Overview of Fondul Proprietatea’s March 2022 NAV

As of March 2022, Fondul’s NAV reached RON 14.54bn, which would translate into a NAV per share of RON 2.3466, an increase of 29.2% YoY.

According to the latest Fondul Proprietatea’s NAV report (31 March 2022), Fondul reported a total NAV of RON 14.54bn (EUR 2.91bn), which translates into a NAV per share of RON 2.3466 (EUR 0.4693).

Comparing it on a YoY basis, the total NAV recorded an increase of 34%, while NAV per share grew by 29.2%.

Fondul Proprietatea’s portfolio structure still remains focused on the power utilities generation sector (68.3% of NAV) and oil and gas sector (9.1% of NAV). This is also why the two biggest holdings, Hidroelectrica and OMV Petrom amount to 73.8% of the total NAV of the Fund. In terms of the Fund’s portfolio structure, unlisted equities accounted for the vast majority of NAV, standing at 85.55%, an increase of 11.88 p.p. YoY. Following them, we have listed equities with 6.63%, a decrease of -11.57 p.p., and bank deposits, which account for 4.38% of the NAV.

Turning our attention towards the share price’s performance, during the month, the Company’s share price grew by 7.3%, ending the month at RON 2.11 per share. The current discount to NAV per share stands at 10.1%.

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