Fondul reported a total NAV of RON 10.23bn (EUR 2.11bn), (+7.5% MoM) which translates into a NAV per share of RON 1.5708 (+7.9% MoM).

According to the latest NAV report (29 May 2020), Fondul reported a total NAV of RON 10.23bn (EUR 2.11bn), which translates into a NAV per share of RON 1.5708.

When comparing it to the same period last year, their NAV remained relatively flat, while NAV per share increased by 11.9%. Meanwhile, when comparing MoM, Fondul’s NAV and NAV per share observed somewhat of a bounce back of +7.5% and +7.9%, 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 61.77% of the total NAV.

Furthermore, when compared MoM, the Fund decreased their exposure to unlisted equities (-5.95 p.p.), which now make up for 68.53% of the total NAV, while they increased cash & receivables position by 5.35 p.p. Meanwhile, listed equities account for 24.72% of the NAV (+0.6 p.p.).

Turning our attention towards the share’s price performance, in May Fondul recorded a 11.2% increase, while as of 15 June, the share price amounted to RON 1.165, (-3.7% YTD). Note that the discount to NAV per share currently stands at 25.8%.