Annual Report 2013 - EURIZON SK...Emiliano Laruccia – member Claudio Malinverno - member RNDr....

Annual Report 2013

VÚB Asset Management správ. spol., a. s., Mlynské Nivy 1, P. O. Box 6, 820 04 Bratislava 24 Obchodný register: Okresný súd Bratislava I, Oddiel: Sa, Vložka číslo 2416/B, IČO: 35786272, Kontakt: 0850 123 000, www.vubam.sk

CONTENT

1. Characteristic of the Company 3

2. Management Board Report 5

2.1. Basic Indicators about Development of the Company´s Financial Situation 7

3. Funds under Management 8

3.1. VÚB AM FOND BANKOVÝCH VKLADOV 8 3.2. VÚB AM EUROVÝ FOND 9 3.3. VÚB AM KONZERVATÍVNE PORTFÓLIO 10 3.4. VÚB AM ACTIVE BOND FUND 11 3.5. VÚB AM CP ZAISTENÝ FOND I. 12 3.6. VÚB AM ACTIVE MAGNIFICA 13 3.7. VÚB AM DLHOPISOVÝ KONVERGENTNÝ FOND 14 3.8. VÚB AM DYNAMICKÉ PORTFÓLIO 15 3.9. VÚB AM VYVÁŽENÝ RASTOVÝ FOND 16 3.10. VÚB AM PRIVÁTNY EUROVÝ FOND 17

4. Financial Section 18

4.1. VÚB Asset Management, správ. spol., a.s. 4.2. VÚB AM FOND BANKOVÝCH VKLADOV 4.3. VÚB AM EUROVÝ FOND 4.4. VÚB AM KONZERVATÍVNE PORTFÓLIO 4.5. VÚB AM ACTIVE BOND FUND 4.6. VÚB AM CP ZAISTENÝ FOND I. 4.7. VÚB AM ACTIVE MAGNIFICA 4.8. VÚB AM DLHOPISOVÝ KONVERGENTNÝ FOND 4.9. VÚB AM DYNAMICKÉ PORTFÓLIO 4.10. VÚB AM VYVÁŽENÝ RASTOVÝ FOND 4.11. VÚB AM PRIVÁTNY EUROVÝ FOND

1. Characteristic of the Company

Business name: VÚB Asset Management, správ. spol., a.s. Legal form: Joint-stock company IČO: 35 786 272 Business register: Okresný súd Bratislava I, oddiel: Sa, vložka číslo: 2416/B Registered seat: Mlynské nivy 1, 820 04 Bratislava 24 Date of creation: 17 April 2000 Core of business: creation and management of mutual funds Funds under Management, as of 31 December 2013: VÚB AM FOND BANKOVÝCH VKLADOV

an open mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM EUROVÝ FOND, an open mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM KONZERVATÍVNE PORTFÓLIO, an open mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM ACTIVE BOND FUND an open-ended mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM CP ZAISTENÝ FOND I. an open-end mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM ACTIVE MAGNIFICA an open mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM DLHOPISOVÝ KONVERGENTNÝ FOND, an open mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM DYNAMICKÉ PORTFÓLIO an open mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM VYVÁŽENÝ RASTOVÝ FOND, an open mutual fund of VÚB Asset Management, správ. spol., a.s.

VÚB AM PRIVÁTNY EUROVÝ FOND

an open mutual fund of VÚB Asset Management, správ. spol., a.s.

Depositary: Všeobecná úverová banka, a. s. Registered seat of the depositary: Mlynské nivy 1, 829 90 Bratislava Shareholders: 50,1% Eurizon Capital SA 40,6% VÚB, a. s. 9,3% PBZ (Privredna Banka Zagreb) Supervisory board: Prof. Daniel Gros - chairman Prof. Giorgio Di Giorgio - member Massimo Mazzini – member

Alexander Resch – member Dinko Lucic - member

Management board: Massimo Torchiana – chairman Alberto Castelli (CEO) – member Emiliano Laruccia – member Claudio Malinverno - member

RNDr. Ing. Marian Matušovič, PhD. – member

Annexes Financial Statements and Audit Reports, as of 31 December 2013 VÚB Asset Management, správ. spol., a.s. VÚB AM FOND BANKOVÝCH VKLADOV VÚB AM EUROVÝ FOND VÚB AM KONZERVATÍVNE PORTFÓLIO VÚB AM ACTIVE BOND FUND VÚB AM CP ZAISTENÝ FOND I. VÚB AM ACTIVE MAGNIFICA VÚB AM DLHOPISOVÝ KONVERGENTNÝ FOND VÚB AM DYNAMICKÉ PORTFÓLIO VÚB AM VYVÁŽENÝ RASTOVÝ FOND VÚB AM PRIVÁTNY EUROVÝ FOND

2. Management Board Report about Company´s Activity and State of the Equity in 2013

Market environment

The year 2013 brought a positive market sentiment, although the beginning of the year was weaker for the economy of the Eurozone than it was expected. Decreasing inflation rates altogether with unfulfilled expectations of stabilization of the economy led the ECB to continue in its expansive monetary policy and, for the first time, to indicate a trend of interest rates explicitly. The ECB assured markets that it intended to keep interest rates at low levels in the long term and allowed banks unlimited short-term funding at least until mid 2015. The ECB lowered its key rate in 2013 by 25 bps for the first time in May and by another 25 bps at its November meeting, when it lowered the official interest rate at the level of a historical minimum of 0,25 %. Continuing expansionary monetary policy resulted in Euribor money market rates decreasing to new historical lows. Central banks of our neighbour countries which are not members of the Eurozone were coping with similar problems and were supporting also the local economies with expansive monetary policy in 2013: the Czech national bank kept the official refinancing rate at a zero level, below the ECB key rate, for the whole year ;, the Hungarian central bank gradually cut the refinancing rate from 5,75% to 3,0 %.; and the Polish central bank lowered the refinancing rate from 4,25% to 2,5 %. ;. Moreover, during the November´s meeting, the Czech national bank announced to execute a direct intervention against the Czech crown with a goal to weaken it on the level of 27 EUR/CZK and support with this the export oriented economy. During the year 2013, FED changed its approach and announced a gradual reduction of quantitative easing and at the end of the year, FED definitely announced the first reduction of stimulus from the beginning of January 2014.

Signs of a mild recovery of the European economy, intensions of politicians to support economic growth and also stimulus of central banks brought certain kind of relief to European government bond markets. Core government bonds experienced a slight growth of yields while bond yields of riskier countries were falling down. Reduction of tensions and an excess of liquidity in the financial sector reflected in the narrowing of spreads of government bonds issued by peripheral countries of the Eurozone and also by corporates. The euro strengthened against the U.S. dollar from the level of 1,32 at the beginning of the year to the level of 1,38 at the end of the year.

During the year 2013, major stock indexes recorded positive performance, benefitting from the expansive monetary policy of central banks and recovery of real economy. On the other hand, a situation was different on Emerging markets and also in the region of V4, where the local stock indexes of neighbour countries recorded in general much milder growth. Except of the Prague Stock Exchange Index, which lost 4,78% in 213, other V4 equity indices posted positive price change: Polish WIG Index +8,06%, Slovak Share Index +2,89% and Hungarian Budapest Stock Index +2,15%. Slovak economy recorded GDP growth 0,9% in 2013 for the whole year. The growth was solely due to foreign demand, whereas domestic demand remained in decline and especially alarming was continuation of slump in capital investment. Although economy posted at least some growth, neither businesses nor labour market benefited from this growth. On contrary, profits of non-financial corporations fell and unemployment rate rose to its highest level since 2004. Slovakia saw a significant decline of inflationary pressures, which came from weak

domestic demand as well as from imported disinflation from abroad. Overall inflation thus fell to its historic minimum of 0.4% at the end of the year. Slovak government bond yield curve experienced slight increase during the previous year, ranging from 10 to 50 bps, while the risk premium versus the German counterparts was slightly decreasing.

The Market of Collective Investments in Slovakia

According to data from the Slovak Association of Asset Management Companies (SASS), total assets in funds and managed portfolios amounted to 6,868 mil. EUR at 31 December 2013. The total assets in open mutual funds under management amounted to 5,259 mil. EUR at 31 December 2013.

At the end of the year 2013, non UCITS funds represented 36% of the market (mainly deposit money market and Real Estate funds). Funds investing in money market and short term fixed income represented 31% of total market.

Bond funds accounted for 13%, Balanced funds 12% and Equity funds 10%.

In terms of net sales, deposit funds, recorded the highest net sales during 2013 with total net volume of 295 mil. EUR evidencing conservative investment choice of Slovak investors. Special funds of real estates, with a volume 217 mil. EUR, are at the second place in terms of net sales. The third place belongs to a category of balanced funds with net sales of 166 mil. EUR. These funds are followed by: funds of funds with net sales at the amount 127 mil. EUR; Bond funds with positive net sales of 109 mil. EUR and equity funds with net sales of 38 mil. EUR. Money market funds and funds of short-term investments recorded negative net sales.

Position of VUB Asset Management, správ. spol., a.s. on the Slovak Market of Collective Investments

The main event in 2013 that involved VUB Asset Management was the establishment of the Asset Management Hub in Eastern Europe on 6 of May with the aim of consolidating and developing all the asset management’s activities located in the region relating to both retail and institutional clients.

The Hub was created through the spin off of the Asset management Companies from the Foreign Banks controlled by Intesa Sanpaolo Group .

Data source: SASS ; data are as of 31 December, 2013

Hub’s leading company is VUB Asset Management (VUB AM) that, in turn, fully controls CIB Investment Fund Management (CIB IFM), based in Budapest - Hungary, and PBZ Invest, based in Zagreb – Croatia.

After the completion of the corporate transactions, VUB Asset Management is controlled by Eurizon Capital SA, 100% owned by the Intesa Sanpaolo Group, with a participation of 50,1 %. The Slovak VUB Bank holds a 40,6 % participation and the Croatian Bank PBZ (Privredna Banka Zagreb) has a 9,3% participation.

The regional asset management centre in Slovakia represents a strategic cooperation between Eurizon Capital and the International Subsidiary Banks Division. The main objectives of the centre are to consolidate and strengthen the asset management activities of the Group in Slovakia, Hungary and Croatia by developing asset management in Eastern Europe, improving the quality of services and product innovation, adopting consistent methodologies for investment management and risk management in line with the best market practice, and finally, generating synergies with Eurizon Capital.

During the second part of the year, the Company functions and staff were involved in significant and intense activity to align internal policies and processes to the standards of the control company Eurizon Capital as requested by the Italian regulator.

Despite the significant extra workloads, the staff and management of VUB Asset Management were able to maintain focus on business goals recording a very successful year in terms of results. The company´s market share, in fact, increased by 1,57% as compared to the previous year achieving the level of 20,46%. The volume of assets under management increased by 250 mil. EUR + 30% over year end 2012. Thanks to the extraordinary asset growth the Company was able to over perform the market performance by almost 10%.

AM Co AUM Market share EUR mln. YTD % change % YTD change

TAM (Raiffeisen Group) 1 914,3 13,60% 36,40% -2,06%

VÚB AM 1 076,3 30,03% 20,46% 1,57%

SLSP AM (ERSTE Group) 757,9 20,82% 14,41% 0,09%

Prva Penzijna 604,7 59,95% 11,50% 2,87%

Market Total 5 259,5 20,05% 100,00% - Data source: SASS ; data are as of 31 December, 2013

In terms of historical performance, best performancing funds in 2013 were especially mutual funds with investment strategy focused on developed equity markets VÚBAM Dynamické portfolio (+8,70%) and capital protected fund VÚB AM VÚB AM CP ZAISTENÝ FOND I (+9,56%). On the contrary, mutual funds with an investment strategy focused on emerging markets were performing in line with overall negative development of underlying emerging markets. Performance of low risk funds were in line with low level of short term interest rates.

Performances of the Mutual Funds under Management of VÚB Asset Management, as of 31. December 2013

FUNDAUM

(mln. EUR)Curr.

1M

(%)

3M

(%)

6M

(%)

1Y

(%)

VÚB Fond bankových vkladov 356,2 EUR 0,04 0,15 0,30 0,69

VÚB AM Eurový fond 215,6 EUR 0,01 0,20 0,30 0,58

VÚB AM Konzervatívne portfólio 161,7 EUR 0,08 0,55 0,91 1,34

VÚB AM Active Bond fund 25,3 EUR 0,00 ‐ ‐ ‐

VÚB AM CP Zaistený fond I 27,4 EUR 0,00 4,72 7,89 9,56

VÚB AM Active Magnifica 52,3 EUR 0,08 2,44 4,96 4,04

VÚB AM Dlhopisový Konvergentný fond 60,7 EUR 0,04 ‐0,03 0,87 ‐4,65

VÚB AM Dynamické portfólio 40,3 EUR 0,73 3,60 5,58 8,70

EUR ‐2,04 ‐1,19 0,25 ‐10,63

USD ‐0,75 0,90 5,70 ‐6,58

VÚB AM Privátny Eurový fond 94,6 EUR 0,03 0,24 0,45 0,87

42,3VÚB AM Vyvážený Rastový fond

Data Source: VUB AM web page

In terms of asset mix at year end 2013, VUB AM evidenced 62% of AUM in special fund of securities (deposit fund) and short term investment funds. Balanced funds are above market average with 23% share.

Data source: SASS ; data are as of 31 December, 2013

VÚB AM product innovation and Sales Support

During 2013, product innovation was focused to the launch of flexible funds with the aim to differentiate source of performance for the unit holder in a contest of low interest rate in Slovakia.

On 5 January 2013, the Company changed the investment strategy of VÚB AM Privátne Portfólio MIX30, o.p.f. and its denomination to VÚB AM Active Magnifica, o.p.f. The

redesigned fund is focused on investments in shares of other mutual funds focused on EMU bonds, global developed and also emerging equities and commodity markets. Approximately 90 % of the fund´s assets is dynamically managed according to a quantitative model (Constant Risk Contribution + Momentum), developed by Epsilon Sgr.

In the second half of the year, VUB Asset Management launched a new mutual fund VÚB AM Active Bond fund, o.p.f. The fund is focused on investors who prefer well diversified investments on bond markets with prevailing euro currency exposure and expect a potentially greater return in an environment of low interest rates. The fund invests especially in selected mutual funds focusing on bond investments (EMU, Corporate, High Yield and Emerging markets), which provide above-average appreciation in the particular asset class, therefore it is an appropriate alternative for bond investors with an optimal investment horizon minimum 4 years. . In 2013, these funds belonged to the best-selling funds in their categories. Net sales of VÚB AM Active Magnifica, o.p.f., were in the amount of 38,4 mil. EUR in 2013 and its yearly performance was 3,39% at 31st December 2013. Net sales of VÚB AM Active Bond Fund, o.p.f., were 24,7 mil. EUR during the first two months of its existence.

In line with its tradition, The Company maintains a high standard of information to the clients by means of fund catalogues which were being sent for free together with semi-annual confirmations as of 30 June and 31 December 2013. This activities support our effort to contribute to a transparent management of our mutual funds.

Main results of subsidiaries CIB IFM and PBZ Invest

CIB IFM 2013 macro environment in Hungary was characterized by large and quick reduction in short term rate supporting the conversion from bank deposit to mutual funds (mainly MM funds and bond funds). CIB IFM over performed the market increasing market share over 6% becoming sixth market player in mutual fund market.

EUR mln % YTD change

OTP 3,655.5 23.43% 0,91%

K&H 2,526.9 16.20% -2,47%

ERSTE 2,531.1 16.22% 2.53%

BB GE Capital 1,100.6 7.05% 0.56%

CONCORDE 978.2 6.27% 1.20%

CIB IFM 939,5 6,04% 0,85%

Raiffeisen 690.4 4,42% -0,16%

AE GON 561.8 3.60% -0,68%

Pioneer 595.8 3.82% 0,73%

MKB 505.0 3.24% -0.23%

Market total 15,603 35,21%

EUR/HUF rate: 296.91

MS

% YTD changeAM Co

AuM

40.69%

17.32%

60.21%

46.91%

67.34%

30.60%

13.75%

66.92%

26.41%

57,34%

Data source: Hungarian Fund Association as of 31 December 2013

PBZ Invest

2013 macro environment in Croatia was characterized by sharp decline in short term and medium term interest rate in last part of 2012 and Q1 2013; in second part of 2013 rates stabilized in the medium term. Fund market grew slightly above inflation (2,45%), with PBZ Invest over performing the market increasing slightly its market share to 18,32%.

AM Co AUM Market share EUR mln. YTD % change % YTD change

ZB Invest 530,35 -8,10% 31,08% -3,86%

Erste Invest 333,15 34,17% 19,52% 4,49%

PBZ Invest 312,64 5,15% 18,32% 0,32%

RBA Invest 169,26 -10,66% 9,92% -1,55%

Market Total 1 706,60 3,32% - -

Data source: Croatian Financial Services Supervisory Agency (HANFA – CFSSA) as of 31 December 2013

Main goals of VUB AM for 2014

VUB AM will focus mainly in the following activities in 2014 :

- consolidation of the Company operating model, policies and proceedures,

- improvement of service to the main distributor VUB Bank with the improvement of pre sale and post sale information flow and training to network with the aim to better serve final client investment needs,

- development flexible product solutions with the aim to generate diversified source of return in line with with market environment and consistent with client profile and investment goals and horizon,

- introduce fee structure schemes transparent and more in line with unit holders goals and fund investment policy.

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10

TV VUB EUR 2014-01-02 0.15% TV 3,80% Curr. 1M 6M 12M 2Y p.a. ITD

TV UNIC EUR 2014-01-13 0.428% TV 1,68% EUR 0,04% 0,30% 0,69% - 1,59%

TV UNIC EUR 2014-02-07 0.427% TV 1,68%

TV SBERBANK EUR 2014-01-06 0.89% TV 1,12%



TV SEB EUR 2014-07-18 1.15% TV 1,01% 0,06

TV CSOB EUR 2014-01-10 1% TV 0,99% 1,01%


TV SEB EUR 2014-07-04 1.12% TV 0,98%

TV - term deposit

Fund duration:

Weighted yield of the fund portfolio:

FUND PERFORMANCESHARE

TERM DEPOSITS STRUCTURE FUND PERFORMANCE (in EUR)

2.4.2012

0,101594 EUR

FUND INVESTMENT PROFILE AND STRATEGY

EUR

Type of fund: Fund of short term investme

VÚB AM DEPOSIT FUNDan open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)

KEY FUND INFORMATION INVESTMENT COMPOSITION

356 228 118 EUR

ADDITIONAL FUND INFORMATION

From 3 months20,47%

From 3 to 12 months56,78%

Over12 months22,75%

100,0

100,2

100,4

100,6

100,8

101,0

101,2

101,4

101,6

101,8

03/1

2

04/1

2

05/1

2

06/1

2

07/1

2

08/1

2

09/1

2

10/1

2

11/1

2

12/1

2

01/1

3

02/1

3

03/1

3

04/1

3

05/1

3

06/1

3

07/1

3

08/1

3

09/1

3

10/1

3

11/1

3

12/1

3

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10

EUR SD 217 0% (spl. 7.4.2014) bond 7,50% Curr. 1 M 6 M 12 M 2 Y p.a. ITD

EUR HZL VUB XVII. FRN (spl. 28.11.2015) bond 5,01% EUR 0,01% 0,30% 0,58% 1,11% 30,29%

EUR SD 218 FRN % (spl. 16.11.2016) bond 4,95%

EUR Intesa Sanpaolo 2015 3.375% (spl. 19.1.2015) bond 2,48%

EUR ING 14 FRN % (spl. 28.11.2014) bond 2,09%

EUR BNP Paribas 2014 FRN % (spl. 3.12.2014) bond 1,81%

EUR Bear Stearns FRN (spl. 16.02.2014) bond 1,74% 0,31

EUR BTPS 4.5% (spl. 15.7.2015) bond 1,49% 0,96%

EUR Rabobank 14 4.375% (spl. 22.1.2014) bond 1,45%

EUR PKO Finance AB 3.733% (spl. 21.10.2015) bond 1,36%

FRN - bonds with variable coupons

VÚB AM EURO FUNDan open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


EUR

5.11.2001

BOND COMPOSITION ACCORDING TO RATING FUND PERFORMANCE (in EUR)

215 565 408 EUR


Type of fund: Bond fund

0,042687 EUR

FUND PERFORMANCE

Fund duration:


SHARE


AA-3,50%

A+25,66%

A48,00%

A-5,08%

BBB+17,76%

100

106

112

118

124

130

136

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10

EUR SD 217 0% (spl. 7.4.2014) bond 5,28% Curr. 1 M 6 M 12 M 2 Y p.a. ITD

EUR Intesa Sanpaolo 07/2015 4.875% (spl. 10.7.2015) bond 2,72% EUR 0,03% 0,45% 0,87% 1,45% 9,60%

EUR Goldman Sachs 15 4% (spl. 2.2.2015) bond 2,26%

EUR Poland 2014 5.875% (spl. 3.2.2014) bond 2,23%

EUR Rabobank 14 4.375% (spl. 22.1.2014) bond 2,20%

EUR Slovenia 14 4.375% (spl. 2.4.2014) bond 2,19%

EUR Italy 4.25% (spl. 01.08.2014) bond 2,19% 0,33

EUR BTPS 06/2015 3% (spl. 15.6.2015) bond 2,17% 0,99%

EUR Erste Group Bank 14 FRN % (spl. 6.2.2014) bond 2,11%



23.9.2008

0,036380 EUR

VÚB AM PRIVATE EURO FUND


Type of fund: Fund of short term investme

FUND PERFORMANCE

Fund duration:


an open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


94 567 715 EUR

EUR

SHARE



AA-5,99%

A+8,52%

A-11,42%

A37,51% BBB+

33,46%

BBB-3,10%

100,0

102,0

104,0

106,0

108,0

110,0

112,0

09/0

8

12/0

8

03/0

9

06/0

9

09/0

9

12/0

9

03/1

0

06/1

0

09/1

0

12/1

0

03/1

1

06/1

1

09/1

1

12/1

1

03/1

2

06/1

2

09/1

2

12/1

2

03/1

3

06/1

3

09/1

3

12/1

3

Term deposits and cash63,26%

Government bonds and treasuries17,30%

Financial bonds

17,54%Mortgage

bonds1,89%

Reference currency:

Launch day:

Current protected value of a share:

Current reference period:

Share value:

AUM of the fund:

MAIN FUND INVESTMENTS

EUR HZL VUB XVII. FRN (spl. 28.11.2015) bond 19,41% Curr. 1 M 6 M 12 M 2 Y p.a. ITD

EUR STAT DLHOPIS 213 3.5% (spl. 24.2.2016) bond 14,74% EUR 0,00% 7,89% 9,56% 10,30% 16,13%

EUR Slovakia 15 4.375% (spl. 21.1.2015) bond 11,66%

EUR BTPS 2.5% (spl. 1.3.2015) bond 9,57%

EUR Slovenija 15 2.75% (spl. 17.3.2015) bond 8,24%

EUR SID Bank 15 3% (spl. 21.04.2015) bond 7,35%

EUR Intesa Sanpaolo 15 3.875% (spl. 1.4.2015) bond 4,81% 1,22

Banca IMI TAA TV BASKET OPTION option #N/A 1,35%


Type of fund: Mixed fund

VÚB AM CAPITAL PROTECTED I. FUNDan open-ended mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


EUR

1.4.2011

0,033194 EUR

SHARE

0,038547 EUR

27 357 094 EUR

Weighted yield of debt securities:


1.4.2011-1.4.2015

FUND PERFORMANCE

Fund duration:



A+46,92%

A22,27%

BBB -D30,81%

92,0

97,0

102,0

107,0

112,0

117,0

122,0

05/11 08/11 11/11 02/12 05/12 08/12 11/12 02/13 05/13 08/13 11/13

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10


EUR SD 202 4.9% (spl. 11.02.2014) bond 4,07% EUR 0,08% 0,91% 1,34% 3,02% 13,24%

EUR SD 217 0% (spl. 7.4.2014) bond 3,08%

EUR Bear Stearns Co 4.1% (spl. 24.02.2015) bond 2,94%


VÚB AM Privátny eurový fond fund 10,91%

Eurizon EF BD Eur Medium Term LTE Z fund 3,94% 1,24

Eurizon EF BD EUR Short Term LTE Z fund 3,93% 1,15%

VÚB AM Dlhopisový konvergentný fond fund 3,18% 6,80%

Eurizon EF EQ North America ZH fund 2,76%


Type of fund: Mixed fund

FUND PERFORMANCE

Duration of debt securities:


Share of the equity part:

FUND PERFORMANCE (in EUR)

9.2.2006

0,037588 EUR


VÚB AM CONSERVATIVE PORTFOLIOan open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


SHARE

EUR

161 726 285 EUR

BOND COMPOSITION ACCORDING TO RATING


AA-1,02%

A+45,03%

A27,99% A-

2,41%

BBB+23,55%

95

97

99

101

103

105

107

109

111

113

115

02/06 02/07 02/08 02/09 02/10 02/11 02/12 02/13

Type of fund:

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10


EUR Goldman Sachs 15 FRN (spl. 23.02.2015) bond 2,85% EUR 0,73% 5,58% 8,70% 9,09% 10,03%

EUR Intesa Sanpaolo 2015 3.375% (spl. 19.1.2015) bond 2,60%

EUR SD 217 0% (spl. 7.4.2014) bond 2,47%

EUR Czech republic 4.625% (spl. 23.6.2014) bond 1,42%

Eurizon EF EQ North America ZH fund 13,39%

Eurizon EF EQ Europe LTE ZH fund 13,11% 0,62

iShares MSCI North America fund 12,47% 1,20%

Eurizon EF BD Eur Medium Term LTE Z fund 7,52% 52,70%

Eurizon EF BD EUR Short Term LTE Z fund 7,48%


Share of the equity part:


0,036522 EUR

40 316 785 EUR


VÚB AM DYNAMICKÉ PORTFÓLIO

FUND PERFORMANCE

Duration of debt securities:


an open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


SHARE

Mixed fund

EUR

9.2.2006


A71,04%

BBB28,96%

75

80

85

90

95

100

105

110

115

02/06 02/07 02/08 02/09 02/10 02/11 02/12 02/13

Type of fund:

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10

PLN Poland 5.75% (spl. 23.09.2022) bond 14,61% Curr. 1 M 6 M 12 M 2 Y p.a. ITD

PLN Poland 5.25% (spl. 25.10.2017) bond 10,20% EUR 0,04% 0,87% -4,65% 5,97% 49,40%

PLN Poland 5.5% (spl. 25.4.2015) bond 10,19% EUR-conv* 0,04% 0,87% -4,65% 5,97% 7,05%

PLN Poland 6.25% (spl. 24.10.2015) bond 7,63% * calculated using conversion rate 1 EUR = 30,1260 SKK

PLN Poland 5.25% (spl. 25.10.2020) bond 6,34%

CZK Czech Republic 3.8% (spl. 11.04.2015) bond 4,44%

HUF Hungary 6.75% (spl. 24.02.2017) bond 3,86%

CZK Czech Republic 5% (spl. 11.4.2019) bond 3,59%

HUF Hungary 7.5% (spl. 12.11.2020) bond 3,28%

CZK Czech republic 4% (spl. 11.4.2017) bond 3,25%

FUND PERFORMANCE


0,035275 EUR

60 683 520 EUR


VÚB AM DLHOPISOVÝ KONVERGENTNÝ FONDan open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


SHARE

Bond fund

EUR

1.9.2003

BB4,48%

BBB24,08%

A56,33%

AA15,12%

90

100

110

120

130

140

150

16009

/03

02/0

4

07/0

4

12/0

4

05/0

5

10/0

5

03/0

6

08/0

6

01/0

7

06/0

7

11/0

7

04/0

8

09/0

8

02/0

9

07/0

9

12/0

9

05/1

0

10/1

0

03/1

1

08/1

1

01/1

2

06/1

2

11/1

2

04/1

3

09/1

3

Type of fund:

Reference currency:

Launch day of original fund:

Launch day of Active Magnifica:

Share value:

AUM of the fund:

TOP 10

Eurizon EF EQ North America LTE ZH fond 16,99% Curr. 1 M 6 M 12 M* 2 Y p.a.* ITD*

Eurizon EF EQ Europe LTE Z fond 13,81% EUR 0,08% 4,96% 4,04% 5,46% 15,26%

Eurizon EF BD Eur Medium Term LTE Z fond 9,78%

Eurizon EF BD Eur Long Term LTE Z fond 9,75%

Eurizon EF EQ Emerging Markets LTE Z fond 8,13%

VÚB AM Privátny eurový fond fond 7,75%

ishares Stoxx Europe 600 fond 6,96%

Eurizon EF BD EUR Short Term LTE Z fond 6,89%

iShares MSCI North America fond 3,70%

db x-trackers DBLCI OY Balanced ETF fond 3,63%

VÚB AM ACTIVE MAGNIFICAan open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


52 319 791 EUR

30.9.2008

0,038261 EUR

Fund of funds

SHARE FUND PERFORMANCE

EQUITY EXPOSURE PORTFOLIO STRUCTURE FUND PERFORMANCE* (in EUR)


5.1.2013

EUR

Shares Európa34,30%

Shares USA34,16%

SharesEmerging Markets23,83%

Commodities7,72%

* Listed past performance was achieved with the original initial fund investment strategy VUB AMPrivate Portfolio MIX30, which was amended by 5.1.2013.

98,0100,0

102,0

104,0

106,0

108,0110,0

112,0

114,0

116,0

118,009

/08

12/0

8

03/0

9

06/0

9

09/0

9

12/0

9

03/1

0

06/1

0

09/1

0

12/1

0

03/1

1

06/1

1

09/1

1

12/1

1

03/1

2

06/1

2

09/1

2

12/1

2

03/1

3

06/1

3

09/1

3

12/1

3

Type of fund:

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10

Eurizon EF Bond High Yield Z fund 18,66% Curr. 1 M 6 M 12 M 2 Y p.a. ITD

Eurizon EF Bond Emerging Markets Z fund 12,23% EUR 0,00% - - - -0,09%

Eurizon EF Bond Corporate Eur Z fund 10,23%

Epsilon Fund Euro Bond I fund 9,41%

Eurizon EF Bond Corporate Eur Short Term Z fund 7,88%

Epsilon Fund Emerging Bond Total Return I fund 6,10%

iShares Euro High Yield Corporate Bond fund 4,33%

iShares JPM Emerging Markets Bond € fund 4,00%

VÚB AM Privátny eurový fond fund 3,94%

iShares Euro Government Bond UCITS ETF fund 3,80%

VÚB AM ACTIVE BOND FUNDan open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


Fund of funds

EUR

31.10.2013

0,099914

25 263 562 EUR


RATING OF UNDERLYING SECURITIES IN FUNDS FUND PERFORMANCE (in EUR)

SHARE FUND PERFORMANCE

AAA - AA-3,40%

A+ - A-5,95%

BBB+ - BBB-26,99%

BB+ - BB-17,13%

B+ - B-5,45% CCC+ - C

0,78%

N/A40,29%

99,60

99,70

99,80

99,90

100,00

100,10

100,20

100,30

Type of fund:

Reference currency:

Launch day:

Share value:

AUM of the fund:

TOP 10

USD Brazil 34 8.25% (spl. 20.01.2034) bond 2,66% Curr. 1 M 6 M 12 M 2 Y p.a. ITD

USD Venezuela 27 9.25% (spl. 15.09.2027) bond 2,49% USD -0,75% 5,70% -6,58% 3,91% 171,44%

USD RUSSIA 20 5% (spl. 29.4.2020) bond 2,21% EUR-real -2,04% 0,25% -10,63% 0,65% 76,88%

USD Colombia 24 8.125% (spl. 21.05.2024) bond 1,77% EUR-conv* -2,04% 0,25% -10,63% 0,65% 22,87%

USD PERU 25 7.35% (spl. 21.7.2025) bond 1,65% * calculated using conversion rate 1 EUR = 30,1260 SKK

RUR OAO Gazprom ADR akcia 4,76%

Sberbank RF ADR akcia 4,38%

RUR Lukoil ADR akcia 3,82%

PLN PKO Bank akcia 2,51%

KRW Samsung Electronics GDR akcia 2,34%


FUND PERFORMANCE


0,038611 EUR

42 318 988 EUR


VÚB AM VYVÁŽENÝ RASTOVÝ FONDan open mutual fund VÚB Asset Management správ. spol., a. s. (data for 31.12.2013)


SHARE

Mixed fund

USD

5.11.2001

AA-2,06% A+

3,99%A

1,84%

A-4,11%

BBB+17,35%

BBB29,43%

BBB-23,93%

BB+3,56%

B+9,26%

B1,02%

B-3,46%

90

140

190

240

290

340

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Annual Report 2013 - EURIZON SK...Emiliano Laruccia – member Claudio Malinverno - member RNDr....

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