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The valuation of funds managed by Generali Investments TFI, published today, takes into account subsequent actions of the managers aimed at reducing the share of assets with exposure to the Russian market.
The estimated share of assets with exposure to the Russian market, in the net asset value (NAV) of the sub-funds, including concluded transactions, was as at 2 March 2022 as follows:
Bond funds:
Generali Obligacje Aktywny and Generali Korona Obligacje: below 0.2%.
SGB Debt: below 0.2%.
Short-term debt funds in PLN:
Generali Korona Dochodowy: below 0.3%.
Generali Aktywny Dochodowy: below 0.2%.
Generali Oszczędnościowy: estimated exposure close to zero.
Generali Profit Plus: below 0.1%.
Short-term debt funds in other currencies:
Generali Dolar: below 0.2%.
Mixed funds:
Generali Korona Zrównoważony and Generali Stabilny Wzrost: below 0.1%.
Equity funds:
No exposure (except for the Generali Akcje: Nowa Europa fund).
At the time of preparing this commentary, a higher share of assets with exposure to the Russian market than estimated for the other sub-funds remains in three sub-funds: Generali Akcje: Nowa Europa, Generali Obligacje: Nowa Europa and Generali Obligacje: Globalne Rynki Wschodzące. The level of exposure results from the nature of these solutions and the investment policy.
The remaining sub-funds managed within FIO and SFIO umbrellas do not have exposure to instruments with direct Russian risk.
In the portfolios of the sub-funds managed within the Generali Horyzont SFIO Umbrella Fund, since the beginning of the fund's existence there has been and still is no exposure to the Russian market.
It should be noted that the level of fund valuations is also influenced by the behaviour of valuation of other components of portfolios, which, although not related to the Russian market, also react to the current situation. In the valuation of fund units, in addition to changes in the value and volume of assets with exposure to the Russian market, an increased level of volatility of other asset classes is still visible, especially Polish treasury bonds with variable coupon.
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 02/03/2022 at 9.00 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.
