elana fund management bulgaria - corporate profile 2015 (en language)

www.elana.net/fund-management


13 years in the lead

ELANA Fund Management is among the very first licensed asset managers in Bulgaria founded 2002. It started the first mutual fund in the country.

A member of the Bulgarian Association of Asset Managers. Member of the Board of BAAM.

Offers 6 UCITs funds and discretionary portfolio management to high-net-worth individuals /HNWI/ covering the full risk spectrum of investment strategies as well as saving plans.

Total assets under management – over EUR 30 mln. (Total market EUR 430 mln.; data: 31 Dec 2014, BAAM). HNWI portfolios are in the amount of EUR 7.5 mln.

Among the top 5 players by AUM on the Bulgarian mutual funds market – the only asset manager from the non-banking sector.

8 annual industry awards based on rankings of asset managers and funds.

Provides service to approx. 2000 institutional and individual investors, being distinctive for strong retail customers base.

Part of ELANA – one of the largest local institutions in the non-banking financial sector with history of over 20 years in finance, investment, consultancy.


ELANA Group portfolio

Asset managementELANA Fund Management

13 years in the lead Started the first mutual fund Manages 6 UCITs funds and individual

portfolios Approx. EUR 30 mln. AUM Recognized by 8 national and international

awards Strong retail orientation and customers

base

Brokerage & investment bankingELANA Trading

24 years a licensed broker in the top 3 Full-service provider on Bulgarian and

international financial markets The Best Bulgarian Broker of the Year 2014,

2013 and 2010 Trusted long-term partner to international

institutions

EU funding consultancyELANA Investment

16 years successful EU-funded projects for business and public administration

Consulted over 500 enterprises, agricultural producers and municipalities

Facilitated over EUR 110 mln. aid investment in BG industry and agriculture

Public funds managementBulgarian Energy Efficiency and Renewable Sources Fund 10 years promotion of energy efficiency Fund Management granted via World Bank Selected as the first private fund manager

of a public fund

Regional Urban Development Fund Jessica Funds granted by EIB Partner of Societe Generale Expressbank 4 years – EUR 55 mln.

Farmland investment ELANA Agrocredit

First farmland financial leasing company Registered as a financial institution in 2012 Awarded The Best IPO in 2013 Based on the first REIT investing in

farmland founded by ELANA – 150% profit for investors 2005 – 2013

Low-risk investment product with 10-12% annual return

Renewable energyELANA Energy Management

RE projects since 2004 2 projects certified Class A Investment by

InvestBulgaria Agency (the governmental arm to promote investment in Bulgaria)


Mission and values

Our mission

ELANA Fund Management strives to provide opportunities for wealth improvement to each and every of its investors – large and small, institutional and individual – by highly professional and wise investment management as well as by caring and accountable customer service.

Our values

We believe integrity and transparency are in the core our work. We are in the business of trust which can only be successful if we care every day for the best interest of our investors and build a long-term relationship with them.

Our investment philosophy and approach

We take a fundamental approach to investing and rely on our in-depth analysis to bring the best results with a long-term vision. In designing our products we maintain ELANA’s twofold principle – keeping up with tradition & innovation: sustain the best of experience and grasp the future opportunities.


Core Team

Martin Nikolov has got over 20 years of experience in investment management. He is part of ELANA team from the very founding the company in the early 90s. Until 2006 he was the executive director of the brokerage ELANA Trading. Since then he took over the management of the asset manager in ELANA group. Mr. Nikolov graduated Economics at the New Bulgarian University and specialized currency hedging at Merrill Lynch-London as well as Technical Analysis at ING Bank-Austria.

Martin NikolovExecutive Director and Member of the Board of ELANA Fund ManagementMember of the Board of ELANA Financial Holding

Ivaylo Penev, CFA Head of Asset Management Department, Member of the Board of ELANA Fund Management

Ivaylo Penev has over 13 years of experience in investment management and trading. He joined ELANA 2004 as an expert on global financial markets at the brokerage ELANA Trading. In 2007 he joined the asset management team of ELANA Fund Management. Since 2009 Mr. Penev headed the department and in 2013 was appointed to be a Board member. Before ELANA, he had worked at debt securities and FX trading departments at the International Asset Bank (former First East International Bank). He graduated Banking & Finance at University of National and World Economics. He is a licensed investment consultant by the Financial Supervision Commission as well as CFA charterholder. Mr. Penev is a member of the Bulgarian Dealers Association. He delivers thematic lectures on Finance at the American University in Bulgaria, “Real Options Analysis” at the New Bulgarian University and “Fixed Income Instruments” at the Atanas Burov Foundation summer school on capital markets. Mr. Penev participates in the MBA Program in Finance of Vienna University Executive Academy with expected graduation in 2016.


Core Team

Viara Ivanova has got 12 years of experience in investment management and research. She joined ELANA Fund Management team as a portfolio manager in 2010. Before that she held the positions of sell-side equity analysts at First Financial Brokerage House and Kintisheff Research, covering macroeconomic research, IT, banking & insurance sectors and trade. She also used to deliver a quarterly macro overview of the Bulgarian economy to the Confederation of the Employers and Industrialists in Bulgaria for 3 years. Ms. Ivanova graduated Finance at University of National and World Economics. Licensed investment consultant by the Financial Supervision Commission as well as CFA charterholder.

Viara Ivanova, CFAPortfolio Manager, ELANA Fund Management

Iglika Miteva Head of Research, ELANA Fund Management

Iglika Miteva has got over 7 years of experience in research and finance. She joined ELANA Fund Management team as senior analyst in 2011. Before that she used to hold the position of financial analyst at the First Financial Brokerage House. She has also worked as financial expert in the banking sector for West East Bank of NLB Group and Raiffeisen Bank Bulgaria. Ms. Miteva holds a Bachelor’s degree in Banking and Master’s degree in International economic relations at the D. A. Academy of Economics in Svishtov. She has completed successfully CFA Level 1.


Partnerships

In Bulgaria, ELANA Fund Management is a founding member of the Bulgarian Association of Asset Managers and currently is a member of the board of the organisation. It represents the local fund industry and works for improvement and development of the market by legal and educational efforts in order to ensure investors find a fair investing environment.

Traditional international partnerships

In 2008 launched a capital-protected fund, designed for Bulgarian investors, in partnership with KBC Asset Management.


Award-winning 6 mutual funds

Conservative investment strategy

Inception 2007 Currency – BGN Invests in fixed-income instruments Highest annual return on the

market in 2008 (7.6%); among top local low-risk funds in 2010 (8.56%) and 2011 (6.54%)

3.60% annual return 2014 0.28% standard deviation 2014 Awarded Best Bulgarian Investment

Product 2007 Awarded Business New Europe Best

Fixed Income Fund in CEE 2009 Inception 2009 Currency EUR Invests in fixed-income and

money market instruments, up to 10% stocks

4.35% annual return 2014 1.20% standard deviation

2014

Balanced investment strategy

Inception 2006 The first mutual fund in USD

on the local market Invests up to 60% in

Bulgarian and international stocks


2014

Inception 2005 Currency - EUR and BGN Invests up to 60% in

Bulgarian and international stocks


2014 Awarded Business New

Europe Best Balanced Fund in CEE 2013


Award-winning 6 mutual funds

Aggressive investment strategy

Inception 2005 Currency – BGN Invests up to 90% in Bulgarian and

international stocks 13.28% annual return 2014 10.05% standard deviation 2014

Inception 2010 Currency EUR Invests up to 90% in stocks

on international markets Focus on global blue chips

and emerging markets ETFs 5.21% annual return 2014 6.72% standard deviation

2014


Individual Portfolio Management

ELANA Fund Management offers discretionary portfolio management to high-net-worth individuals since 2002.

What makes the difference

Experienced and credible asset manager

Professional CFA team with long-standing experienced and proven results

Flexibility of terms – customised design of portfolio and service

Capacity and flexibility in investment opportunities – easy access to approx. 130 markets of stocks, bonds and derivatives

Return of customers’ individual portfolios for 2014 (1.01. - 31.12.2014)

Risk profile Yield range

Low-risk portfolios of customers 7.61% - 10.46%

Balanced risk portfolios of customers

4.99% - 14.67%

High-risk portfolios of customers 7.64% - 19.91%

The return data was calculated after accounting for all the investments and withdrawals within the period as well after payment of fees. The represent a sample of portfolios active in the period of 1 January – 31 December 2014.


Recognition: 8 awards in 13 years

ELANA Balanced EUR Fund was

awarded Business New Europe Best

Balanced Fund in CEE 2013

ELANA Cash Fund was awarded

Business New Europe Best

Fixed-income Fund in CEE

2009

From 2006 to 2009

ELANA Fund Management was awarded

The Asset Manager of The Year within the annual industry

ranking by Banker Weekly

ELANA Cash Fund was

awarded The Best Investment Product 2007 by the International

Exhibition Banks,

Investments, Money

ELANA Eurofund was awarded

The Best Financial

Product 2003 by the International

Exhibition Banks,

Investments, Money


Bulgaria: Country Overview

Territory – 110 994 sq.km. Population – 7.364 mln. as per 2011 census, 72.5% urban

Political system – Parliamentary Republic

EU member since 1.1.2007, NATO member since 29.4.2004

Currency: Bulgarian Lev, pegged to EUR @ 1,95583

Currency Board Arrangement, strongly supported by all institutions and with solid coverage ratios; reserves are 141% of ST external debt and cover over 6 months of imports as of October 2014

Ease of doing business score (WB ranking): No. 58 – in front of regional peers Turkey (69), Greece (72), Romania (73), Serbia (93) and Russia (92)

Sound public sector with government debt/GDP below 20% and budget deficit below 2%

Well-capitalized banking system with 21% total capital adequacy ratio and liquid asset ratio of 30% as of September 2014

Flat 10% income and corporate tax, 0% capital gains tax, 5% withholding dividend tax

6.7% 6.4% 6.5% 6.4% 6.2%

-5.5%

0.4%

1.8%

0.6% 0.9%1.4%

2.5%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(f)

2015(f)

BG, annual growth %

EU, annual growth %

GDP Growth Bulgaria vs EU

Source: NSI, Eurostat


Bulgaria: Country Overview

Sovereign credit ratings – gradually upside

0

100

200

300

400

500

Bulgaria Romania Russia

Turkey Brazil

Stable CDS level


Bulgaria: Market Overview

Mutual funds market: Potential for growth

Source: BNB, BSE, NSI. Note, GDP data for 2014 is forecast by BNB. Funds AUM include local and foreign funds assets.

2007 2008 2009 2010 2011 2012 2013 20140%

10%

20%

30%

40%

50%

60%

70%

80%

2% 1% 1% 1% 1% 1% 2% 2%

65%60%

63%67%

70%73%

80%75%

48%

18% 17%15% 17%

13% 13% 12%

Mutual funds assets/GDP Deposits/GDP Market cap BSE/GDP


Bulgaria: Market Overview

Stock market performance vs region 1.1.2013 – 15.01.2015

Source: Bloomberg


Welcome to Bulgaria!

ЕLANA Fund Management

Sopharma Business Towers

5, Lachezar Stanchev St., Tower B, Floor 12-13

Sofia 1756, Bulgaria

Tel.: +359 2 81 000 40

Fax: +359 2 95 815 23

E-mail: [email protected]

Website: www.elana.net/fund-management

mailto:[email protected]

http://www.elana.net/fund-management


Disclaimer

The content of the current presentation has been published with information purpose only and does not constitute an offer or solicitation to invest or buy or sell any securities in any country, including in the United States of America, and to any person in any jurisdiction in which such offer or solicitation would be contrary to local law or regulation including to U.S. persons as defined in Regulation S under the Securities Act of 1933.

We would like to inform investors that the value of investments and the income from them can go down. Profit is not

guaranteed and there is a risk that investors may not get back the amount originally invested. Mutual fund investment as well as the fund assets are not guaranteed by any insurance fund or other type of guarantee.

The return data of individual portfolios’ management presented here should not be considered an indication or example of future results. In individual portfolio management investors assign the fund manager with the task to structure and manage a portfolio of financial assets in accordance with a specifically defined investment strategy at the risk of the investor. Investing in financial instruments in accordance to various investment strategies holds certain risks and therefore profits are not guaranteed and there is a risk that investors may not get back the amount originally invested.

Potential investors should make a decision for investing in ELANA Fund Management mutual funds based on the official documents of each fund: prospectus and key investment information document (KIID). The documents are available at ELANA Fund Management head office at 5, Latchezar Stanchev St., Sopharma Business Towers, Tower B, Floor 12, Sofia, Bulgaria, as well as at all ELANA investment centres and on website: www.elana.net.

More on risks related to investment in financial instruments on www.elana.net.

http://www.elana.net/






elana fund management bulgaria - corporate profile 2015 (en language)

Business

lead elana fund management

mission elana fund management

elana team

wise investment management

brokerage elana trading

years eur

aid investment

investment philosophy