As of January 2023, Fondul’s NAV reached RON 14.57bn, which would translate into a NAV per share of RON 2.5723, an increase of 11.1% YoY and a slight increase of 0.1% MoM.

According to the latest Fondul Proprietatea’s NAV report (31 January 2023), Fondul reported a total NAV of RON 14.57bn (EUR 2.96bn), which translates into a NAV per share of RON 2.5723 (EUR 0.5226).

Comparing it on a YoY basis, the total NAV recorded an increase of 17.4%. Nevertheless, compared to December, NAV remained flat.

Fondul Proprietatea’s portfolio structure still remains focused on the power utility 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 92.8%. Following them, we have Net Cash & Receivables with 6% and finally listed equities with only 1.2%. Further, we note that during January, no significant changes in Fondul’s portfolio occurred. Also, we remind and emphasize that during the previous month, Fondul liquidated its position in OMV Petrom, which was previously the second biggest holding after Hidroelectrica with 5.6% of the fund’s NAV in the data for November.

Turning our attention toward the share price’s performance, during the month, the Company’s share price remained flat decreasing slightly by 0.5%, ending the month at RON 2.09 per share. The current discount to NAV per share stands at 21.1%.

Fondul Share Price & NAV per Share

Source: Bloomberg, InterCapital