Fondul reported a total NAV of RON 10.17bn (EUR 2.14bn) (+3.4% YoY) which translates into a NAV per share of RON 1.4190 (+7% YoY). Share price, as of 15 April amounts to RON 0.948 (-2.3% YoY).

As Fondul Proprietatea published their NAV as of 29 March 2019, we are bringing you it’s short overview.

According to the latest NAV report, Fondul reported a total NAV of RON 10.17bn (EUR 2.14bn), which translates into a NAV per share of RON 1.4190. When comparing it to the same period last year, their NAV increased by 3.4%, while NAV per share increased by 7%. Meanwhile, when comparing MoM, Fondul’s NAV increased by 1%, while their NAV per share increased by 1.2%.

Fondul Share Price & NAV per Share (2016 – 15.4.2019)

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 58.8% of the total NAV.

Furthermore, when compared to the same period last year, the Fund reduced their listed equities (-2.1 p.p.), while they increased their exposure to unlisted equities (+0.11 p.p.), which account now for 69.7% of the total NAV. Net cash & receivables increased by 1.95 p.p., accounting for 4.88% of the total NAV.

Fondul Price To NAV Discount (2016 – 15.4.2019) (%)

Turning our attention towards the share’s price performance, as of 15 April, the share price amounted to RON 0.948, marking a 2.3% decrease YoY. The discount to NAV per share increased by 6.3 p.p. YoY and currently stands at 33.2%.