Fondul reported a total NAV of RON 11.72bn (EUR 2.45bn), (+18.5% YoY) which translates into a NAV per share of RON 1.7113 (+25% YoY).

According to the latest NAV report (31 January 2020), Fondul reported a total NAV of RON 11.72bn (EUR 2.45bn), which translates into a NAV per share of RON 1.7113. When comparing it to the same period last year, their NAV increased by 18.5%, while NAV per share increased by 25%. Meanwhile, when comparing MoM, Fondul’s NAV and NAV per share decreased by 1.3%.

As a reminder, in December the Fondul’s NAV went up by roughly 10% MoM, due to the revalorization of their largest holding, Hidroelectrica, by roughly RON 0.74bn.

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 62.01% of the total NAV.

Furthermore, when compared to the same period last year, the Fund increased their listed equities (+0.71 p.p.), and their exposure to unlisted equities by +0.43 p.p. Meanwhile, the company reduced cash & receivables by -1.14 p.p.

Turning our attention towards the share’s price performance, as of 17 February, the share price amounted to RON 1.38, marking a 56.8% increase YoY. The discount to NAV per share decreased by 16.37 p.p. YoY and currently stands at 19.36%.