Dear investors,
We are pleased to present a market overview with the performance results of OTP Capital mutual investment funds for September 2025.
General economic situation in Ukraine
In September, the NBU Monetary Policy Committee kept the key policy rate unchanged at 15.5%, in line with the regulator’s forecast. Inflation continued to decline, reaching 13.2% in September, compared to 14.1% in August and 14.3% in July. NBU interventions in the foreign exchange market decreased to USD 2.3 billion in September, while international reserves increased by USD 0.5 billion to USD 46.5 billion.
The external information environment remained relatively favorable, which positively affected Ukrainian eurobonds. In September, their prices increased by 4–8%, depending on maturity.
Hryvnia investments
Yields on hryvnia-denominated domestic government bonds (OVDPs) at primary auctions remained unchanged:
- 16.35% — 1.5-year bonds
- 17.1% — 2-year bonds
- 17.8% — 3-year bonds
Term deposit rates in the banking sector also stabilized in the range of 10.5–14.5% per annum.
During the month, the official hryvnia exchange rate fluctuated between 41.03 and 41.50 UAH/USD, ending September at 41.11 UAH/USD (an appreciation compared to 41.26 UAH/USD at the beginning of the month).
Foreign currency investments
Yields on foreign currency-denominated OVDPs remained stable at 4.17–4.25% in US dollars and around 3.25% in euros.
In the secondary market, yields did not exceed 2.5% in US dollars and 1% in euros.
Prices of Ukrainian eurobonds (Eurobonds / UZDPs) continued moderate growth amid a stable external environment and positive investor expectations.
Performance of funds under OTP Capital management
OTP Classic
In September, the fund’s deposits were placed with several leading Ukrainian banks:
- UAH 6.4 million — Ukreximbank
- UAH 2.5 million — Agropromperspective Bank
- UAH 2.1 million — Universal Bank
- UAH 4.5 million — Sense Bank
- UAH 7.0 million — PUMB
Thanks to stable returns from the deposit segment, the OTP Classic fund delivered +1.1% for the month and +14.0% over the last 365 days.
OTP Kids
The fund continued rebalancing its OVDP portfolio to enhance yields. In September, government bonds worth UAH 0.5 million were sold, while UAH 1.3 million were purchased.
As a result, the OTP Kids fund achieved +0.4% for the month and +18.2% year-on-year.
OTP Equity Fund
Throughout September, the fund actively reallocated assets into short-term deposits offering maximum rates, including placements of UAH 1 million each with Ukreximbank and Ukrgasbank.
Against the backdrop of market stabilization, the OTP Equity Fund generated +3.1% for the month and +17.9% over the last 365 days for its participants.
OTP Valutnyi
The rise in prices of Ukrainian eurobonds in September (from +4% to +8%) had a positive impact on the foreign currency fund’s performance. As part of active portfolio management, eurobonds worth UAH 20 million were sold, while new higher-yield instruments totaling UAH 26.6 million were purchased.
The OTP Valutnyi fund increased by +0.5% in US dollars during the month, with annual performance reaching +12.1%.
OTP Capital continues to focus on efficient asset management, using a broad range of financial instruments to ensure stable capital growth for its investors — both in hryvnia and in foreign currencies.
