Overview of Fondul Proprietatea’s July 2021 NAV

As of July, Fondul’s NAV reached RON 10.95bn (+8.3% YoY).

According to the latest NAV report (30 July 2021), Fondul reported a total NAV of RON 10.95bn (EUR 2.23bn), which translates into a NAV per share of RON 1.8533 (EUR 0.775).

When comparing it to the same period last year, their total NAV recorded an increase of 8.3%, while NAV per share is up by 19.0% YoY.

Fondul Proprietatea’s portfolio structure remains largely oriented towards the power utilities generation sector (55.15% of NAV) and oil and gas sector (14.99% of NAV), which is why the two largest holdings, Hidroelectrica and OMV Petrom account for 70.14% of the total NAV.

In terms of the Fund’s portfolio structure, unlisted equities make up the majority, accounting for 77.62%, which represents an increase of 7.37 p.p. YoY. Listed equities follow with 17.48% (-4.98 p.p. YoY), while net cash and receivables account for 4.90% of the structure (-2.39 p.p. YoY).

The discount to NAV per share currently stands at 3.31%.

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