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| About the Fund |
Performance indicators of the Fund |
Up-to-date fund participant information |
Questions & answers |
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| CIF �Pilot-Portfolio� |
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Corporate Investment Fund «PILOT-PORTFOLIO» is registered in the Single State Register of the joint investment institutions on November 2, 2007.
Obtaining of income during realization of activity on the joint investment, providing of profitability and increase of investments of shareholders (investors, participants) of the Fund is a purpose of creation of the Fund. Basic principles of the fund activity are declared in Regulation of the Fund.
Full name - OPEN JOINT- STOCK COMPANY «CLOSED NON-DIVERSIFIED CORPORATE INVESTMENT FUND «PILOT-PORTFOLIO».
Shares of the Fund
The fund is created in the form of open joint-stock company, which allows the company to issue owned shares and place them by open sale (public placing).
On December 6, 2007 the Fund registered shares issue to the total amount of 70 000 000 UAH (~ 13 900 000 USD) (Offering circular of the Fund). Shares of the Fund are placed by the method of public offer.
Shares of the Fund are issued in a non-documentary form, i.e. property right of investors on share of the fund is confirmed by the extract of saver of securities, where an investor has opened account in securities.
Sequence of investors actions at the purchase of shares of the fund and obtaining of property right on share of the Fund are described in a section «How to buy stocks».
Cost of shares of the Fund at their placing among investors
Par value of one share of the Fund amounts to 1 000 UAH (~198,02 USD).
After confession of the Fund by the State commission on securities and stock market, shares of the Fund will be placed on calculated cost.
Calculated cost of shares of the Fund is determined by the asset management on the date of receipt of investor’s application.
Calculation cost of share of the Fund = Current net assets value of Funds/Current amount of shares of the Fund in a turn.
Current net assets value of the Fund is calculated based on the market value of assets of the Fund, in which investors have invested moneys.
Who can become a participant of the Fund
A legal entity or individual person can become a participant of the Fund. In order to become a participant of the Fund it is necessary to give a request on acquisition of shares of the Fund and pay their cost by moneys in national currency. Requests are taken on the 14th and 28th day of every month during the term of activity of the Fund. A minimum amount of moneys, for which it is possible to acquire shares of the Fond is 5 000 UAH (~ 990,1 USD), and is the only limitation of participation in the Fund.
Term of activity of the Fund
The fund is closed, timed, i.e. does not assume obligations on buy-out of shares from investors until the moment of termination of the term, for which the fund is created. Term of activity of Corporate investment fund «PILOT-PORTFOLIO» is 5 years, until November 2, 2012.
Such term of activity of the fund is conditioned by a wish of investors to provide a level of yield that considerably exceeds yield on alternative financial instruments, and at the same time to provide a high level of solvency of the Fund.
We have personal experience of actions in the stock market during crises and consider that long-term investment (more than 18 – 24 months) and professional diversification of assets makes possible closing of positions with yield, satisfying the requirements of investors.
Regulation of Corporate investment fund «PILOT-PORTFOLIO» foresees that on request of investor, buy-out from him shares of the Fund can be carried out before the appointed time, until termination of the term of activity. Decision on such buy-out will be made by the Supervisory Board of the Fund.
Asset management of the Fund
Asset management of the Fund is carried out by Asset Management «KASKAD-INVEST».
A contract on asset management is concluded between the Fund and AM on September 20, 2007.
A fund is non-diversified.
According to the normative-legal acts, moneys (on current and deposit bank accounts), precious metals, objects of the real estate, securities (shares of the Ukrainian and foreign issuers, state securities, bills of exchange, certificates of deposit, bonds), corporate rights, money claims, for the sold assets can be assets of such funds.
Normative requirements to diversification of assets are not so strict, as for the diversified types of investment funds. But at the same time there are some limitations.
List of types of assets, requirements to the structure of assets, prohibitions and limitations on the assets of Corporate investment fund «PILOT-PORTFOLIO» are stated in Investment declaration of the Fund.
70 percents of average annual cost of assets of the Fund will be invested in securities.
Shares of the Ukrainian enterprises which are admitted to auctions at the First stock auction system (general trade field of the Ukrainian stock market) and fundamental indices of which show the prospect of growth will be a priority direction of investment.
Along with liquidity of existing equity market and considerable volumes of auctions in the stock market, potential of the Ukrainian stock market is still great.
This market is attractive in that the assets of most companies of the second and third echelon are underestimated, i.e. they have considerable further prospect of development. In securities of these companies it is interesting to invest for long-term periods.
From the other hand, the market of shares of issuers of the first echelon has a considerable volotility promoting to the execution of medium-term trade operations with such securities.
Personal vision of the structure and diversifications of assets of the Fund, which is based on a long-term experience of managing team, forms a necessity of investment in shares of 30-40 of the Ukrainian issuers of different economic sectors (metallurgy, heavy industry, and metal mining industry, power supplying companies, banks, and telecommunications).
To provide instantaneous liquidity of assets of the Fund, no less than 10 percents of assets of the Fund will be placed on bank deposit lines, on terms that are most favourable for their rapid turn.
About 20 percents of assets we plan to invest in precious metals, real estate (building and sale or lease), and land. At positive investment calculations we do not exclude carrying out of investments in corporate rights of the companies, business of which is capitalized.
Investment policy of AM «KASKAD-INVEST» with respect to asset management of Corporate investment fund «PILOT-PORTFOLIO» is based on the following principles:
- providing of maximum growth of investment profit and as a result - increase of cost of shares of the Fund ;
- support of liquidity of assets of the Fund;
- making investment decisions based on the grounds of a deep stock market analysis;
- use of classic methods of investment management, scientific approaches to investment.
Information on current status of the structure of assets of the Fund is placed on a site in a section «Performance indicators of the Fund».
What is a profit of participant of the Fund?
Profit of investor of the Fund consists of:
- Investment profit, i.e. increase of cost of shares of the Fund belonging to it.
Investors of the Fund get an investment profit at buy-out of shares by the Fund. Such buy-out is carried out on a calculated cost of shares of the Fund.
Calculated cost of shares of the Fund is determined by the asset management company at the date of receipt of requests on buy-out of shares by an investor.
Calculated cost of share of the Fund = Current net asset value of Funds/Current number of shares of the Fund in a turn.
Current net asset value of the Fund is calculated based on a market value of assets of the Fund, in which investors invested moneys.
Investors of the Fund also get an investment profit while the sale of shares it the secondary market of shares of the Fund. Cost of shares in the secondary market is determined by demand and supply for shares of the Fund. The secondary market of shares of the Fund will be organized by a market-maker of the Fund – securities trader «Fund company PILOT». Market-maker will support permanent quotations of shares of the Fund on PFTS.
- dividends which are charged extra on decision of General stockholders meeting of the Fund (income of the Fund is a basis of extra charge).
About that, how these profits are imposed taxes, you can find in a section «Taxation».
In course of time, cost of shares of the Fund can both increase and decrease, as the market value of assets, in which money of the Fund is invested, changes.
Information on current value of shares of the Fund is placed in a section «Performance indicators of the Fund».
Buy-out of shares and purchase-sale of shares of the Fund in the secondary market
Buy-out of shares of the Fund from investors is carried out after termination of term of activity of the Fund in accordance at the calculation cost of shares of the Fund. Payments to the investors will be made based on the net assets value of the Fund calculating for every share at the moment of liquidation of the Fund.
At the investor’s request and in case of approval of proper decision by the Supervisory board of the Fund, the Fund will buy-out from investors shares of the Fund owned by them until the termination of term of activity of the Fund. In this case the cost of shares of the Fund, which are bough-out, will be defined based on calculation cost at the date of application on buy-out. Application on buy-out of shares of the Fund cannot be withdrawn by investor. In the section «How to sell stocks». You can be get acquainted with a sequence of operations at the buy-out of shares by the Fund.
Shares of the Fund have a free turn in the equity market, i.e. they can be purchased and sold in the secondary market, without participation of the Fund. Cost of shares in the secondary market is determined by demand and supply on shares of the Fund. The secondary market of shares of the Fund will be organized by a market-maker of the Fund-securities trader «Fund company PILOT». Permanent quotations of shares of the Fund at PFTS will be supported by a market-maker.
Rewards and expenses of the Fund.
At the purchase and sale of shares of the Fund, an investor does not incur direct expenses, i.e. cost of shares of the Fund does not increase (does not decrease) to the amount of reward of agent of the Fund on placement and buy-out.
Operatoions expenses of the fund (indirect expenses of investor) consist of:
- AM rewards - 2,0% per year of the average annual net assets value of the Fund;
- AM premium - is paid in accordance with a decision of the Supervisory board of the Fund and can not exceed 15% of the annual profit of the Fund, reduced at the rate of refinancing of the National Bank of Ukraine;
- expenses on operations servicing of the Fund (services of saver, depositor, valuator, auditor, notary, broker, other related to the Fund management) - are paid according to the accounts and can not exceed 5% of the net average annual assets value of the Fund.
Actually operation expenses of the Fund are taken into account at the calculation of cost of shares of the Fund, i.e. price on which shares of the Fund are sold or bought-out, is already reduced on such expenses, and for investor they are mediated.
Cost of shares of the Fund during the term of its activity can both increase and decrease, as the market value of assets, in which money of the Fund is invested, changes. Therefore, investors of the Fund incur the risk of losses related to the change of cost of assets of the Fund. Profitability of the Fund is not guaranteed neither by the state nor AM. AM also has no power to give any guarantees of level of future yield of investments.
The question of yield includes correctness of making investment decisions by the asset management within the limits of the investment declaration, approved by the Fund, takes the first place.
As to the safety of assets of the Fund, it is conditioned by a principle of work of investment funds. Presently this principle, probably, is the most transparent and effective among financial institutions, including banks.
Rights protection of investors of the Fund is provided:
- by organizational structure of the management system of the Fund, as well as by a tight control, regulation, supervision from part of the state (requirements and limitations of the AM activity are legislatively defined, to the structure of assets of the Fund);
Functions of management, storage and account of proprietary rights on shares of the Fund, evaluations of cost of assets of the Fund, auditing activity of the Fund and AM, are divided between the structures independent from each other – AM, saver, depositor, evaluator, and auditor. A similar scheme will not allow AM to remove assets from the fund without permission of saver or make evaluation of assets of the Fund at the price different from the market price. Activity of AM, Saver and depositor is licensed and regulated by the State commission on securities and stock market.
- by possibility of a regular access of investors to information on work of the Fund and AM, cost and structure of assets of the Fund;
- by realization of professional management of assets of the Fund;
- by presence of normative requirements to wide diversification of assets of the Fund;
- by possibility of investor to sell shares of the Fund belonging to him;
- by obligatory creation of the reserve fund;
- by presence of supervisory organs from the part of investors – General stockholders meeting, Supervisory board of the Fund;
- by regulation of the AM activity within the limits of its membership in a self-regulating organization of professional participants of the given rank (Ukrainian association of investment business).
Our recommendations on investment in Corporate investment fund «PILOT-PORTFOLIO»
«Already during 14 years we work with the Ukrainian securities. We passed with the Ukrainian fund market the whole way - from its beginning to the second place in the world on the rates of growth of index in 2007.
Within the last four years liquidity and general volume of auctions are constantly growing at PFTS – which is general trade field of the Ukrainian stock market. That is the Ukrainian equity market acquires certain attractiveness.
Along with liquidity of existing equity market and considerable volumes of auctions in the stock market, potential of the Ukrainian stock market is still great.
This market is attractive in that the assets of most companies of the second and third echelon are underestimated, i.e. they have considerable further prospect of development. It is interesting to make investments in securities of these companies for long-term periods.
From the other hand, the market of shares of companies of the first echelon has insignificant vibrations, which promote to realization of medium-term trade operations with securities of these enterprises.
Such terms make possible use of Corporate investment fund «PILOT-PORTFOLIO» for providing of access of our clients to the fund instruments and accordingly receipt by them of more high yield on comparison with the deposits of banks, bonds of enterprises and the state, and other financial instruments.
We consider it is wise to investment in our Fund money, which are a personal risk fund for an investor, and can be invested within 5 years without creation of obstacles for proper plans.
Money attracted from investors into the Fund will be invested mainly in shares and corporate rights of the Ukrainian companies (approximately 70% of assets), deposits and bonds of enterprises, bank metals and real estate (30% of assets).
Such diversification will provide reasonable correlation of profits and risks of investment.»
«Dear Investors!
Now you have a possibility to be in a line of the first investors in the Ukrainian stock market and not only get a profit, but also personal experience in investment. It is very important for people who combine proper activity to business. Exceptionally due to a personal experience, perceptions of philosophy of a global capital in forming of proper strategy of life and actions in business become possible.
We recommend defining a sum for investment. We would like want to pay Your attention, that investment activity is the risky type of activity. No successes in the past can guarantee profits in the future and protect You from the risks of investment. Taking into account all this, the sum of investment should make such part in a property asset, which can be invested for a long term, and its investment will not result in change of Your plans and financial status.
In case You accept our offer on investment in Corporate investment fund «PILOT-PORTFOLIO», we will be glad to co-operate with You and will do all possible in order that this decision became one of those, bringing you to success.
We hope Your co-operation the Fund group «PILOT-CAPITAL» will become a sure set of proper financial heights for you.»
Before making a decision on moneys investment in Corporate Investment Fund «PILOT-PORTFOLIO», we recommend You to get acquainted with subsections «Knowledge base».
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| Stock indexes |
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| Index |
Closing |
Chg. (D, %) |
| PFTS | 602.91 | -0.29 | | UX | 1531.64 | 0.17 | | DowJones | 10471.50 | 0.63 | | NASDAQ | 2190.31 | -0.03 | | SnP 500 | 1106.41 | 0.37 | | Nikkei | 10105.68 | -0.02 | | FTSE | 5261.57 | 0.33 | | DAX | 5756.29 | 0.83 | | RTSI | 1366.36 | 1.06 | | |
| Currency rates |
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| Currency pair |
Closing |
Chg. (D, %) |
| EUR/USD | 1.4617 | -0.76 | | GBP/USD | 1.6239 | -0.23 | | EUR/UAH | 11.7802 | 0.14 | | USD/UAH | 7.9828 | -0.05 |
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| Oil NYMEX ($) | 69.41 | -1.34 | | Gold NYMEX($) | 1,116.10 | -1.28 | | |
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Closing |
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Ukraine, Zaporizhzhya, Gogolya str., 70
213-75-39, 213-82-85, 220-11-17 |
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425-250-788 |
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