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OFICINA PRINCIPAL
8 Es una manera de manejar tráfico dentro de una red, al agrupar tipos similares de tráfico en clases, y asignarles a cada clase una prioridad en el nivel de servicio
4.13 Operación del MPLS
Share Transactions
For the period from 1 October 2015 to 31 March 2016
A-2 I-2 S-2 X-2
Shares outstanding at the beginning of the period 241,060 2,392 303,206 71,331 Shares issued during the period 32,124 2,717 29,586 55,290 Shares redeemed during the period (51,391) (1,169) (73,158) (4,751)
Shares outstanding at the end of the period 221,793 3,940 259,634 121,870
Net asset value per share 89.2114 2,017.1135 88.3606 9.8199
Statement of Net Assets
As at 31 March 2016
€’000 Assets
Investments in securities at market value (note 2.2) 51,382
Cash at bank 684
Interest and dividends receivable 104 Subscriptions receivable 117
Other assets 46
Total assets 52,333
Liabilities
Taxes and expenses payable 97 Redemptions payable 364
Total liabilities 461
Net assets at the end of the period 51,872
Statement of Changes in Net Assets
For the period from 1 October 2015 to 31 March 2016
€’000
Net assets at the beginning of the period 49,682 Net losses from investments (125) Net realised losses (1,920) Net unrealised gains 6,071 Proceeds from shares issued 11,365 Payments for shares redeemed (13,201)
Net assets at the end of the period 51,872
Statement of Operations
For the period from 1 October 2015 to 31 March 2016
€’000 Income
Investment income 454 Stocklending income (note 19) 21
Total income 475
Expenses
Management fees (note 4.2) 454 Operating, administrative and servicing fees (note 4.4) 131 Other operational expenses 15
Total expenses 600
Net losses from investment (125)
Realised losses on investments (1,956) Realised gains on forward currency exchange contracts 6 Realised currency exchange gains 30
Net realised losses (1,920)
Decrease in unrealised depreciation on investments 6,091 Unrealised currency exchange losses (20)
Net unrealised gains 6,071
Portfolio Statement
As at 31 March 2016
Security Nominal/ Quantity Market Value €’000 Percentage of total net assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 99.06% Equities 99.06% Czech Republic 3.82% Komercni Banka 10,200 1,980 3.82 Georgia 1.48% Bank of Georgia 30,000 767 1.48 Hungary 3.06% Gedeon Richter 91,000 1,588 3.06 Poland 7.68% Bank Pekao 58,820 2,279 4.38 Eurocash 91,752 1,154 2.23 Orbis 38,327 553 1.07 3,986 7.68 Portugal 3.71% Jeronimo Martins 134,068 1,927 3.71 Romania 2.91%BRD-Groupe Societe Generale 646,456 1,512 2.91 Russian Federation 37.58%
Global Ports Investments (GDR) 134,000 362 0.70
Lenta (GDR)∞ 122,500 675 1.30
Lukoil ADR 119,600 4,035 7.78
Magnit 32,421 4,464 8.62
MD Medical Group Investments (GDR) 240,000 1,211 2.33
Mobile Telesystems 270,500 849 1.64 NOVATEK 266,500 2,097 4.04 Novolipetsk Steel 1,001,100 1,090 2.10 O'Key (GDR) 280,000 429 0.83 Sberbank of Russia 2,502,500 3,604 6.95 Synergy 119,531 670 1.29 19,486 37.58 Slovenia 2.64% Krka 22,200 1,371 2.64 Switzerland 3.20% Coca-Cola HBC 89,000 1,661 3.20
Security Nominal/ Quantity Market Value €’000 Percentage of total net assets % Turkey 27.52%
Akbank 931,000 2,326 4.48
AvivaSA Emeklilik ve Hayat∞ 87,657 530 1.02
BIM Birlesik Magazalar 88,344 1,680 3.24
Cimsa Cimento 162,919 797 1.54
Coca-Cola Icecek∞ 211,734 2,710 5.23
Enka Insaat ve Sanayi 1,581,318 2,407 4.64
Haci Omer Sabanci 427,000 1,295 2.50
Turkiye Garanti Bankasi 983,269 2,527 4.87
14,272 27.52 United States 5.46% EPAM Systems 27,733 1,818 3.50 Luxoft 21,000 1,014 1.96 2,832 5.46 Total Equities 51,382 99.06
Total Transferable securities and money market instruments admitted to an official
exchange listing / dealt in on another regulated market 51,382 99.06
Total investments 51,382 99.06
Other net assets 490 0.94
Total 51,872 100.00
Performance
For the six month period ended 31 March 2016, the value of Emerging Markets Corporate Bond – A Accumulation shares increased by 3.67% compared to an increase of 4.35% in the benchmark, the JP Morgan Corporate EMBI Broad Diversified Index.
Source: Lipper, JP Morgan, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD.
Market review
Despite considerable volatility, emerging-market (EM) bonds performed well over the six months under review. Returns were particularly strong toward the end of the period, as markets rebounded from weakness at the start of 2016.
Emerging markets made a good start to the period, with October a strong month across the board. Thereafter, however, EM debt gave back some of its gains as investors became increasingly certain that the US Federal Reserve (Fed) would raise interest rates before the end of the year. The Fed confirmed this in December, when it raised its target rate by 25 basis points – the first increase since 2006. In the same month, the European Central Bank (ECB) disappointed investors with the limited expansion of its stimulus package, which neither increased the pace of its monthly bond purchases nor removed the yield floor (under which the bank can only buy bonds with yields exceeding the deposit rate).
As the period progressed, the weakness in markets was exacerbated by further falls in the oil price, after the Organisation of the Petroleum Exporting Countries (OPEC) declined to cut production. Oil fell sharply in early 2016, with prices of West Texas Intermediate and Brent crude dipping below US$28 per barrel. The oil-price slump combined with growing fears about the health of the Chinese economy to drive down the prices of assets perceived as ‘higher risk’ – including EM bonds. The macroeconomic fears over oil and China receded in February, however, as commodity markets rose and global central banks provided encouragement for investors. The Fed refrained from raising interest rates further and indicated that it expected to increase them only twice in 2016, rather than the four times it had suggested in December. Markets took especial notice of statements acknowledging that the Fed was considering global conditions in making its policy decisions. Sentiment improved considerably and was bolstered further in March by the ECB’s announcement of a more extensive expansion of its stimulus programme, with substantially increased bond purchases and the inclusion of non-financial corporate bonds. This entails falling yields – and thus increased appetite for higher-yielding securities, such as EM debt.
Elsewhere, the People’s Bank of China continued its monetary easing by cutting its benchmark rates by 25 basis points in October and the reserve-requirement ratio for banks by 50 basis points in February. The International Monetary Fund announced in November that the renminbi would be included in its Special Drawing Rights basket of currencies from October 2016. While the direct impact of inclusion will be minimal, it confirms China’s ongoing commitment to liberalising its capital account and may result in some gradual managed depreciation over the medium term. Latin American bond markets performed very well towards the end of the period, helped by the prospect of political change in Brazil and the recovery in commodity prices.
Portfolio review
Credit selection in Peru, Kazakhstan and Ukraine were amongst the primary contributors to performance. Our zero weight to Qatar also contributed to performance as it proved a laggard. Credit selection in Brazil was the primary detractor from performance after Brazil rallied strongly on the back of the prospect of President Dilma being formally impeached. Although overweight, we tend to favour exporters and credits with conservative balance sheets where price volatility tends to be lower.
During the period, we added Kazakh quasi-sovereign exposure in expectation of favourable tenders and positive commentary from the government with regards to debt reduction and asset sales, which materialised across the period. We went overweight Argentina by participating in new issues from commercial property operator IRSA and the state energy company YPF. We also added idiosyncratic names offering attractive valuations given improving fundamentals, such as Peruvian miner Hochschild, Peruvian retailer InRetail Malls and low cost pulp and paper producers Suzano and CMPC. As part of our oil exposure management, we reduced pure upstream oil exposure in favour of integrated oil names, targeting government-owned integrated players at excessive spreads over the sovereign like Indonesia’s Pertamina.
Outlook
After a very strong rally in the first three weeks of March, the market took a much-needed breather in the last week. We feel that even though spreads have compressed from their peak of mid-Feb, the EM corporate market still trades at attractive levels on a historical basis. Technicals too seem supportive with reduced issuance, strong cash flows (April itself to be at US$17.4 billion) and historically low cross-over positioning. Tightening spreads combined with a benign rate environment in theory should be conducive to new issuance,
something we would welcome as we believe a healthy issuance pipeline is essential for a well-functioning market.
Aberdeen Emerging Markets Debt Team
April 2016