Fondul reported a total NAV of RON 10.08bn (EUR 2.13bn) (+2.3% YoY) which translates into a NAV per share of RON 1.4016 (+7% YoY). Share price, as of 15 March amounts to RON 0.883 (-5.6% YoY).

As Fondul Proprietatea published their NAV as of 28 February 2019, we are bringing you it’s short overview.

According to the latest NAV report, Fondul reported a total NAV of RON 10.08bn (EUR 2.13bn), which translates into a NAV per share of RON 1.4016. When comparing it to the same period last year, their NAV increased by 2.3%, while NAV per share increased by 7%. Meanwhile, when comparing MoM, Fondul’s NAV increased by 2%, while their NAV per share increased by 2.4%.

Fondul Share Price & NAV per Share

Next, when observing the portfolio structure, it remains traditionally oriented towards the power, oil and gas sectors, whereby the two largest holdings, Hidroelectrica and OMV Petrom account for 58.4% of the total NAV.

Furthermore, when compared to the same period last year, the Fund reduced their listed equities (-1.58 p.p.), while they increased their exposure to unlisted equities (+0.83 p.p.), which account now for 70.3% of the total NAV. Net cash & receivables increased by 0.75 p.p., accounting for 4.62% of the total NAV.

Turning our attention towards the share’s price performance, as of 15 March, the share price amounted to RON 0.883, marking a 5.6% decrease YoY. The discount to NAV per share increased by 8.4 p.p. YoY and currently stands at 37%.

Fondul Price To NAV Discount (%)

Furthermore, we also observed the historical movement of Romanian close-ended funds’ discount. Among the observed funds, the highest discount was recorded by SIF Muntenia with a discount rate amounting to 67%, followed by SIF Banat (50%), SIF Transilvania (46%), SIF Oltenia (36%). Note that SIF Moldova did not yet post their NAV as of 28 February 2019.