Dear Participants of the OTP Pension and FreeFlight Pension Funds,
We invite you to review the performance results of the non-state pension funds managed by OTP Capital for November 2025.Overall Economic Situation in Ukraine
In November 2025, Ukraine’s financial markets maintained moderate volatility. Inflation slowed to 10.9% year-on-year, in line with the National Bank of Ukraine’s (NBU) forecasts. At the same time, continued attacks by the Russian Federation on energy infrastructure remain a significant source of uncertainty for future macroeconomic indicators.
In order to stabilize domestic financial conditions, Ukraine held negotiations with the IMF regarding a new support program totaling USD 8.1 billion over the next four years. Key donor requirements include obtaining a so-called “reparations loan” from the EU and the gradual elimination of certain tax benefits.
As in previous months, the NBU actively supported foreign exchange market stability. In November, NBU interventions remained at October levels, amounting to USD 2.9 billion.
Hryvnia Investments
Yields on hryvnia-denominated government bonds (OVDPs) at primary auctions remained stable:
- 1.5 years: 16.35%
- 2 years: 17.1%
- 2.5 years: 17.5%
- 3 years: 17.8%
Interest rates on term deposits in banks also remained unchanged compared to the previous month, ranging from 10.5–14.5% in hryvnia and up to 2% in U.S. dollars.
Foreign Currency Investments
Yields on foreign-currency OVDPs in the primary market remained within the range of 4.1–4.25%. In the secondary market, yields did not exceed 3.75% in U.S. dollars and 2.35% in euros.
The hryvnia–U.S. dollar exchange rate closed the month at UAH 42.27/USD, slightly weaker compared to October. In external markets, Ukrainian Eurobonds increased by 7–10%, depending on maturity.
NON-STATE PENSION FUNDS PERFORMANCE RESULTS
OTP Pension
Fund Portfolio
In November, a scheduled portfolio rebalancing was carried out with the aim of increasing long-term returns.
OVDP transactions:
- government bonds worth UAH 42.1 million were sold;
- OVDPs totaling UAH 47.2 million were purchased, featuring longer maturities and higher yields.
Deposit placements:
- UAH 4.0 million — Agroprosperis Bank JSC;
- UAH 15.3 million — Sense Bank JSC;
- UAH 6.0 million — Tascombank JSC.
Financial results
- Total Net Asset Value (NAV) as of the end of November amounted to UAH 791.4 million;
- the fund’s assets increased by UAH 13.3 million (+1.7%);
- contributions totaling UAH 8.6 million were made;
- pension payments amounted to UAH 0.8 million.
Performance:
The fund generated a return of 1.2% for the month and 12.4% over the last 12 months.
FreeFlight
Fund Portfolio
The formation of a balanced portfolio of foreign-currency assets and government bonds continued, with a focus on controlled risk exposure.
OVDP and corporate bond transactions:
- UAH-denominated OVDPs worth UAH 2.8 million were sold;
- corporate bonds of TAS Logistics JSC totaling UAH 3.7 million were purchased.
Deposit placements:
- USD 10 thousand — PUMB JSC;
- USD 22.5 thousand — Tascombank JSC.
Financial results
- Total Net Asset Value (NAV) as of the end of November amounted to UAH 78.3 million;
- the fund’s assets increased by UAH 2.9 million during the month (+3.7%);
- contributions exceeded UAH 1.4 million;
- pension payments amounted to UAH 9 thousand.
Performance:
The fund generated a return of 0.6% for the month and 4.1% over the last 12 months in US dollars.
