Fondul reported a total NAV of RON 9.59bn (EUR 1.99bn), (-15.8% YoY) which translates into a NAV per share of RON 1.4515 (-12.7% YoY).

The impact of Covid-19 on Fondul Proprietatea can be observed when looking at their monthly NAV change. According to the latest NAV report (31 March 2020), Fondul reported a total NAV of RON 9.59bn (EUR 1.99bn), which translates into a NAV per share of RON 1.4515.

When comparing it to the same period last year, their NAV decreased by 5.8%, while NAV per share increased by 2.3%. Meanwhile, when comparing MoM, Fondul’s NAV and NAV per share observed a sharp decrease of 15.8% and 12.7%, respectively.

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 64.5% of the total NAV.

Furthermore, when compared MoM, the Fund increased their exposure to unlisted equities (+2.21 p.p.), which now make up for 71.79% of the total NAV, while they reduced their exposure to listed equities by 0.32 p.p. Also, the company reduced cash & receivables by -1.89 p.p.

Turning our attention towards the share’s price performance, in March Fondul recorded a 12.6% decrease, while as of 15 April, the share price amounted to RON 1.15, (+21 YoY). Note that the discount to NAV per share currently stands at 20.8%.