As of December 2022, Fondul’s NAV reached RON 14.57bn, which would translate into a NAV per share of RON 2.5701, an increase of 10% YoY and a slight decrease of 0.5% MoM.

According to the latest Fondul Proprietatea’s NAV report (31 December 2022), Fondul reported a total NAV of RON 14.57bn (EUR 2.94bn), which translates into a NAV per share of RON 2.5701 (EUR 0.5195).

Comparing it on a YoY basis, the total NAV recorded an increase of 10%. Nevertheless, compared to November, NAV slightly decreased by 0.5%.

Fondul Proprietatea’s portfolio structure still remains focused on the power utilities generation sector (76.5% of NAV) with Infrastructure (7.3%) and Power & Gas supply and distribution (7.1%) following. This is also why the three most significant holdings, Hidroelectrica, Aeroporturi Bucuresti and Engie Romania amount to 84.4% of the total NAV of the Fund. However, most of those come only from Hidroelectrica with 76.5% as the biggest holding. In terms of the Fund’s portfolio structure, unlisted equities accounted for the vast majority of NAV, standing at 92.9%. Following them, we have Net Cash & Receivables with 6% and finally listed equities with only 1.15%. Further, we note that during December, Fondul liquidated its position in OMV Petrom, which was previously the second biggest holding after Hidroelectrica with 5.6% of fund’s NAV in November.

Turning our attention toward the share price’s performance, during the month, the Company’s share price increased by 6.4%, ending the month at RON 2.04 per share. The current discount to NAV per share stands at 20.6%.

Fondul Share Price & NAV per Share

Source: Bloomberg, InterCapital