IC Market Espresso 8 Feb 2022

InterCapital Asset Management To List Open-End Funds on the Ljubljana Stock Exchange

InterCapital Asset Management to list ICSLO and ICCRO on the Ljubljana Stock Exchange, trading to start on 10 February 2022.

Ljubljana Stock Exchange has announced the listing of two new open-end funds on its website, the ICSLO (SBITOP ETF) and ICCRO (CROBEX10 ETF), by InterCapital Asset Management.


The ICSLO (InterCapital SBI TOP UCITS ETF) will be traded on the regulated market, with the starting number of issued units at 230,373, with a NAV per fund share of EUR 20.9911. The price will be listed in euros, and the minimal block trade size will be EUR 1m. ICSLO will start trading on February 10th, 2022.


The ICCRO (InterCapital CROBEX10tr UCITS ETF) will also be traded on the regulated market, with the starting number of issued units at 283,754, with a NAV per fund share of EUR 16.7347. The price will be listed in euros,  and the minimal block trade size will be EUR 1m. ICCRO will start trading on February 10th, 2022.

As a reminder, InterCapital’s two ETFs that are tracking indexes SBI TOP and CROBEX10tr have already been trading on the Zagreb Stock Exchange (ZSE) for over a year (since 17th November 2020) under the name 7SLO and 7CRO. Since its inception, the market cap of combined ETFs reached HRK 72.17m. At the same time, 7SLO experienced a turnover of HRK 48.5m, while 7CRO had a turnover of HRK 32.6m. Simultaneously, since these ETFs are total return (meaning that all dividends they had to date were re-invested immediately, which voids the dividend tax), they had returns of 56.9% (7SLO) and 23.8% (7CRO) as compared to their index counterparts SBITOPtr and CROBEX10tr, they would have app. the same return. But when you would compare them to SBIT TOP and CROBEX10, which had returns of 52.1% and 22.9% in that time, you can see a difference (due to the aforementioned total return policy). If the observed period was longer, the difference between these indices (SBI TOP and CROBEX10) and the 7SLO and 7CRO ETFs, respectively, would be even larger.

7CRO and 7SLO performance vs. SBITOP and CROBEX10 since 7SLO and 7CRO inception (%)

Croatian Tourism in January 2022

In January 2022, Croatia had an increase in tourist arrivals of 88.9% and an increase in tourist nights of 71.1% YoY.

The Croatian Tourist Board published their latest report on the tourist industry movements in January 2022 last week. In it, we can see that the tourist arrivals increased by 88.9% while tourist nights increased by 71.1% compared to January 2021. Several reasons could be attributed to this increase; higher vaccination numbers, looser movement restrictions, as well as the lower overall impact of the currently strongest variant of COVID-19 on the tourist industry, the Omicron.

To be more specific, Croatia had 178.75k arrivals in January, compared to 94.6k in January 2021, an increase of 88.9% YoY. Of the total number of arrivals in January, foreign tourists amounted to 76.99k (an increase of 313% over January 2021), accounting for 43.1% of all arrivals. At the same time, domestic tourist arrivals amounted to 101.77k (an increase of 34% YoY).

Looking over to the tourist nights, in January, Croatia noted 586.2k tourist nights compared to the 342.7k in the same period of 2021, an increase of 71.1% YoY. Of that, foreign tourist nights amounted to 388.3k (an increase of 169.2% YoY), while domestic tourist nights amounted to 247.1k (an increase of 60.2% YoY). This would also mean that the average stay per person decreased from 3.6 nights per person to 3.27 nights per person. This decrease can be attributed to the aforementioned looser movement restrictions, allowing tourists to visit more places in the same time period, lowering the average stay per person.

During January, the domestic tourists accounted for the largest amount of tourist nights (45%), while at the same time, out of the foreign tourists, most came from Bosnia and Herzegovina (7%), followed by Slovenia and Germany with 6% of the total overnight stays. If we were to observe the counties which had the most tourist nights in January, we have Istra leading the way, with 21.2%, followed by Grad Zagreb with 18.2% and Kvarner with 17.7%.

Trading Activity on BELEX in January 2022

In January 2022, BELEX15 increased by 4.64% and ended the month at 858.86 points.

Belgrade Stock Exchange has published its monthly report on the trading data in January. The total turnover during the month (equity only) amounted to EUR 525.5k, which translates into a daily turnover of EUR 27.7k.

The most traded stocks in January were Kopaonik, with a turnover of EUR 234.4k, followed by PP Feketić, with a turnover of EUR 79.2k, NIS, with a turnover of EUR 78.8k, Omoljica, with a turnover of EUR 28.1k, and Aerodrom Nikola Tesla, with a turnover of EUR 16.97k.

Looking over at the biggest gainers, we have Revnost, which grew by 50%, Pekara 1 maj, which grew by 26.26%, and Kopaonik, which grew by 24.8% MoM. On the flip side, the biggest decliners of the month were the following: Elektroveze proizvodnja, which declined by -49.8%, Agrobačka, which declined by -9.10%, and AMS Osiguranje, which declined by -5.75%.

BELEX15 index experienced an increase of 4.64%, ending the month at 858.86 points.