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pl
The outbreak of war in Ukraine continues to have a negative impact on financial markets. The sanctions introduced in recent days, including the cutting off of large Russian banks from the SWIFT system and the isolation of Russia from financial markets, have had an impact on today's quotations of sub-funds with exposure to entities linked to this market.
The value of financial instruments of entities linked to the Russian market is subject to daily analysis.
The valuation of units as at 28.02.2022 takes into account the valuation of debt securities linked to the Russian market at less than half of their nominal value, and in some cases even at around one tenth of this value.
The share of Russian market-related assets in the portfolios of funds managed by Generali Investments TFI continues to be reduced.
One should also take into account the behaviour of the valuation of other components of portfolios which, although not related to the Russian market, also react to the current situation. An example of this is treasury bonds with floating rate coupons, which recorded a drop in valuations today.
The exposure of Generali Investments TFI subfunds to entities with direct Russian risk was as follows as at 28 February 2022:
Bond funds:
In the subfund Generali Obligacje: New Europe it was 5.12% and in the sub-fund Generali Obligacje: Global Emerging Markets exposure was 0.96%. The exposure to these entities was related to the nature of these solutions and the investment policy.
Generali Obligacje Aktywny and Generali Korona Obligacje: below 0.7%.
SGB Dłużny 0.52%.
Short-term debt funds in PLN:
In the Generali Korona Dochodowy sub-fund, the exposure to Russian entities is 2.25%. In sub-fund Generali Aktywny Dochodowy 1.58%.
In the Generali Oszczędnościowy sub-fund 0.34% and in the Generali Profit Plus sub-fund 0.67%.
Short-term debt funds in other currencies:
In the Generali Dollar sub-fund, the exposure is 0.95%.
Mixed funds:
In the Generali Korona Zrównoważony sub-fund and in the Generali Stabilny Wzrost sub-fund below 0.5%.
Equity funds:
The Generali Shares sub-fund: New Europe has an exposure of 12.25%, which results from its investment policy of investing in the CEE and CIS region.
The other sub-funds managed within the FIO and SFIO Funds do not have exposure to instruments with direct Russian risk.
Generali Investments TFI S.A. (“Investment Fund Company”) operates under decision no. KPW-4073-1\95 of the Securities and Exchange Commission (currently: Polish Financial Supervision Authority) of 1 June 1995 and provides agency services in respect of sale and repurchase of fund units.
This material represents a comment on the current market situation. Information contained in this material does not represent: investment advisory service or recommendation on financial instruments nor does it represent information recommending or suggesting an investment strategy or an investment recommendation described in Article 3(1)(34) and (35) of the Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse. This material is not an information document required under the law.
This document has been prepared with due diligence and using best available knowledge as at 01/03/2022 at 5.00 p.m. Information presented and described herein is based on the author’s opinion as at the time this document was prepared and on then applicable economic, geopolitical and legal situation as well as tax laws; amendments hereto do not require previous notification. The Investment Fund Company assumes no liability for the adverse effects that the direct or indirect use of the content hereof might have. The results obtained will differ depending on the market situation and on the period for which the investment is held.
Neither the Investment Fund Company nor the investment funds guarantee that investment targets will be met. Participants need to be prepared for a possible decrease in or a loss of the funds invested. Handling fees and due taxes might be deducted from the results. Taxation depends on the client’s situation and it may change in the future. Historical results are not a forecast of future returns.
This document does not contain full information necessary to assess the risk related to investing in investment funds. Investment decisions should be made only after reading the Prospectus that includes detailed information on: investment policy, risk factors, principles of sales of fund units, table of handling fees and tax information as well as Key investor information and information for clients of AFI available at www.generali-investments.pl. Documents are drawn up in the Polish language.
High volatility of the net asset value of: Generali Akcje Małych i Średnich Spółek, Generali Akcje Wzrostu, Generali Akcje: Nowa Europa, Generali Korona Akcje, Generali Korona Zrównoważony, Generali Stabilny Wzrost, Generali Obligacje: Nowa Europa, Generali Akcje: Turcja, Generali Akcji: Megatrendy in Generali Fundusze FIO and Generali Obligacje Aktywny, Generali Obligacje Globalne Rynki Wschodzące, Generali Złota, Generali Euro, Generali Akcji Amerykańskich, Generali Akcji Europejskich, Generali Akcji Ekologicznych in Generali Fundusze SFIO.
There is a possibility to invest more than 35% of asset value of Generali Korona Dochodowy, Generali Akcji: Megatrendy, Generali Korona Obligacje, Generali Stabilny Wzrost, Generali Korona Zrównoważony, Generali Złota, Generali Aktywny Dochodowy, SGB Dłużny, Generali Akcji Europejskich, Generali Akcji Amerykańskich in securities issued, backed or guaranteed by the Polish Treasury or the National Bank of Poland, and in the case of Generali Dolar, Generali Obligacje: Nowa Europa, Generali Akcje: Turcja, Generali Akcji: Megatrendy and Generali Oszczędnościowy also in securities issued, backed or guaranteed by: Australia, Austria, Belgium, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hungary, Ireland, Iceland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Turkey, United States of America, and the European Investment Bank and the World Bank (The International Bank for Reconstruction and Development).
Generali Złota Sub-fund is characterised by high investment risk and is addressed to investors who have a long-term investment horizon (at least 5 years).
The Investment Fund Company is the sole owner of any copyrights hereto. This document, or any part of the same, may not be copied, published or disseminated in any other manner whatsoever without approval of the Investment Fund Company.
