Fondul reported a total NAV of RON 10.73bn (EUR 2.27bn) (+9.7% YoY) which translates into a NAV per share of RON 1.5112 (+13.7 YoY).

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

According to the latest NAV report, Fondul reported a total NAV of RON 10.73bn (EUR 2.27bn), which translates into a NAV per share of RON 1.5112. When comparing it to the same period last year, their NAV increased by 9.7%, while NAV per share increased by 13.7%. Meanwhile, when comparing MoM, Fondul’s NAV increased by 4.7%, while their NAV per share increased by 7.6%.

Fondul Share Price & NAV per Share (2016 – 12.7.2019)

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 59.4% of the total NAV.

Furthermore, when compared to the same period last year, the Fund decreased their listed equities (-1.3 p.p.), while their net cash & receivables increased by 1.3 p.p. Meanwhile, Fondul’s exposure to unlisted equities remained flat accounting for 70% of the portfolio.

Turning our attention towards the share’s price performance, as of 12 July, the share price amounted to RON 1.1, marking a 24.6% increase YoY. The discount to NAV per share decreased by 6.4 p.p. YoY and currently stands at 27.2%.

Fondul Price To NAV Discount (2016 – 12.7.2019) (%)