In Montenegro, a
small country in former Yugoslavia that became independent in 2006, the
parliament in 2011 adopted a Law on Investment Funds (Zakon o investicionim
fondovima) that required asset management firms to divide the assets of
each of their existing funds into a closed-end fund (zatvoreni investicioni
fond) and an open-end fund (otvoreni investicioni fond).
At the time there
were six asset management firms operating investment funds in Montenegro, each
firm operating a single fund. Two of the
firms – “Trend” and “MIG”
– preferred not to divide up their funds’ assets and opted to liquidate their
funds (an option whose legality the Montenegro Securities Commission is hotly
contesting), but four of the firms divided their funds’ assets between an
open-end fund and a closed-end fund. As
a result there are presently 8 investment funds operating in Montenegro: 4
asset management firms each operate one open-end fund and one closed-end
fund. Below are summary data on the 4 firms
and the 8 funds that they manage.
“Atlas Mont” Investment Fund Management Company, Inc.
Name in
Montenegrin/Serbian:
|
Društvo za
upravljanje (d.z.u.) investicionim fondom “Atlas
Mont” a.d. Podgorica
|
Address:
|
Ulica Stanka
Dragojevića 4, 81000 Podgorica
|
Date of founding:
|
Granted the status
of “privatization fund” by the Ministry of Finance on 2001-10-31
|
CEO:
|
Mirjana Damjanović
|
Investment manager:
|
Milena Vučinić
|
Total capital as
of 2014-03-28:
|
€ 2,210,265.24
|
Number of
shareholders as of 2014-03-28:
|
7
|
Largest
shareholders as of 2014-03-28:
|
“Atlas Fin” d.o.o. ............................................................................. 85.96%
Vlado Divac ........................................................................................ 4.15%
Predrag Danilović ................................................................................ 4.15%
IK – Joint Custody Account 1 ........................................................... 3.67%
Dragoslav Andrić ................................................................................ 1.24%
Saša Popović ....................................................................................... 0.83%
|
Income received in
January 2014:
|
For managing of “Atlas Mont” Closed-End Fund...................... € 12,133.07
For managing of “Atlas Mont” Open-End Fund........................ € 44,616.69
|
Wage expenses in
January 2014:
|
...................................................................................................... €
9,309.03
|
“Atlas Mont”
Closed-End Fund
Name in
Montenegrin/Serbian:
|
Zatvoreni
investicioni fond “Atlas Mont” a.d. Podgorica – u postupku transformacije
|
ISIN:*
|
MEATMORA2PG5
|
Ticker symbol on Montenegroberza:
|
ATMO
|
Management fee rate:
|
0.2500%
|
Management fee paid in Feb. 2014:
|
€ 11.837.30
|
Total assets as of 2014-02-28:
|
€ 19,819,659.99
|
Net assets as of 2014-02-28:
|
€ 19,807,822.69
|
Share value as of 2014-02-28:
|
€ 0.0945
|
Number of shares as of 2014-03-28:
|
209,509,650
|
Nominal price per share as of 2014-03-28:
|
€ 0.33673
|
Total capital as of 2014-03-28:
|
€ 70,547,457.45
|
Number of shareholders as of 2014-03-28:
|
11,045
|
Largest shareholders as of 2014-03-28:
|
IK – Joint Custody Account 1 ............................................................ 14.95%
d.o.o. “Zetagradnja” ............................................................................... 6.16%
Hempton Corp. Ltd., British Virgin Islands .......................................... 4.95%
Ekspres Gradina ..................................................................................... 3.62%
“Atlas Banka” a.d. Podgorica.................................................................. 3.22%
d.z.u. “Atlas Mont” a.d. Podgorica........................................................ 3.16%
V.B. Holding (Cyprus) Limited, Cyprus ............................................... 2.67%
Cosmos Ltd., Panama ............................................................................ 2.61%
Aca Babić, Serbia ................................................................................... 2.38%
Futura Export Import Ltd., Switzerland ................................................ 1.74%
|
*International Securities Identification Number. The national numbering agency (NNA) for
Montenegro is the Central Depository Agency of Montenegro (“Centralna
Depozitarna Agencija” a.d.. Podgorica).
As of 28 February
2014 the fund had € 19.8 mln in total assets, with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
|
€ 15,680,373.53
|
79.1152
|
Bonds (Obveznice)
|
|
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
|
€ 4,139,241.90
|
20.8845
|
Cash assets on
demand (Novčana sredstva po viđenju)
|
€ 44.56
|
0.0002
|
Total:
|
€ 19,819,659.99
|
100.00
|
The 79.1152% of
total assets held in stocks consisted exclusively of shares in four related
companies: “Invest Banka Montenegro” a.d. Podgorica (35.1584%), “Atlas Hotels
Group” a.d. Bar (23.9999%), “Jadranski Sajam” a.d. Budva (15.7995%), and a.d.z.u.
“Atlas Penzija” Podgorica (4.1568%).
The 20.8845% of
total assets held in real estate consisted of land in Golubovci, Petrovac,
Podgorica, and commercial property in Sveti Stefan.
The € 44.56 in cash
assets on demand consisted of one or more demand deposits.
“Atlas Mont”
Open-End Fund
Name in
Montenegrin/Serbian:
|
Otvoreni
investicioni fond “Atlas Mont” Podgorica – u postupku transformacije
|
Management fee rate:
|
unknown
|
Management fee paid in Feb. 2014:
|
unknown
|
Total assets as of 2014-02-28:
|
€ 14,985,020.19
|
Net assets as of 2014-02-28:
|
€ 14,729,611.18
|
Share value as of 2014-02-28:
|
€ 0.09653185
|
Number of shares as of 2014-02-28:
|
152,588,101
|
Nominal price per share as of 2014-02-28:
|
unknown
|
Total capital as of 2014-02-28:
|
unknown
|
Number of shareholders as of 2014-02-28:
|
unknown
|
Largest shareholders as of 2014-02-28:
|
unknown
|
As of 28 February
2014 the fund had € 15.0 mln in total assets, with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
|
€ 6,853,589.05
|
45.75
|
Bonds (Obveznice)
|
€ 40,135.78
|
0.26
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
|
|
|
Cash assets on
demand (Novčana sredstva po viđenju)
|
€ 8,091,295.17
|
53.99
|
Total:
|
€ 14,985,020.00
|
100.00
|
The 45.75% of total
assets held in stocks consisted of shares from 13 companies, most of them not
related to the Atlas Group, and all but one of them (“Univerzal Banka” a.d.,
Serbia) being domestic firms. Of the
45.75%, more than half (26.34%) was in stock of the related firm “Atlas Banka” a.d.
Podgorica, with the next largest investments being in the unrelated firms “Montenegro-Express
Group” a.d. Budva (8.10%), “Jugopetrol” a.d. Kotor (3.32%), “Montenegroberza” a.d.
Podgorica (the Montenegrin stock exchange, 1.84%), and a.d. “Kontejnerski
Terminal i Generalni Tereti” Bar (the container terminal located at Bar,
1.70%).
The 0.26% of total assets held
in bonds consisted of Montenegrin government bonds of series OB14
and OB15.
The 53.99% of total
assets held in cash assets on demand consisted of one or more demand deposits.
“Euroinvest” Investment Fund Management Company, Inc.
Name in
Montenegrin/Serbian:
|
Društvo za
upravljanje (d.z.u.) investicionim fondom “Euroinvest” a.d. Podgorica
|
Address:
|
Bulevar Svetog
Petra Cetinjskog 78, 81000 Podgorica
|
Date of founding:
|
Granted the status
of “privatization fund” by the Ministry of Finance on 2001-04-04
|
CEO:
|
Boiša Šotra
|
Investment manager:
|
Aleksandra
Mitrović
|
Total capital as
of 2014-03-28:
|
€ 178,952.16
|
Number of
shareholders as of 2014-03-28:
|
9
|
Largest
shareholders as of 2014-03-28:
|
Kenan Terzić, Bosnia & Herzegovina .................................................. 29.29%
a.d. “Flash” Podgorica .......................................................................... 20.00%
Fadil Ćosibegović ................................................................................. 10.00%
“Ilirika d.d. - Borzno Posredniška Hiša”, Slovenia .............................. 10.00%
HB – Joint Custody Account 3 ............................................................. 8.57%
Azim Bujak, Bosnia & Herzegovina....................................................... 7.88%
Adnan Husić, Bosnia & Herzegovina .................................................... 7.88%
TP “Izbor u stečaju” a.d. Bar ................................................................. 6.43%
|
Income received in
February 2014:
|
For managing of “Eurofond” Closed-End Fund............................... €
6,667.89
For managing of “Eurofond” Open-End Fund................................. €
3,334.76
|
Wage expenses in
February 2014:
|
................................................................................................................. €
0.00
|
“Eurofond”
Closed-End Fund
Name in
Montenegrin/Serbian:
|
Zatvoreni
investicioni fond “Eurofond” a.d. Podgorica u postupku transformacije
|
ISIN:
|
MEEURFRA2PG4
|
Ticker symbol on Montenegroberza:
|
EURF
|
Management fee rate:
|
unknown
|
Management fee paid in Feb. 2014:
|
€ 6,667.89
|
Total assets as of 2014-02-28:
|
€ 43,227,503.70
|
Net assets as of 2014-02-28:
|
€ 38,226,720.89
|
Share value as of 2014-02-28:
|
€ 0.1405
|
Number of shares as of 2014-03-28:
|
272,158,950
|
Nominal price per share as of 2014-03-28:
|
€ 0.6740
|
Total capital as of 2014-03-28:
|
€ 183,435,132.30
|
Number of shareholders as of 2014-03-28:
|
16,119
|
Largest shareholders as of 2014-03-28:
|
HB – Joint Custody Account 3 ........................................................... 15.51%
Monte Development Corp. ................................................................... 6.51%
d.z.u. “Euroinvest” a.d. Podgorica ......................................................... 5.66%
Roman Drašler, Slovenia ........................................................................ 3.23%
Branislav Radonjić ................................................................................. 3.02%
Veselin Barović ...................................................................................... 2.60%
HP “Fjord” a.d. Kotor ........................................................................... 2.52%
“Comersa” d.o.o. .................................................................................... 1.58%
HB – Joint Custody Account 1 ............................................................. 1.17%
Zveza Bank, Austria .............................................................................. 1.04%
|
On 19 November 2009
the fund signed a Lombard credit agreement with Bank Alpinum A.G. of Vaduz,
Liechtenstein, for € 5,000,000, at an interest rate of 3-month EUR Libor +
1.25% and repayment open. As of 28
February 2014 the debt stood at € 5,000,782.83.
As of 28 February
2014 the fund had € 43.2 mln in total assets, with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
in Montenegro
|
€ 28,994,461.25
|
67.07
|
Stocks (Akcije)
in Bosnia and Herzegovina
|
€ 8,381,842.42
|
19.39
|
Bonds (Obveznice)
|
|
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
|
€ 5,851,200.00
|
13.54
|
Cash assets on
demand (Novčana sredstva po viđenju)
|
€ 0.03
|
0.00
|
Total:
|
€ 43,227,503.70
|
100.00
|
The 67.07% of total
assets held in Montenegrin stocks consisted of shares from 19 companies, with
almost half (31.75%) being shares of a.d. “Broadband Montenegro” Podgorica, and
only slightly less than that (29.41%) being shares of a.d. “Bajo Sekulić” Ulcinj.
The 19.39% of total
assets held in stocks from Bosnia and Herzegovina consisted of shares from
“Elektrogrupa” d.d. Jajce (13.42%), “Zadrugar” d.d. Jajce (4.86%), and “Remontmontaža”
d.d. Tuzla (1.11%).
As of 28 February
2014 the fund held a 40% or higher share in three companies: a.d.
“Bjelasica-Rada” Bijelo Polje (declared bankrupt in 2007), a.d. “Izbor” Bar
(declared bankrupt in 2010), and a.d. “Bajo Sekulić” Ulcinj (currently
undergoing bankruptcy proceedings).
The 13.54% of total
assets held in real estate consisted of six adjacent parcels of land in Orahovac
(11.13%), a residential-commercial property in Bečići (1.61%), and a commercial
property in Podgorica (0.80%).
The € 0.03 in cash
assets on demand consisted neither of a time deposit nor a demand deposit, but
instead of “other funds” (presumably in the form of three pennies kept in a
drawer in the office).
“Eurofond” Open-End
Fund
Name in
Montenegrin/Serbian:
|
Otvoreni
investicioni fond “Eurofond” u postupku transformacije
|
Management fee rate:
|
unknown
|
Management fee paid in Feb. 2014:
|
€ 3,334.76
|
Total assets as of 2014-02-28:
|
€ 1,468,053.10
|
Net assets as of 2014-02-28:
|
€ 1,444,131.02
|
Share value as of 2014-02-28:
|
€ 0.00626815
|
Number of shares as of 2014-02-28:
|
230,391,875
|
Nominal price per share as of 2014-02-28:
|
unknown
|
Total capital as of 2014-02-28:
|
unknown
|
Number of shareholders as of 2014-02-28:
|
unknown
|
Largest shareholders as of 2014-02-28:
|
unknown
|
As of 28 February
2014 the fund had € 1.5 mln in total assets, with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
|
€ 1,309,342.74
|
89.19
|
Bonds (Obveznice)
|
|
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
|
|
|
Cash assets on
demand (Novčana sredstva po viđenju)
|
|
|
Total cash assets (Ukupna
novčana sredstva)
|
158,710.36
|
10.81
|
Total:
|
€ 1,468,053.10
|
100.00
|
Of the 89.19% of
total assets held in stocks, more than half (47.32%) was in shares of Hotelska
Grupa “Budvanska rivijera” a.d. Budva, with the next largest holding being in
shares of the national power transmission utility, “Crnogorski elektroprenosni sistem”
a.d. Podgorica (19.00%).
The € 158,710.36 in
“Total cash assets” is not listed under either “Cash assets at fixed term” or
“Cash assets on demand”, but more information on the nature of this cash is not
available. Because the corresponding sum
at the beginning of February was just € 2.88, these funds are presumably
related to the 14 February sale by the fund of 40,000 shares of “Budvanska rivijera”
for € 185,200.00.
Moneta Investment Fund Management Company, Inc.
Name in
Montenegrin/Serbian:
|
Društvo za upravljanje (d.z.u.) investicionim fondom “Moneta” a.d. Podgorica
|
Address:
|
Trg Republike 13, 81000
Podgorica
|
Date of founding:
|
2001-07-07
|
CEO:
|
Biljana Šofranac
|
Investment manager:
|
Biljana Šofranac, Gregor
Kopriva
|
Total capital as
of 2014-03-28:
|
€ 411,078.61
|
Number of
shareholders as of 2014-03-28:
|
4
|
Largest
shareholders as of 2014-03-28:
|
HB – Joint Custody Account 3 ........................................................... 40.05%
“Sivent” d.d., Slovenia ......................................................................... 35.20%
CK – Joint Custody Account 1 ........................................................... 24.75%
|
Income received in
February 2014:
|
For managing of “Moneta” Closed-End Fund................................ € 19,651.80
For managing of “Eurofond” Open-End Fund............................... € 12,707.29
|
Wage expenses in
February 2014:
|
.......................................................................................................... €
2,293.02
|
“Moneta” Closed-End
Fund
Name in
Montenegrin/Serbian:
|
Zatvoreni
investicioni fond “Moneta” a.d. Podgorica u postupku transformacije
|
ISIN:
|
MEMONFRA2PG6
|
Ticker symbol on Montenegroberza:
|
MONF
|
Management fee rate:
|
0.2292%
|
Management fee paid in Feb. 2014:
|
€ 19,651.80
|
Total assets as of 2014-02-28:
|
€ 17,427,455.33
|
Net assets as of 2014-02-28:
|
€ 17,427,455.33
|
Share value as of 2014-02-28:
|
€ 0.1140107880
|
Number of shares as of 2014-03-28:
|
152,857,950
|
Nominal price per share as of 2014-03-28:
|
€ 0.1340
|
Total capital as of 2014-03-28:
|
€ 20,475,999.56
|
Number of shareholders as of 2014-03-28:
|
9,031
|
Largest shareholders as of 2014-03-28:
|
d.z.u. “Moneta” a.d. Podgorica ............................................................ 15.36%
HB – Joint Custody Account 3 ........................................................... 12.06%
CK – Joint Custody Account 1 ........................................................... 11.65%
HB – Joint Custody Account 1 ............................................................. 7.55%
z.i.f. “Invest nova fond” a.d., Bosnia and
Herzegovina ......................... 6.46%
Bojana Vinković, Slovenia ...................................................................... 4.20%
NM – Joint Custody Account 6 ............................................................ 3.50%
z.i.f. “Privrednik Invest” a.d., Bosnia and
Herzegovina ........................ 1.37%
NM – Joint Custody Account 3 ............................................................ 1.02%
HB – Joint Custody Account 5 ............................................................. 0.53%
|
As of 28 February
2014 the fund had € 17.4 mln in total assets, with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
in Montenegro
|
€ 8,659,990.50
|
49.69
|
Stocks (Akcije)
in Slovenia
|
€ 8,373,924.00
|
48.05
|
Bonds (Obveznice)
|
|
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
in Serbia
|
€ 379,543.00
|
2.18
|
Cash assets on
demand in Montenegro
|
€ 945.81
|
0.01
|
Cash assets on
demand in Slovenia
|
€ 3.79
|
0.00
|
Cash assets on
demand in Serbia
|
€ 6,045.02
|
0.03
|
Cash assets on
demand in Bosnia and Herzegovina
|
€ 7,003.21
|
0.04
|
Total:
|
€ 17,427,455.33
|
100.00
|
The 49.69% of total
assets held in Montenegrin stocks consisted entirely of shares of a.d.
“Otrantkomerc” Ulcinj. The fund owned
99.6621% of Otrantkomerc’s stock.
The 48.05% of total
assets held in Slovenian stocks consisted entirely of shares in the investment
firm “AG” d.d. Ljubljana. The fund owned
60.6569% of AG’s stock.
The 2.18% of total
assets held in real estate in Serbia consisted of a commercial property in
Belgrade.
The €945.81 in
demand deposits in Montenegro were being held in accounts at “Crnogorska
komercijalna banka” a.d. Podgorica (€781.82), at “Prva banka Crne Gore” a.d.
Podgorica (€89.59), and at “NLB Montenegrobanka” a.d. Podgorica (€74.40).
The €3.79 in demand
deposits in Slovenia was being held in an account at “Factor banka” d.d.
Ljublana.
The € 6,045.02 in
demand deposits in Serbia was being held in an account at “Hypo
Alpe-Adria-Bank” a.d. Beograd.
The € 7,003.21 in
Bosnia and Herzegovina was being held in a brokerage account (brokerski račun)
at “SEE Investment Solutions” d.o.o. Sarajevo.
“Moneta” Open-End
Fund
Name in
Montenegrin/Serbian:
|
Otvoreni
investicioni fond “Moneta” u postupku transformacije
|
Management fee rate:
|
unknown
|
Management fee paid in Feb. 2014:
|
€ 12,707.29
|
Total assets as of 2014-02-28:
|
€ 5,610,454.40
|
Net assets as of 2014-02-28:
|
€ 5,594,626.80
|
Share value as of 2014-02-28:
|
€ 0.06492063
|
Number of shares as of 2014-02-28:
|
86,176,411
|
Nominal price per share as of 2014-02-28:
|
unknown
|
Total capital as of 2014-02-28:
|
unknown
|
Number of shareholders as of 2014-02-28:
|
unknown
|
Largest shareholders as of 2014-02-28:
|
unknown
|
As of 28 February
2014 the fund had € 5.6 mln in total assets, with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
in Montenegro
|
€ 2,625,286.29
|
46.79%
|
Stocks (Akcije)
in Slovenia
|
€ 1,145,922.00
|
20.42%
|
Stocks (Akcije)
in USA
|
€ 105,229.94
|
1.88%
|
Stocks (Akcije)
in Luxembourg
|
€ 97,680.00
|
1.74%
|
Stocks (Akcije)
in Bosnia and Herzegovina
|
€ 1,349,288.27
|
24.05%
|
Bonds (Obveznice)
in Slovenia
|
€ 199,000.00
|
3.55%
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
in Serbia
|
|
|
Cash assets on
demand in Montenegro
|
€ 88,047.90
|
1.57%
|
Total:
|
€ 5,610,454.40
|
100.00
|
The 46.79% of total
assets held in Montenegrin stocks consisted of shares in 32 companies. The largest single holdings were of “Crnogorski
elektroprenosni sistem” a.d. Podgorica (24.51%
of total assets) and “Jugopetrol” a.d. Kotor (7.53%). The smallest holdings amounted to €0.00 each
in four companies, at least two of which have been declared bankrupt.
The 20.42% of total
assets held in Slovenian stocks consisted entirely of shares in the investment
firm “AG” d.d. Ljubljana. The fund
owned 4.0665% of AG’s stock.
The 1.74% of total
assets held in Luxembourg stocks consisted of shares in Julius Baer
Multipartner’s Balkan
Tiger Fund / B, which as of 27 March 2014 had a 12-month yield of -2.81%
(as measured in euros).
The 24.05% of total
assets held in Bosnian stocks consisted of shares in 10 companies. The largest single holdings were in the
investment funds z.i.f. “Invest nova fond” a.d. Bijeljina (9.3707% of total
assets) and z.i.f. “Herbos fond” d.d. Mostar (7.2803%).
The 3.55% of total
assets held in Slovenian bonds consisted entirely of bonds of the investment
firm “AG” d.d. Ljubljana.
The € 88,047.90 in
demand deposits in Montenegro was being held in an account at “Crnogorska
komercijalna banka” a.d. Podgorica.
Prima Investment Fund Management Company, Inc.
Name in
Montenegrin/Serbian:
|
Društvo za
upravljanje (d.z.u.) investicionim fondovima “Prima” a.d. Podgorica
|
Address:
|
Bulevar Revolucije
50/5, 81000 Podgorica
|
Date of founding:
|
2005-01-31
|
CEO:
|
Vitomir Joksimović
|
Investment
manager:
|
Nikola Jovović,
Vitomir Joksimović
|
Total capital as
of 2014-03-28:
|
€ 125,000.00
|
Number of
shareholders as of 2014-03-28:
|
1
|
Largest
shareholders as of 2014-03-28:
|
“Provladex” d.o.o. Podgorica ............................................................. 100.00%
|
Income received in
February 2014:
|
For managing of “HLT FOND” Closed-End Fund.......................... € 5,123.78
For managing of “HLT FOND” Open-End Fund.......................... € 17,263.75
|
Wage expenses in
February 2014:
|
unknown
|
“HLT FOND”
Closed-End Fund
Name in
Montenegrin/Serbian:
|
Zatvoreni
investicioni fond “HLT FOND” a.d. u postupku transformacije Podgorica
|
ISIN:
|
MEHLTARA2PG5
|
Ticker symbol on Montenegroberza:
|
HLTA
|
Management fee rate:
|
0.2917%
|
Management fee paid in Feb. 2014:
|
€ 5,123.78
|
Total assets as of 2014-02-28:
|
€ 8,840,036.00
|
Net assets as of 2014-02-28:
|
€ 781,929.61
|
Share value as of 2014-02-28:
|
0.00160238
|
Number of shares as of 2014-03-28:
|
487,979,200
|
Nominal price per share as of 2014-03-28:
|
€ 0.1578
|
Total capital as of 2014-03-28:
|
€ 76,999,165.13
|
Number of shareholders as of 2014-03-28:
|
37,902
|
Largest shareholders as of 2014-03-28:
|
Montenegro S.p.A., Italy ..................................................................... 18.29%
“Provladex” d.o.o. Podgorica ................................................................. 3.79%
Damjan Dudić ........................................................................................ 3.58%
z.i.f. “VB fond” a.d., Bosnia and Herzegovina ...................................... 2.34%
f.z.u. “Trend” a.d. Podgorica ................................................................. 2.07%
o.i.f. “Atlas Mont” Podgorica ................................................................ 1.79%
Dafin S.A., Luxembourg ......................................................................... 1.65%
Cattaro Investments S.A., Luxembourg ................................................. 1.42%
Vanja Mugoša ........................................................................................ 0.78%
Samir Oprašić, Bosnia and Herzegovina ................................................ 0.67%
|
As of 28 February
2014 the fund had € 8.8 mln in total assets (but only 0.8 mln in net
assets), with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
|
|
|
Bonds (Obveznice)
|
|
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
|
€ 8,840,036.00
|
100.00
|
Cash assets on
demand (Novčana sredstva po viđenju)
|
|
|
Total:
|
€8,840,036.00
|
100.00
|
The 100% of total
assets held in real estate consisted of land in Kasarna Morača (Podgorica),
Sutorina (Herceg Novi), Škaljari (Kotor), and Zlatica (Podgorica).
“HLT FOND” Open-End
Fund
Name in
Montenegrin/Serbian:
|
Otvoreni
investicioni fond “HLT FOND” u postupku transformacije Podgorica
|
Management fee rate:
|
unknown
|
Management fee paid in Feb. 2014:
|
€ 17,263.75
|
Total assets as of 2014-02-28:
|
€ 6,540,633.00
|
Net assets as of 2014-02-28:
|
€ 6,519,787.57
|
Share value as of 2014-02-28:
|
€ 0.01406568
|
Number of shares as of 2014-02-28:
|
463,524,582.5
|
Nominal price per share as of 2014-02-28:
|
unknown
|
Total capital as of 2014-02-28:
|
unknown
|
Number of shareholders as of 2014-02-28:
|
unknown
|
Largest shareholders as of 2014-02-28:
|
unknown
|
As of 28 February
2014 the fund had € 6.5 mln in total assets, with the following composition:
Category
|
Amount
|
Percentage
|
Stocks (Akcije)
in Montenegro
|
€ 5,554,423.80
|
84.92
|
Stocks (Akcije)
in Serbia
|
€ 96,506.54
|
1.48
|
Stocks (Akcije)
in Croatia
|
€ 360,012.27
|
5.50
|
Stocks (Akcije)
in RS, Bosnia and Herzegovina
|
€ 388,820.11
|
5.94
|
Stocks (Akcije)
in FBiH, Bosnia and Herzegovina
|
€ 6,186.63
|
0.09
|
Stocks (Akcije)
in USA
|
€ 98,140.02
|
1.50
|
Bonds (Obveznice)
|
|
|
Other debt
securities (Druge dužničke hartije od vrijednosti)
|
|
|
Cash assets at
fixed term (Oročena novčana sredstva)
|
|
|
Real estate (Nekretnine)
|
|
|
Cash assets on
demand and receivables (Novčana sredstva po viđenju I potraživanja)
|
€ 36,543.63
|
0.56
|
Total:
|
€6,540,633.00
|
100.00
|
The 84.92% of total
assets held in Montenegrin stocks consisted of shares in 22 companies. The largest single holdings were of shares in
a.d. “Mješovito” Herceg Novi (37.84% of total assets), a.d. za osiguranje
“Lovćen” Podgorica (16.20%), and “13 Jul - Plantaže” a.d. Podgorica (12.47%).
Among the assets
held in foreign shares, the largest single holdings were of z.i.f. “Aktiva
invest fond” a.d. in Bosnia and Herzegovina (3.33% of total assets),
“Europlantaže” d.d. in Croatia (2.50%), and z.i.f. “VB fond” a.d. in Bosnia and
Herzegovina (2.42%). The 1.50% of total
assets held in US stocks consisted of shares in clothing retailer Aéropostale,
Inc. (1.48% of total assets) and in biopharmaceutical firm Affymax, Inc.
(0.02%).
The above
examination shows that as of 28 February 2014, the 8 investment funds active in
Montenegro were holding a total of € 8.4 million in demand deposits, in four
different nations, but not a single cent in term deposits. This is striking, as not only are interest
rates on term deposits relatively high in Montenegro, but Montenegro is one of a
relative few developed countries worldwide that permit investment funds to
place their assets in term deposits in virtually any corner of the world.
Although Montenegro
uses the euro as its currency, the country is not a member of the “eurozone”
(EMU). In fact Montenegro is not even
(yet) a member of the EU, though its laws and regulations are gradually being
reformulated in accordance with those of the EU/EC. But there are still some differences, and one
of them regards the placement of term deposits abroad by investment funds
operating in Montenegro.
The restrictions on
term deposits for investment funds (UCITS – undertaking for collective
investment in transferable securities) in EU-member states were last modified
in 2001 (by Directive
2001-108-EC), and presently read as follows:
[...]
Article 50
1. The investments of a UCITS shall comprise only one or more
of the following:
[...]
(f) deposits with credit
institutions which are repayable on demand or have the right to be withdrawn,
and maturing in no more than 12 months, provided
that the credit institution has its registered office in a Member State or, if
the registered office of the credit institution is situated in a non-Member
State, provided that it is subject to prudential rules considered by the UCITS'
competent authorities as equivalent to those laid down in Community law,
and/or
[…]
In the laws of most
EU member states and in the prospectuses of investment funds domiciled in them
one sees that the above article has been incorporated verbatim. (One exception is Italy, where in 2012 the Banca
d'Italia in May 2012 issued a directive
specifying that the bank must have its headquarters in an EU member state or in
a state of the Group of Ten (which adds in Switzerland, the USA, Canada, and
Japan).
As a result, it would
not be permissible (without prior approval from the competent authority) for an
investment fund (UCITS) in the EU to place a deposit with, for example the
largest bank in Australia, National Australia Bank, but it would have been permissible
for the fund to place deposits in Bank of Cyprus, the largest commercial
bank in Cyprus, the day before depositors there took a haircut (or even
the day after, possibly). Likewise it would be no problem for an EU UCITS
to place deposits in any of the banks in Greece, Spain, Slovenia, etc., whose
financial statements clearly identify them as no longer constituting “going
concerns” but instead as “gone concerns”, as they have already fallen below
their capital requirements and should already have been shut down by the
national regulators if such regulators were not keeping them open in the hope
of obtaining bailout money from Brussels or Frankfurt.
In short, the
regulations in EU give carte blanche to investment funds to place deposits in
any bank in any EU state, no matter what condition the bank may be in, but
deposits outside of the EU require a general or particular judgment on the part
of the domestic regulatory authority.
In Europe outside
of the EU, the countries in SEE closest to the EU have conformed their laws to
the EU regulations, but in some cases are slightly broader. In Bosnia the
law limits deposits by investment funds to banks whose headquarters are in
Bosnia, in an EU member state, or in another state that the Bosnian bank regulator
judges to have sufficient prudential supervision. The law in Albania is
the same. In Serbia the law limits deposits by funds to bank whose
headquarters are in Serbia, in EU member countries, or in OECD member
countries (which brings in Switzerland, the USA, Canada, Japan, Australia, New
Zealand, Korea, Mexico, Chile, and Turkey).
In Montenegro,
however, a very small country that wants to attract investors, the law is
broader:
LAW ON INVESTMENT FUNDS
Article 25
(1) The assets of an open-end fund may be invested
in:
[...]
(4) in deposits with
authorized banks in Montenegro or another state, provided that they are subject
to supervision and restrictions that are equivalent to the supervision and
restrictions established in [Montenegrin] regulations, which mature within a
period not exceeding 12 months and which may be withdrawn at any time.
Article
81
(1) Permitted investments of a closed-end
investment fund are:
[...]
(4) in deposits with
authorized banks in Montenegro or another state, provided that they are subject
to supervision and restrictions that are equivalent to the supervision and
restrictions established in [Montenegrin] regulations, which mature within a
period not exceeding 12 months and which may be withdrawn at any time.
ZAKON O INVESTICIONIM FONDOVIMA
Član 25
(1) Sredstva otvorenog fonda mogu se ulagati u:
[...]
4) u depozite kod ovlašćenih banaka u Crnoj Gori ili nekoj drugoj
državi, pod uslovom da podliježu nadzoru i ograničenjima ekvivalentnom nadzoru
i ograničenjima utvrđenim propisima, koji dospijevaju u roku ne dužem od 12
mjeseci i koji se mogu u svakom trenutku razročiti.
Član 81
(1) Dozvoljena ulaganja zatvorenog investicionog fonda su:
[...]
4) u depozite kod ovlašćenih banaka u Crnoj Gori ili nekoj drugoj državi
pod uslovom da podliježu nadzoru i ograničenjima ekvivalentnim nadzoru i
ograničenjima utvrđenim propisima koji dospijevaju u roku ne dužem od 12
mjeseci i koji se mogu u svakom trenutku razročiti;
