa pakub aktsiatesse investeerijatele jätkuvalt suure potentsiaaliga võimalusi. Kuid hea tootluse saavutamiseks tuleb tulevikus rohkem tähelepanu pöörata õigete aktsiate ja majandusharude valikule.
Läbi aktiivse investeerimise paigutame raha lõpptarbijatega seotud ettevõtetesse, mida ootab ees pidev käibe ja kasumi kasv. Inimeste sissetulekud selles regioonis kasvavad hüpetega ning vaba raha suunatakse edasi tarbimisse. LHV Tõusva Euroopa Alfa Fondi eesmärk on selle laiaulatusliku ja pikalt kestva makrotrendi pealt investoritel võimalikult hästi teenida.
Fondijuht Romanas Bulatovas valib välja ettevõtted, mis kasvavad kiiresti, on tugeva kaubamärgi, jaekaubandusvõrgu, positiivse rahavoo ning hinnakujundamise positsiooniga. Fokuseeritud investeerimisstrateegia tõttu kuuluvad enamik investeeringuid järgmistesse sektoritesse: jaekaubandus, pangandus, tarbimislaenud, ehitus, kinnisvara, tervishoid ja vaba aeg.
Mihkel Oja
tegevjuht
LHV Varahaldus -
1. augustini saab fondi investeerida ilma sisenemistasuta. Minimaalne investeering on 50 eurot. Väljumistasu fondil puudub.
Ostukorralduse puhul, mis esitatakse enne kella 12 päeval, on tehingu aluseks olev hind sama päeva osaku puhasväärtus (NAV). Kui ostukorraldus laekub peale 12 päeval, võetaks tehinguhinnaks järgmise pangapäeva osaku puhasväärtus (NAV). Ostukorralduse esitamiseks tuleb „Portfelli“ alt valida „Fondiosakute ost/müük“ ning sealt fondiosak „LHV Tõusva Euroopa Alfa Fond, EUR, LHVALFA“.
Et osta osakuid esimesel päeval nominaalhinna 10 euro pealt tuleb ostukorraldus esitada kella 12-ks. Peale südapäeva esitatud ostukorralduste puhul võetakse aluseks esmaspäevane osaku puhasväärtus. -
Fondijuhile on võimalik selles foorumis esitada küsimusi, kuid seda tuleks teha kas inglise, leedu, läti, poola, vene, saksa või iiri keeles. Samuti üritab ta vastata küsimustele, mis on esitatud tšehhi, prantsuse, slovaki, ungari ja rumeenia keeles, kuid mitte eesti keeles.
The fund manager will reply to all questions regarding the fund and the investment strategy that are presented in English, Lithuanian, Latvian, Polish, Russian, German or Irish. And will try to answer all questions in Czech, French, Slovak, Hungarian and Romanian, except Estonian. -
Hi, everybody!
I am the Fund manager - and I can answer all your questions regarding the strategy and policies of the new fund.
Best regards -
Ma teeks küsimustega otsa lahti.
Romanas, oled Leedu turgu üsna pikalt jälginud, millised oleksid sinu lemmikettevõted sellelt turult?
Romanas, what is Your top pick from lithuanian stock market?
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AloV
Ei tohtinud ju eesti keeles küsida, pidi iiri keeles küsima :) -
Same question about Estonia and Latvia. Which are you favorite companies in Estonia and Latvia?
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Võib siiski ka eesti keeles, saame alati Romanasele ära tõlkida ning siiski Romanasega kokku puutunud inimesena kahtlustan, et ta mõistab ka eesti keelt.
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AloV, mis keeles küsimusi polnud mõtet esitada?
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At the moment I see Baltic markets flat, so maybe Baltics are not priority to buy into portfolio. But if asked in general - I see potential in Tallinna Kaubamaja, Olympic. In Latvia - Latvijas krajbanka. In Lithuania - banks, Apranga.
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What about Stumbras?
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STU is interesting, but I still have 10 days to look closer into the company. Maybe we will participate, but I am not ready to say it definitely now
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Hi Romanas
If You are Alpha Fund and talking about making alpha, You need to compare Your performance against something ... so what will be fund benchmark? -
Hi and congratulations! Taking into account the very good track record of LHV pension funds, I hope we see good performance here as well. I have few questions to ask.
1) Considering the huge growth in Balkan and Easten European region, is there any particular indicators that may give the evidence that these stock-markets still have the potential to grow?
2) What are these main points that differentiate the new fund from other funds that are already investing in the region.
Thanks, and good luck! -
Re benchmarks - they are meaningful for funds that follow the market (beta funds) - so that you can see how closely does the fund follow it. The consequence of such benchmarking is that Fund managers are literally forced to buy the stock of all biggest companies quoted on that stock exchange in order not to "miss" market's performance. We are not investing on the basis of capitalisation, neither take into account influence of the companies on the flagship index. We are rather absolute return oriented fund - the aim is to make consistently 15-20% over many years to come. And I can promise that this fund will be much less correlated with target stock markets than other funds. You won't find companies like Petrom, INA, PKN Orlen, Lukoil or MOL in our portfolio - and those companies are influencing respective indices very much. Neither you will see Eesti Telekom, Ukrtelekom or TPSA. Therefore this fund will be really different from what is on the market.
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Good questions, wise!
We had the same internal discussions at LHV. And the reason fund is set up the way it is - we came to conclusion that "buy anything" strategy is over in CEE. We select companies on case-on-case basis - not because "everybody" is buying this or that. Rather like classic value investors did - no chasing fads, just sound companies with clear business model. And if you don't buy everything - there are always companies that grow and develop and you can make money out of it. Thus, it makes more sense to discuss particular companies' potentials, not CEE markets in general.
Second question - I think I covered this in passage on benchmarking. It is rather obvious that fund will be VERY different. -
So your BM is Euribor (CPI) + x ? and x=?
Or how you define generated alpha? -
Alpha in this case means that the Fund actively picks stocks, not just buying top 5 companies from every market. Therefore, Fund's performance is not very much related to market performance per se, but to the skills of Fund manager to see potential companies. This is what we deem to be alpha. Up to know almost all funds offered to investors just imitated market with small discrepancies - and this strategy will start failing soon, in our opinion.
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Sounds like nothing new but just a direct competitor to some of Avaron and Trigon funds. Do you agree?
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Romanas,
1) How many companies to you expect to have in the portfolio at any time? What are the max weightings of single companies relative to fund size?
2) What is the region you're investing to? Which CIS countries does it include, what about Turkey and new Balkan countries?
3) What is your macro vision in the region currently, what markets do you like/dislike today the most?
4) Will you hedge the currency risk?
5) How does the fee structure look?
6) How many people do you have in the team, what is their relevant experience?
Best of luck with the opening! -
Are you going to visit companyes where you are investing?
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Romanas, You wrote: Therefore, Fund's performance is not very much related to market performance per se, but to the skills of Fund manager to see potential companies.
So how investor can measure Your skill? Market performance in that case is Your benchmark, against what You will try to generate alpha with Your skill. You need to define market performance to be sure that You are beating it by gnerating alpha.
Absolute return funds do not follow benchmark in investment decisions, but almost all absolute return funds are defined targets too. -
If it is "nothing new" or it is something new - will be visible in results. Despite nice declarations of many competing vehicles, majority of funds offered in the market just buy well-known big caps - it is an open secret, it is enough to see portfolio composition of them. So at least from composition side it will be definitely different from Trigon, Avaron or Hansa. Different composition means different performance and lowered correlation.
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Blink,
1) we target some 25-30 companies in portfolio, so one company's weight will be around 3-5%. Of course some positions might be upped to 7-8% if we feel especially positive.
2) Turkey - no. CIS - Russia, Ukraine, Moldova. Balkans - every country there, although I don't feel too happy about Croatia at the moment.
3) Macro outlook is positive, although some countries like Romania, Latvia are obviously overheating. Still I think landing won't be as dramatic as some Scandinavian analysts like to present. I like Romanian and Polish markets for their liquidity and big choice of companies. The markets I find challenging are - Croatia, Slovenia (expensive), Czech - small choice of investable securities, Bosnia, Montenegro, Macedonia, Moldova, Latvia, Slovakia - illiquid.
4) USD will be hedged most likely. Other currencies are appreciating - so maybe it is not that important.
5) issue fee - 2%, redemption fee - 0%, management fee - 2,5% annualy. No other hidden fees.
6) The supporting team is our Baltic Pro analysts with several years of experience of analysis, but we will hire some new people as well. The investments are chosen by investment committee that gathers together several active portfolio and fund managers to share ideas and experience.
7) Visiting all the companies in the region is not realistic. Baltic companies are covered by our analyst team, farther afield - we will rely on research of reputable market players like Erste, Deutsche Bank, Citigroup who do visit the companies. -
Henno,
as I already mentioned our target performance is 15-20% given current inflation environment. But the ultimate goal is to maximise performance. Our trial run gave 40% since last October, but it was only simulation. -
Romanas wrote: majority of funds offered in the market just buy well-known big caps - it is an open secret, it is enough to see portfolio composition of them.
Thats is right, but usually reason is fund size.
If You are managing lot of money in Eastern Europe, You are 2 ways: buy big caps too or be in the money, cause You can`t invest in small caps, there is no available free float, so at the same manager skill smaller fund may have advantage. -
Ok, Henno, but it is a problem of those huge funds. They should have thought over what they would do when they have more money than they can effectively invest, e.g. launch other funds that too much money does not chase too few stocks. We are an upstart and can act nimbly in the market - and this is what we are going to do. When we will reach that critical size that new money can't be invested according to our philosophy we will discontinue active marketing of this fund and offer other, smaller vehicles to our investors.
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To Mihkel Oja. Puust ja punaseks: esimine päev on täna?
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vums,
Jah, täna on esimene päev. Kuid vastavalt fondi tingimustele loetakse peale 12 Tallinna aja järgi laekunud ostukorraldused laekunuks järgmisel pangapäeval ehk siis need, kes saatsid oma ostukorralduse enne 12, sisenevad fondi tänase NAVi pealt (10 eurot) ja need, kes saadavad ostukorralduse peale 12, sisenevad fondi esmaspäevase NAVi pealt.
Lisaks veel niipalju, et tänane NAV on teada, so 10 eurot. Esmaspäevane NAV sõltub juba esmaspäeval tehtud tehingutest. Esimesed investeeringud tehaksegi esmaspäeval.
Erinevalt nt Avaronist ei korraldanud meie mingit märkimisperioodi. Avasime fondi investoritele täna hommikul ning tänane päev on kõikide tingimuste poolest täpselt samasugune nagu homme või esmaspäev. -
kui palju on praegusel hetkel huvilisi? (ma ise ka tillukese summaga oma esimest fondi ostmas;))
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mulle meeldib see semantiline pool asja juures: pidev käibe ja kasumi kasv, sissetulekute hüppeline kasv, laiaulatuslik ja pikalt kestev makrotrend jne.
vau. -
Üks point mis tutvustuse lugemisel eriti silma jäi: pikaajaliselt ületada nii aktsiaturge kui ka samas piirkonnas tegutsevaid konkureerivaid aktsiafonde.
Vaadates selle piirkonna aktsaiturgude ja aktsiafondide tootlusi, siis tuleb LHV fondi tootlus väga kõva!? :-) -
Miks see veider tundub. Oleneb täiesti, mille sa baasiks võtad.
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kas sellele fondile saab võimendust ka kasutada? millises määras?
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Hi,
Pardon my complete ignorance, but who are you Mr Bulatovas?
What is your track record with alpha generation in Eastern Europe?
What are the main sources of your alpha generation so far, what will they be?
What is the size of portfolios you have handled?
Who exactly is the "supporting team" and their experience?
You guys seem to be attempting a VERY long shot here...
Good luck! -
Hi, matrox!
Regarding my background. Now, I am obviously employee of LHV Varahaldus, the designated Fund manager. My previous experience - I was working at second biggest insurance company in Lithuania, managing its technical provisions (i.e. all investment portfolio). Of course it was "one-client fund", not something distributed publicly - but it is not different from mutual fund, having almost the same restrictions, control and so on. The annual return achieved was in the range of 30-50%, but those were heady 2003-2005 years. Before that I had a stint in Poland, being deputy CFO of Postal bank in Poland, and even earlier - I worked as corporate banker at Latvian bank.
The question about "alpha sources so far" is put incorrectly as the Fund got registered only couple of days ago, thus, there is no track record yet to discuss.
The managed portfolios ranged between 500 mln zloty (~ 130 m € Postal bank) and 130 mln Lt (~ 40 m € PZU Lietuva).
Thanks for your good wishes ;) -
mul oleks selline küsimus: kuidas kõlaks iiri keeles lause: "kui Arno isaga koolimajja jõudis, olid tunnid juba alanud?"
But (still) good luck! -
Rather unusual question, Kristjan - but the answer is:
Nuair a thánig Arno lena athair go dtí an scoil, do bhí na ceachtanna críochnaithe fós". Any more questions/desires? ;) -
ok, here we go: do you agree that big part of the consumption boom in the CEE economies is based on good global liquidity and not on their own savings, therefore it is sensitive to possible international liquidity crunch? As work and lack of good investment ideas have been more and more replaced by increasing leverage IMO there is possibility, that this focus will backfire in the case of rising default rates (at historically low levels at the moment) and decreasing risk appetite. Do you belive in the American (&UK) kind of happily leveraging consumerism globally IN THE LONG RUN?
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Kristijan,
Your contemplations look logical, but not valid for CEE. American (&UK) money does not finance consumption in the region. Bar for odd exceptions (AmCredit, GE Money) almost all money in the region comes from Western Europe. In tightly integrated EU market (and especially after accession to euro in the countries of the region) the natural logic will be turned on its head as the money inside euro zone will always look for the most profitable deployment, global liquidity considerations won't matter too much. In the words of ECB - "it is meaningless to talk about current account deficit inside of eurozone - it is akin to trying to measure current account deficit of Tennessee or Iowa". I fully subscribe to this opinion. I believe we are on the threshold of a great "leap forward" in CEE countries. The gap of 50 years which scarred Eastern Europe gives an ample scope for reconstruction, infrastructure development, industrial upgrade for many years to come - and this plus structural funds of EU will underpin steady growth in the region. -
Kas seda labi Hanzaneti Investorkeskkonna ka saab lahitulevikus osta? Hetkel sealsetes fondinimekirjades see veel ei kajastu.
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Hello Romanas,
I'm going to take advatange of this excellent advantage and ask a question about one Lithuanian company. I'm sure there is widespread interest in Lithuanian market among the Estonian clients of LHV and I think it's unfortunate that there has been quite little direct information from LHV about that market yet. Although my question is not directly connected to the new fund, I hope you still find a chance to give me your opinion.
What do you think about Žemaitijos Pienas? There is next to no information about it in the local financial media and therefore we must only use what the company gives us via OMX website. Which is actually not that much. The price of the share has come tumbling down recently. The results, profit wise, weren't thrilling for Q1 but were still a little bit better yoy-based with revenue rising as well. Still, the valuation looks appealing with P/B 0,6 (2006) and P/E 7,7 (2007 Q1) or 6,6 with cash per share (3 LTL) reduced.
I know there are problems with the price of raw milk in the Lithuanian dairy industry but with good demand, producers should be able to re-price their consumer products accordingly? ZMP also seems to have it's share of loan although it has been on a decrease. What are your thoughts on the low valuations of this stock, that obviously seem to suggest that the profit of the group is expected to be on a clear decrease? So far it hasn't been the case. -
sorry for a few typos here and there :-)
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Uustalu, antud fond on hetkel mõeldud spetsiaalselt LHV klientidele, mistõttu peab fondi ostmiseks ennast kliendiks registreerima.
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millal fondiosakud kontole jõuavad?
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LHV Tõusva Euroopa Alfa fondi saab võimenduse tagatiseks kasutada ning tagatismäär tavapärane 100%. Fonditehingu kinnitamine toimub ostule järgneval kauplemispäeval kell 16.00. Täpsem info fondide tehinguaegade kohta.
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Huvitav kas LHV Tõusva Euroopa Alfa Fond investeerib Balti turul LHV kauplejakonto alt? Ja nt kui fond ostab Eesti aktsiaid, siis kas see kajastub ka kolme päeva pärast sellenimelise fondi järgi e-registris?
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Fondi depoopank on Hansapank ning aktsiaid hoitakse Hansapangas avatud kontodel.
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Kui fond on mõeldud ainult LHV klientidele, siis kas see ongi mõeldud väikeseks nishitooteks? Kui suurt mahtu fondile ootate/soovite/prognoosite?
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rivo20,
fond peab hoidma kõiki oma varasid depoopanga juures, antud juhul siis Hansapangas, mistõttu LHV juures mingeid aktsiaid hoida ei saa. Maaklerina kasutame Baltikumi puhul LHV-d ja ülejäänud turgude puhul Hansapanka. Fondil on oma väärtpaberikonto ning seega näeb e-registrist ka fondi osalust Eesti aktsiates.
