As of August, Fondul’s NAV reached RON 11.03bn (+5.84% YoY).

According to the latest NAV report (31 August 2021), Fondul reported a total NAV of RON 11.03bn (EUR 2.24bn), which translates into a NAV per share of RON 1.8691 (EUR 0.3788).

When comparing it to the same period last year, their total NAV recorded an increase of 5.84%, while NAV per share is up by 16.38% YoY.

Fondul Proprietatea’s portfolio structure remains largely oriented towards the power utilities generation sector (54.75% of NAV) and oil and gas sector (15.81% of NAV), which is why the two largest holdings, Hidroelectrica and OMV Petrom account for 70.56% of the total NAV.

In terms of the Fund’s portfolio structure, unlisted equities make up the majority, accounting for 77.11%, which represents an increase of 13.18 p.p. YoY. Listed equities follow with 18.21% (-25.79 p.p. YoY), while net cash and receivables account for 4.68% of the structure (-36.15 p.p. YoY).

The discount to NAV per share currently stands at 2.63%.