Dear Investors,
We are pleased to present a market overview and the performance results of OTP Capital mutual investment funds for October 2025.
GENERAL ECONOMIC SITUATION IN UKRAINE
In October 2025, Ukraine’s financial markets maintained moderate volatility amid the ongoing war and expectations regarding further economic support from international partners. Despite external challenges, OTP Capital investment funds continue to deliver stable and predictable results for their investors and unit holders.
The National Bank of Ukraine kept the key policy rate unchanged at 15.5%, in line with its strategy of maintaining controlled inflationary processes. The NBU’s Monetary Policy Committee noted that inflationary pressure remains elevated, particularly due to higher business costs related to infrastructure recovery, wages, and energy resources.
In October, demand for foreign currency increased, prompting the NBU to raise its foreign exchange interventions by 27% compared to September — from USD 2.3 billion to USD 2.92 billion.
HRYVNIA-DENOMINATED INVESTMENTS
Yields on hryvnia-denominated domestic government bonds (OVDPs) at primary auctions remained unchanged:
- 1.5-year bonds: 16.35%
- 2-year bonds: 17.1%
- 3-year bonds: 17.8%
Interest rates on time deposits in the banking sector also remained stable:
- Hryvnia deposits: 10.5%–14.5%
- US dollar deposits: up to 2.0%
FOREIGN CURRENCY INVESTMENTS
Yields on foreign-currency-denominated OVDPs during the month remained in the range of 4.1%–4.25%. On the secondary market, yields did not exceed 3.75% in US dollars and 1.85% in euros.
The hryvnia exchange rate fluctuated within the range of UAH 41.1–41.99 per USD, closing the month at UAH 41.99 per USD.
On international markets, heightened sensitivity to information signals contributed to volatility in Ukrainian Eurobonds within a range of 2%–4%. Over the month, their prices declined by 2%–6%, depending on maturity.
PERFORMANCE OF FUNDS UNDER OTP CAPITAL MANAGEMENT
OTP Classic Fund
In October, the fund carried out scheduled rebalancing of its government bond portfolio: OVDPs worth UAH 14.4 million were sold, while OVDPs worth UAH 12.9 million with higher yields were purchased.
In the deposit portion of the portfolio, UAH 1 million was placed with PJSC “PUMB Bank”.
Thanks to maintaining an optimal balance between OVDPs and bank deposits, the OTP Classic Fund delivered a return of +1.1% for the month and +13.9% over the last 365 days.
OTP Kids Fund
In October, the fund continued efforts to improve the efficiency of government bonds within its asset structure: OVDPs worth UAH 13.3 million were sold, while OVDPs worth UAH 12 million with higher yields were purchased. This adjustment strengthened the fund’s medium-term growth potential.
Fund performance: +1.6% for the month and +18.4% over the last 365 days.
OTP Equity Fund
Throughout October, the equity market remained moderately active. Shares of Raiffeisen Bank JSC were actively traded, although their price remained unchanged at UAH 0.38.
In the deposit segment, funds were rolled over into short-term deposits at the most attractive rates:
- UAH 1 million — Ukreximbank
- UAH 1 million — Ukrgasbank
Amid issuer stability and effective asset management, the OTP Equity Fund achieved +0.5% for the month and +13.1% over the last 365 days.
OTP Valutnyi Fund
In October, the fund’s portfolio was expanded with foreign-currency government bonds: USD-denominated OVDPs totaling USD 150 thousand were purchased. A stable structure of currency bonds and effective risk control supported positive performance dynamics.
For the month, the OTP Valutnyi Fund delivered +0.5%, and +9.4% over the last 365 days, in US dollars.
OTP Maximum Fund
In October, fund management focused on investments in medium-term government bonds: UAH 43.6 million was invested in high-yield OVDPs.
The NBU’s decision to keep the key policy rate unchanged creates favorable conditions for further portfolio rebalancing at the end of 2025 and the beginning of 2026, enhancing the fund’s income potential.
Fund performance: +1.7% for the month and +21.6% over the last 365 days.
OTP Capital continues to provide effective asset management by combining government securities, foreign currency instruments, and bank deposits to maintain stability and growth of investors’ capital — both in hryvnia and foreign currency segments.
Invest responsibly. Invest with OTP Capital.
