Investment Companies

Document Sample
Investment Companies Powered By Docstoc
					                                                                                                                                                                                                           Annex 1
General Information on the Operation of Investment Management Companies

                                                                                                                                                          2005                                    2006
                                                                    Item
                                                                                                                                       6/30/2005       9/30/2005     12/31/2005       3/31/2006          6/30/2006
Number of investment companies                                                                                                                   9               9             10              10                 11
Number of investment funds, incl.                                                                                                               17              17             17              17                 16
 open-end investment funds                                                                                                                      13              13             13              13                 13
 closed-end investment funds                                                                                                                     4               4              4               4                  3
Number of investment certificates                                                                                                       16,513,641      27,682,593     25,336,985      31,742,592         28,868,240
Number of investment plans for State-funded pension scheme assets of investment management companies                                            21              21             22              22                 23
Number of participants1 in investment plans for State-funded pension scheme assets of investment management companies                      508,738         563,072        613,062         665,805            708,231
1
    Information provided by the State Social Insurance Agency.

                                                                                                                                                                                                           Annex 2
Summary of the Balance Sheet and Income/Expenses of Investment Management Companies
                                                                                                                                                                                              (thousand of lats)
                                                                                                       2005                                                                    2006
                        Balance sheet items                            6/30/2005                    9/30/2005                   12/31/2005                    3/31/2006                      6/30/2006
                                                                 amount          %            amount           %           amount          %            amount          %              amount          %
                                                                                                        Assets
Cash                                                                     0             0.0             0          0.0              0             0.0             0            0.0               0                0.0
Claims to credit institutions                                        2,002            71.4        2,321          76.8          3,609            44.1         3,678           44.2           5,554               55.4
Loans and claims to other clients                                      103             3.7           122          4.0             59             0.7            12            0.1              10                0.1
Debt securities and other fixed income securities                      224             8.0           226          7.5            224             2.7           269            3.2             118                1.2
Investment certificates of investment funds and similar
securities                                                               0             0.0             0             0.0           0             0.0             0            0.0               0                0.0
Participation in the share capital of associated companies               0             0.0             0             0.0         142             1.7           142            1.7             142                1.4
Participation in the share capital of affiliated companies               0             0.0             0             0.0       3,544            43.3         3,534           42.5           3,534               35.2
Prepayments and accrued income                                         212             7.6           223             7.4         398             4.9           397            4.8             433                4.3
Written but outstanding share capital                                   97             3.5             0             0.0           0             0.0             0            0.0               0                0.0
Other assets                                                           166             5.9           129             4.3         205             2.5           290            3.5             242                2.4
  Intangible fixed assets                                               13             0.5            13             0.4          15             0.2            17            0.2              15                0.1
  Fixed assets                                                          35             1.2            41             1.3          64             0.8            52            0.6              51                0.5
  Other assets                                                         118             4.2            75             2.5         126             1.5           221            2.7             175                1.7
Total assets                                                         2,804           100.0         3,021           100.0       8,180           100.0         8,321          100.0          10,033              100.0
                                                                                                      Liabilities
Liabilities to credit institutions                                      46             1.6            46            1.5           47             0.6            44            0.5               0                0.0
Liabilities to other clients                                             0             0.0             1            0.0            9             0.1             2            0.0               0                0.0
Deferred income and accrued expenses                                    16             0.6            20            0.7           32             0.4            22            0.3              15                0.1
Provisions for liabilities and payments                                 90             3.2           109            3.6          154             1.9            87            1.0             114                1.1
Other liabilities                                                       36             1.3            33            1.1           46             0.6            71            0.9              31                0.3
Capital and reserves                                                 2,615            93.3         2,812           93.1        7,892            91.9         8,094           97.3           9,872               98.4
  Share capital                                                      2,368            84.4         2,388           79.1        7,088            86.6         7,088           85.2           8,368               83.4
  Share premium                                                          1             0.0             1            0.0            1             0.0             1            0.0             121                1.2
  Retained profit/loss of previous years                               -62            -2.2           -62           -2.1          -58            -0.7           786            9.4             786                7.8
  Retained profit/loss of the reporting year                           307            11.0           484           16.0          653             4.9           219            2.6             597                5.9
  Reserves                                                               1             0.0             1            0.0          208             2.5             0            0.0               0                0.0
Total liabilities                                                    2,804           100.0         3,021          100.0        8,180           100.0         8,321          100.0          10,033              100.0




                                                                                                                                                                                                                       82
                                                                                                                                                                                                                    Annex 3
Summary of Assets/Liabilities and Summary of Income/Expenses for Investment Funds
                                                                                                                                                                                                           (thousand of lats)
                                                                                                                          2005                                                                2006
                                        Item                                              6/30/2005                    9/30/2005                 12/31/2005                  3/31/2006                    6/30/2006
                                                                                     amount         %          amount            %          amount          %           amount         %             amount         %
                                                                                                              Assets
Claims on demand to credit institutions                                                  2,607          4.3          6,125           8.1        2,791             3.6       9,690           11.0         7,826            9.3
Deposits with credit institutions                                                       12,449         20.5         15,706          20.8       16,915            22.1      17,735           20.2        16,750           20.0
Securities                                                                              37,499         61.7         45,373          60.1       48,018            62.8      52,116           59.3        49,404           58.9
  Debt securities (and other fixed-income securities)                                   32,783         54.0         38,728          51.3       39,412            51.5      39,469           44.9        36,908           44.0
  Shares (and other variable-yield securities)                                           3,987          6.6          5,707           7.6        7,325             9.6      11,070           12.6        11,245           13.4
  Investment fund certificates and similar securities                                       728         1.2             939          1.2        1,281             1.7       1,577            1.8         1,251            1.5
Derivatives                                                                                  49         0.1              62          0.1           23             0.0          25            0.0            66            0.1
Real estate                                                                              7,743         12.7          7,096           9.4        7,669            10.0       7,614            8.7         7,646            9.1
Prepayments and accrued income                                                              311         0.5             338          0.4          377             0.5         129            0.1           125            0.1
Other assets                                                                                103         0.2             747          1.0          704             0.9         646            0.7         2,065            2.5
Total assets                                                                            60,760        100.0         75,446         100.0       76,497           100.0      87,955          100.0        83,882          100.0
                                                                                                             Liabilities
Liabilities to asset purchasers arising from repurchase agreements                          108        11.3             103         13.0          114            17.8         171           24.9             0            0.0
Loans borrowed from credit institutions                                                       0         0.0             204          0.0            0             0.0           0            0.0             0            0.0
Derivatives                                                                                 152        15.8             104         13.1          107            16.8          37            5.3            72           15.1
Investment certificate repurchase debts                                                      30         3.1               4          0.5           19             2.9          17            2.5            29            6.1
Deferred income and accrued expenses                                                        213        22.1             204         25.7          246            38.6         236           34.4           257           53.9
Provisions for liabilities and payments                                                      38         4.0              20          2.5           19             2.9          27            4.0            16            3.3
Other liabilities                                                                           421        43.7             155         19.5          134            21.0         198           28.8           102           21.5
Total liabilities                                                                           962       100.0             794        100.0          639           100.0         687          100.0           476          100.0
Net assets                                                                              59,798            -         74,652             -       75,858               -      87,268              -        83,406              -
                                                                                                        Income and Expenses
Total income                                                                                894       100.0          1,456         100.0        2,045           100.0         660          100.0         1,404          100.0
  Interest income                                                                           774        86.6          1,138          78.2        1,650            80.7         608           92.2         1,225           87.3
  Dividends                                                                                  63         7.0             250         17.2          308            15.1          15            2.2            77            5.5
  Income from real estate renting and leasing                                                36         4.1              48          3.3           67             3.3          16            2.4            32            2.3
  Other income                                                                               20         2.3              20          1.4           21             1.0          21            3.2            70            5.0
Total expenses                                                                              486       100.0             806        100.0        1,096           100.0         340          100.0           839          100.0
  Investment company fee                                                                    379        78.0             577         71.6          766            69.8         217           63.9           621           74.1
  Custodian bank fee                                                                         48         9.9              86         10.6          126            11.5          43           12.5            85           10.2
  Other expenses for fund management                                                         17         3.5              89         11.1          147            13.4          70           20.6           123           14.7
  Interest expenses                                                                           5         1.1              10          1.3           11             1.0           1            0.3             1            0.1
  Other expenses                                                                             36         7.5              44          5.4           46             4.2           9            2.7             8            0.9
Investment income                                                                           408           -             650             -         949               -         320              -           565              -
Increase (decrease) in the value of realised investments                                     30           -             560             -       1,203               -          43              -           958              -
  Income from sale of investments in the reporting period                               11,495            -         24,440              -      35,479               -       9,697              -        23,391              -
  Historical value of investments sold in the reporting period                          11,475            -         23,662              -      33,967               -       9,476              -        21,066              -
  Increase (decrease) in the historical value of investments sold in the reporting
  period which has been acknowledged in the previous reporting periods                      10              -         -218              -        -309               -        -178              -        -1,368              -
Increase (decrease) in the value of unrealised investments                               2,199              -        3,421              -       3,678               -       1,327              -         1,715              -
Increase (decrease) in the value of investments                                          2,230              -        3,982              -       4,881               -       1,370              -         2,673              -
Gains (loss) from foreign currency revaluation                                           1,340              -        1,415              -       1,668               -        -285              -        -1,157              -
Taxes                                                                                       28              -           28              -          28               -          61              -            58              -
Increase (decrease) in net assets as a result of investments                             3,949              -        6,019              -       7,470               -       1,344              -         2,023              -




83
                                                                                                                                                                                                      Annex 4
Summary and Geographical Breakdown of the Securities Portfolio of Investment Funds
                                                                                                                                                                                           (thousand of lats)
                                                                                                                             2005                                                  2006
                                            Item                                                   6/30/2005             9/30/2005              12/31/2005           3/31/2006               6/30/2006
                                                                                                amount       %        amount         %        amount       %      amount       %          amount       %
                                                                                                  Summary of securities portfolio
Debt securities (and other fixed-income securities), incl.                                         32,954     87.5       38,847        85.4     39,659     85.4     39,469     75.7          36,908      74.7
  Central and local government debt securities                                                     20,020     53.1       20,677        45.5     15,237     45.5     14,471     27.8          10,969      22.2
  Corporate debt securities                                                                        12,153     32.3       18,097        39.8     24,348     39.8     24,925     47.8          25,896      52.4
  Other debt securities                                                                               781      2.1            73        0.2         74      0.2         73      0.1              43       0.1
Shares (and other variable-yield securities)                                                        3,987     10.6         5,707       12.5      7,281     12.5     11,070     21.2          11,245      22.8
Investment fund investment certificates or similar securities                                         728      1.9           939        2.1      1,281      2.1      1,577      3.0           1,251       2.5
Total portfolio                                                                                    37,669    100.0       45,492      100.0      48,221    100.0     52,116    100.0          49,404     100.0
                                                                                           Geographical breakdown of securities portfolio*
Austria                                                                                                 0      0.0           877        1.9         50      1.9         51      0.1              46       0.1
Bulgaria                                                                                              884      2.3              0       0.0      1,010      0.0      1,041      2.0             937       1.9
Cyprus                                                                                                  0      0.0           700        1.5         71      1.5         71      0.1              71       0.1
Croatia                                                                                               808      2.1            47        0.1        378      0.1        410      0.8             422       0.9
Czech Republic                                                                                          0      0.0            24        0.1         47      0.1         75      0.1             126       0.3
Denmark                                                                                                22      0.1           575        1.3         27      1.3        159      0.3             156       0.3
Eritrea                                                                                                 0      0.0              0       0.0          0      0.0          0      0.0              13       0.0
Estonia                                                                                             1,281      3.4              0       0.0      1,967      0.0      2,619      5.0           2,397       4.9
Finland                                                                                                45      0.1           436        1.0        535      1.0        358      0.7             338       0.7
France                                                                                                 14      0.0         1,505        3.3        590      3.3        101      0.2             100       0.2
Germany                                                                                               368      1.0              0       0.0        349      0.0        592      1.1             509       1.0
Great Britain                                                                                          37      0.1              3       0.0        819      0.0        194      0.4             460       0.9
Greece                                                                                                  0      0.0         1,747        0.0          0      3.8        330      0.6               0       0.0
Hungary                                                                                               783      2.1              0       0.0        733      0.0        705      1.4             632       1.3
International financial institutions                                                                   74      0.2              0       0.0        282      0.0        284      0.5             256       0.5
Ireland                                                                                                 6      0.0         9,484       20.8         33     20.8        322      0.6             450       0.9
Italy                                                                                                   0      0.0       21,292         0.0          0     46.8        738      1.4               0       0.0
Kazakhstan                                                                                          1,318      3.5           619        1.4      1,897      1.4      2,275      4.4           2,565       5.2
Korea                                                                                                   0      0.0         1,150        0.0          0      2.5         31      0.1              27       0.1
Latvia                                                                                             17,993     47.8           134        0.3     19,533      0.3     19,661     37.7          17,542      35.5
Lithuania                                                                                           1,160      3.1              0       0.0        954      0.0        851      1.6             504       1.0
Luxembourg                                                                                             46      0.1            19        0.0        576      0.0        775      1.5             850       1.7
Macedonia                                                                                               0      0.0           356        0.8        177      0.8        177      0.3             171       0.3
Mexico                                                                                                 20      0.1            48        0.1         20      0.1         18      0.0              18       0.0
Netherlands                                                                                             0      0.0         1,340        2.9        355      2.9          0      0.0               0       0.0
Norway                                                                                                  0      0.0           703        1.5         45      1.5         54      0.1              51       0.1
Poland                                                                                              1,522      4.0           573        1.3        587      1.3        630      1.2           1,030       2.1
Romania                                                                                               993      2.6            19        0.0        781      0.0        641      1.2             550       1.1
Russia                                                                                              7,380     19.6            51        0.1     11,151      0.1     14,603     28.0          15,179      30.7
Slovakia                                                                                              495      1.3              0       0.0         78      0.0         76      0.1              72       0.1
Slovenia                                                                                              463      1.2            73        0.2          0      0.2          0      0.0               0       0.0
Spain                                                                                                   0      0.0           191        0.4        145      0.4          0      0.0               0       0.0
Sweden                                                                                                380      1.0         1,942        4.3        280      4.3        342      0.7             342       0.7
Switzerland                                                                                           150      0.4           840        1.8        159      1.8        161      0.3              75       0.2
Ukraine                                                                                             1,403      3.7           385        0.8      3,238      0.8      2,451      4.7           2,460       5.0
USA                                                                                                    24      0.1           356        0.8      1,353      0.8      1,320      2.5           1,056       2.1
Total portfolio                                                                                    37,669    100.0       45,492      100.0      48,221    100.0     52,116    100.0          49,404     100.0
* Securities (incl. Investment Fund) classified by origin (registration) country of securities issuer.




                                                                                                                                                                                                                84
                                                                                                                                                                                                                       Annex 5
Performance Indicators for Open-end Investment Funds
                                                                                                                                Value of investment certificate1                          Profitability of investment funds2
                                           Name of the fund                                                6/30/2005        9/30/2005 12/31/2005 3/31/2006              6/30/2006    12 months 9 months 6 months 3 months
                                                                                                                                              lats                                                          %
BALTIC INDEX fonds                                                                                                2.34             2.62           2.59           2.42         2.04       -12.7        -22.0       -21.1      -15.5
BTB Austrumeiropas Akciju fonds                                                                                      -                -              -         57.90         55.49           -             -          -          -
BTB Austrumeiropas Sabalansētais fonds                                                                               -                -              -         57.95         55.21           -             -          -          -
BTB Eiropas obligāciju fonds                                                                                  70.02               70.54          70.89         71.18         71.93         2.7          2.0         1.5        1.1
Internacionālo akciju fondu fonds                                                                                77.65            84.27          86.31         92.00         88.50        14.0          5.0         2.5       -3.8
Latu rezerves fonds                                                                                               1.11             1.12           1.12           1.13         1.13         2.2          1.5         1.1        0.5
Naudas tirgus fonds                                                                                           1,230.45         1,236.81      1,242.47       1,249.89      1,256.62         2.1          1.6         1.1        0.5
Parex Eastern European Bond Fund                                                                                  6.92             7.08           7.23           7.17         6.90        -0.2         -2.6        -4.6       -3.7
Parex Eastern European Balanced fund                                                                              7.99             8.45           8.48           8.64         8.48         6.1          0.3         0.0       -1.8
Parex Sabalansētais fonds                                                                                        12.82            13.51          13.66         13.89         13.55         5.7          0.3        -0.8       -2.5
Parex Russian Equity Fund                                                                                         5.66             7.93           8.44         10.52         10.17        79.7         28.3        20.5       -3.3
Parex Konservatīvais fonds                                                                                       11.28            11.35          11.37         11.43         11.44         1.4          0.8         0.6        0.0
Valsts obligāciju fonds                                                                                           1.28             1.29           1.29           1.27         1.27        -1.0         -1.7        -1.6       -0.3
1
    Net assets/number of investment certificates
2
    Changes in the value of investment certificates within the period/value of investment certificates at the beginning of the period,%




                                                                                                                                                                                                                                     85
                                                                                                                                          Annex 6

                        List of Investment Management Companies and Investment Funds Operating on 30 June 2006

1. JSC Ieguldījumu pārvaldes sabiedrība "Astra Krājfondi"
2. Investment management JSC BALTIKUMS ASSET MANAGEMENT
    Open-end investment fund BALTIC INDEX fonds
    Open-end investment fund Internacionālo akciju fondu fonds
    Open-end investment fund Valsts obligāciju fonds
3. Investment management company BTB Asset Management
    Open-end investment fund BTB Eiropas Obligāciju fonds
    Open-end investment fund BTB Austrumeiropas Akciju fonds
    Open-end investment fund "BTB Austrumeiropas Sabalansētais fonds"
4. JSC investment management company Hansa Fondi
    Open-end investment fund Naudas tirgus fonds
5. JSC LVA ieguldījumu pārvaldes sabiedrība
    Closed-end investment fund Vērtspapīru fonds 1
                                                   2
6. Investment management JSC DnB NORD Fondi
7. JSC "RB Asset Management"
8. JSC investment management company JSC SEB Unifondi
    Open-end investment fund Latu rezerves fonds
    Closed-end investment fund Nekustamā īpašuma fonds
9. 8. JSC Parex ieguldījumu pārvaldes sabiedrība
    Open-end investment fund "Parex Eastern European Bond Fund"
    Open-end investment fund "Parex Eastern European Balanced Fund"
    Open-end investment fund "Parex Sabalansētais fonds"
    Open-end investment fund "Parex Konservatīvais fonds"
    Open-end investment fund "Parex Russian Equity Fund"
    Closed-end investment fund "Parex Baltijas nekustamā īpašuma fonds"3
    Closed-end investment fund "Parex Baltic High Yield Fund"
    Closed-end investment fund "Parex Baltic Real Estate fund-II"
10. JSC Ieguldījumu pārvaldes sabiedrība "Suprema fondi"
11. JSC Ieguldījumu pārvaldes sabiedrība "LKB Asset Management"

                 FOREIGN FUNDS PERMITTED TO TRADE IN THEIR SECURITIES PUBLICLY IN LATVIA
1. Open-end investment funds registered in Sweden by investement fund management company East Capital Asset Management AB:
    East Capital Baltikumfonden
    East Capital Balkanfonden
    East Capital Rysslandsfonden
    East Capital Östeuropafonden
    East Capital Turkietfonden
2. Open-end investment funds registered in Finland by investment fund management company Evli Fund Management Company Ltd:
    Mutual Fund Evli Baltic
    Mutual Fund Evli Euro Mix
    Mutual Fund Evli European High Yield
    Mutual Fund Evli European Investment Grade
    Mutual Fund Evli European Smaller Companies
    Mutual Fund Evli Global
    Mutual Fund Evli Greater Russia
    Mutual Fund Evli IT
    Mutual Fund Evli Nordic TMT
    Mutual Fund Evli Ruble Debt
    Mutual Fund Evli Select
    Mutual Fund Evli Target Return
3. Investment fund management company Nordea Investment Funds S.A.
    Open-end investment fund Nordea 1, SICAV registered in Luxembourg
4. Open-end investment funds registered in Sweden by investment fund management company Robur Fonder AB:
    Robur Privatiseringsfond
    Robur Nordenfond
    Robur Smebolagsfond Europa
5. UAB Parex investiciju valdymas registered in Lithuania
    Open-end investment fund Parex Baltijas jūras valsts akciju investīciju fonds
6. Investment company World Investment Opportunities Funds with variable capital registered in Luxembourg
7. Investment company AVIVA FUNDS with variable capital registered in Luxembourg
8. Open-end investment funds registered in the Republic of Estonia by investment fund management company JSC Hansa Investeerimisfondid:
    Hansa Ida-Euroopa Aktsiafond (Hansa East – Europeand Equity Fund)
    Hansa Venemaa Aktsiafond (Hansa Russian Equity Fund)
    Hansa Balti Kasvufond (Hansa Baltic Growth Fund)
    Hansa-Ida Europa Volakirjafond (Hansa Eastern European Bond Fund)
    Hansa Fondifond 30
    Hansa Fondifond 60
    Hansa Fondifond 100
9. Investment company Franklin Templeton Investment Funds with variable capital registered in Luxembourg
10. JSC SEB Lux Equity Fund Management Company registered in Luxembourg
    Atvērtais IF SEB Lux Equity Fund
11. JSC SEB Lux (F) Management Company registered in Luxembourg
    Open-end IF SEB Lux (F)
  1
      Closed-end IF Vērtspapīru fonds wound up on 16.06.2006.
  2
      Until 08.06.2006, investment management JSC Nord/LB fondi.
  3
      Closed-end IF Parex Baltijas nekustamā īpašuma fonds, a notification received of commencing winding up of the fund on 26.05.2006.

				
DOCUMENT INFO
Description: Investment Companies document sample