In June, the global picture has not changed much. Relative calm in developed markets and continued capital outflows from emerging markets. So, the S & P500 index added 0.5% a month, while the UX index lost 6.5%, but remains positive by 16% since the beginning of the year. Markets continue to react very sharply to the growing trade war between China and the United States, although the real effect of the already announced measures is not fatal, investors fear further escalation and its more global consequences. 2-3 years ago, the main threat to financial markets was considered the possibility of a sharp slowdown in the Chinese economy. Then it was avoided, but the problem did not go away. The result of measures taken by China to reduce financial risks was only that debts began to grow more slowly, moreover, liquidity in the financial system of China is limited. In other words, a trade war can and does not pose a significant threat in itself, but together with the accumulated imbalances in the Chinese economy can become a trigger for a sharp slowdown in the Chinese and global economy. In addition, many fear that as a response to US tariffs, China may devalue the yuan, which will affect many other currencies of developing countries. The fact that the probability of a slowdown in the global economy has increased does not mean that this is the most likely scenario. It is possible that this can be avoided, of course, not without the help of central banks, which, after seeing a slowdown, may postpone raising rates. However, as we have already mentioned, Ukraine is to some extent protected from external shocks thanks to the early phase of the economic cycle and especially the current IMF program. In addition, rates on which Ukraine could place bonds are already too high. The de facto capital market has already been closed to us, therefore, the further growth of rates due to the global crisis will not change the situation with the financing of the budget. Therefore, we continue to expect a further slow recovery of the Ukrainian economy.

In May, markets remained unsettled, but panic as a whole is not there. The recent rise in the dollar and interest rates around the world triggered a wave of bond sales of developing countries. This wave has exposed weaknesses - economies with large current account deficits and large external debts, in particular, Turkey and Argentina, where small currency crises occurred. The oil was poured into the flames by populists who came to power in Italy, who now promise to spend more money than they can afford, that the Italian debt market has collapsed and even weakened the euro. Now the Ukrainian shares were also sold, the UX index declined by 6% in a month. But the S & P 500 index for May, against the backdrop of growing protectionism in the US, even grew by 2.4%. While emerging markets are getting used to rising interest rates and falling rates of their currencies - the US economy continues to show steady growth, and US companies - a record profit in the first quarter, which, among other things, is due to Trump's tax reform. Over the past six months, the macroeconomic external background for most emerging markets has deteriorated sharply, but the reaction of developing economies has been different. If most countries are now in the late stage of the economic cycle, then in Ukraine the recovery of the economy and lending is just beginning. If in other countries speculative capital has come into significant volume in recent years and these flows have now unfolded, then in Ukraine we practically do not observe these phenomena. In addition, Ukraine already has an existing IMF program, according to which the country can receive financing regardless of the unrest in the capital markets. In other words, Ukraine will likely continue its slow economic growth even if the external background worsens and the problems in other emerging markets worsen. In June, we expect good news about the adoption of an anti-corruption court compatible with the requirements of the IMF and believe that this may spur demand for Ukrainian assets. The price of the fund's certificate fell by 7.3% in the month, from the beginning of the year it grew by 13.8%. At the end of May, 95% of the fund's assets were shares. During the next interval in May, the fund paid investors 50 thousand UAH, and the inflow of new funds to the fund amounted to 30 thousand UAH. The fund did not conduct any deals with securities this month.

In May, markets remained unsettled, but panic as a whole is not there. The recent rise in the dollar and interest rates around the world triggered a wave of bond sales of developing countries. This wave has exposed weaknesses - economies with large current account deficits and large external debts, in particular, Turkey and Argentina, where small currency crises occurred. The oil was poured into the flames by populists who came to power in Italy, who now promise to spend more money than they can afford, that the Italian debt market has collapsed and even weakened the euro. Now the Ukrainian shares were also sold, the UX index declined by 6% in a month. But the S & P 500 index for May, against the backdrop of growing protectionism in the US, even grew by 2.4%. While emerging markets are getting used to rising interest rates and falling rates of their currencies - the US economy continues to show steady growth, and US companies - a record profit in the first quarter, which, among other things, is due to Trump's tax reform. Over the past six months, the macroeconomic external background for most emerging markets has deteriorated sharply, but the reaction of developing economies has been different. If most countries are now in the late stage of the economic cycle, then in Ukraine the recovery of the economy and lending is just beginning. If in other countries speculative capital has come into significant volume in recent years and these flows have now unfolded, then in Ukraine we practically do not observe these phenomena. In addition, Ukraine already has an existing IMF program, according to which the country can receive financing regardless of the unrest in the capital markets. In other words, Ukraine will likely continue its slow economic growth even if the external background worsens and the problems in other emerging markets worsen. In June, we expect good news about the adoption of an anti-corruption court compatible with the requirements of the IMF and believe that this may spur demand for Ukrainian assets. The yield of Platinum for the month was -1.7%, and the result from the beginning of the year was + 28.7%. At the end of May, 93% of the fund's assets were shares. Inflow of funds to the fund for the month amounted to 28 thousand UAH. The fund did not conduct transactions with securities.

In May, markets remained unsettled, but panic as a whole is not there. The recent rise in the dollar and interest rates around the world triggered a wave of bond sales of developing countries. This wave has exposed weaknesses - economies with large current account deficits and large external debts, in particular, Turkey and Argentina, where small currency crises occurred. The oil was poured into the flames by populists who came to power in Italy, who now promise to spend more money than they can afford, that the Italian debt market has collapsed and even weakened the euro. Now the Ukrainian shares were also sold, the UX index declined by 6% in a month. But the S & P 500 index for May, against the backdrop of growing protectionism in the US, even grew by 2.4%. While emerging markets are getting used to rising interest rates and falling rates of their currencies - the US economy continues to show steady growth, and US companies - a record profit in the first quarter, which, among other things, is due to Trump's tax reform. Over the past six months, the macroeconomic external background for most emerging markets has deteriorated sharply, but the reaction of developing economies has been different. If most countries are now in the late stage of the economic cycle, then in Ukraine the recovery of the economy and lending is just beginning. If in other countries speculative capital has come into significant volume in recent years and these flows have now unfolded, then in Ukraine we practically do not observe these phenomena. In addition, Ukraine already has an existing IMF program, according to which the country can receive financing regardless of the unrest in the capital markets. In other words, Ukraine will likely continue its slow economic growth even if the external background worsens and the problems in other emerging markets worsen. In June, we expect good news about the adoption of an anti-corruption court compatible with the requirements of the IMF and believe that this may spur demand for Ukrainian assets. The result of Laurus for the month is + 0.7%. There were no significant changes in the portfolio. Laurus only reinvested the interest received on bonds and deposits.

In May, markets remained unsettled, but panic as a whole is not there. The recent rise in the dollar and interest rates around the world triggered a wave of bond sales of developing countries. This wave has exposed weaknesses - economies with large current account deficits and large external debts, in particular, Turkey and Argentina, where small currency crises occurred. The oil was poured into the flames by populists who came to power in Italy, who now promise to spend more money than they can afford, that the Italian debt market has collapsed and even weakened the euro. Now the Ukrainian shares were also sold, the UX index declined by 6% in a month. But the S & P 500 index for May, against the backdrop of growing protectionism in the US, even grew by 2.4%. While emerging markets are getting used to rising interest rates and falling rates of their currencies - the US economy continues to show steady growth, and US companies - a record profit in the first quarter, which, among other things, is due to Trump's tax reform. Over the past six months, the macroeconomic external background for most emerging markets has deteriorated sharply, but the reaction of developing economies has been different. If most countries are now in the late stage of the economic cycle, then in Ukraine the recovery of the economy and lending is just beginning. If in other countries speculative capital has come into significant volume in recent years and these flows have now unfolded, then in Ukraine we practically do not observe these phenomena. In addition, Ukraine already has an existing IMF program, according to which the country can receive financing regardless of the unrest in the capital markets. In other words, Ukraine will likely continue its slow economic growth even if the external background worsens and the problems in other emerging markets worsen. In June, we expect good news about the adoption of an anti-corruption court compatible with the requirements of the IMF and believe that this may spur demand for Ukrainian assets. The price of the fund's certificate fell by 8.4% in the month, from the beginning of the year it increased by 19.4%. In May, investors practically did not show activity, net inflow of funds to the fund of 5 thousand UAH. The portfolio of shares is almost 100% of the fund's assets.

The result of Laurus in September is + 1.5%, since the beginning of the year + 10.0%. There were no significant changes in the portfolio. Laurus only reinvested the interest received on bonds and deposits.

The yield of Platinum for the month was + 7.7%, the result since the beginning of the year is already + 36%. Decisive factor in the growth of the price of the Platinum certificate was the growth of quotations Motor Sich. Securities transactions in September the fund did not conduct. Investors of the fund also did not show significant activity. The average weighted interest rate on the fund's deposits is 15.6%.

The price of the fund's certificate has grown by 3.7% per month, since the beginning of the year by 63.6%. In September, investors were practically not active. The portfolio of shares is 99% of the fund's assets.

The price of the fund's certificate grew by 0.2% per month, with the result since the beginning of the year already 45%. During the month the fund maintained its current portfolio and did not conduct transactions with securities. Investors also did not show activity. As of the end of September, 82% of the fund's assets were shares.

The result of Laurus in August is + 0.7%, since the beginning of the year + 8.3%. There were no significant changes in the portfolio. Laurus only reinvested the interest received on bonds and deposits.

The yield of Platinum for the month was + 0.64%, the result since the beginning of the year is + 26%. The fund did not conduct transactions with securities in August. Investors of the fund also did not show significant activity. The average weighted interest rate on the fund's deposits is 15.6%.

The price of the fund's certificate has grown by 1.3% per month, since the beginning of the year by 57.7%. In August, investors were practically not active. The portfolio of shares is 99% of the fund's assets.

The price of the fund's certificate has grown by 2.3% per month, and since the beginning of the year it has already increased by 45%. In the course of the month, the fund reduced its position in the shares by selling the entire block of shares of the Kryukovsky MZ and partially Centrenergo and Motor Sich. The fund's investors did not show any activity. At the end of August, 83% of the fund's assets were shares.

The result of Laurus for July is + 0.7%, since the beginning of the year + 7.5%. There were no significant changes in the portfolio. Laurus only reinvested the interest received on bonds and deposits.

The yield of Platinum for the month was -0.65%, the result since the beginning of the year is + 25%. Transactions with securities in July the fund did not conduct. Investors of the fund also did not show significant activity. The average weighted interest rate on the fund's deposits is 15.6%.

The price of the fund's certificate has grown by 7.6% per month, since the beginning of the year by 55.7%. In July, investors were practically not active. The portfolio of shares is 99% of the fund's assets.

The price of the fund's certificate increased for the month by 4.8%, and since the beginning of the year already by 42%. During the month the fund maintained its current portfolio and did not conduct transactions with securities. Investors also did not show activity. At the end of July, 88% of the fund's assets were shares.

The result of Aurum for June is + 2.1%, since the beginning of the year + 35.3%. In June, we slightly increased the share of shares in the portfolio by buying shares in MHP, Centrenergo, Motor Sich. The share of shares in the portfolio is now 88%.

The yield of Platinum for the month was 8%, and the result since the beginning of the year is + 26.3%. Decisive factor in the growth of the price of the Platinum certificate was the growth of quotations Motor Sich. Transactions with securities in June, the fund did not conduct. Investors of the fund also did not show significant activity. The average weighted interest rate on the fund's deposits is 15.6%.

The result of Laurus for June is + 1.6%, since the beginning of the year + 6.7%. There were no significant changes in the portfolio. Laurus only reinvested the interest received on bonds and deposits. The weighted average rate on the fund's deposits is 16.1%.