Today we bring you an overview of Fondul Proprietatea and other Romanian close-end funds’ current price to NAV discount.

Current Price To NAV Discount (%)

Among the observed funds, the highest discount was recorded by SIF Muntenia with a discount rate amounting to 64%, followed by SIF Oltenia (54%), SIF Banat (53%), SIF Muntentia (45%), SIF Transilvania (39%). Meanwhile Fondul Proprietatea managed to virtually completely eliminate their price to NAV discount which now stands at just 0.4%.

Although the discount to NAV is varies among the observed SIF it could be explained by the quality of assets that they hold. Namely, while SIF Muntenia holds more than 70% of their assets in listed shares, roughly half are listed on the BVB’s most demanding and premier segment, while the rest are in less quality segments. On the flip side, SIF Transilvania, who trades at the smallest discount to price among the observed SIFs has rather favourable asset class structure with listed equities accounting for 81% of the fund’s assets, while another 6% of assets is held in listed UCITS and non-UCITS equity securities.

Historic Price To NAV Discount (%)