Fondul reported a total NAV of RON 10.25bn (EUR 2.16bn) (+6.6% YoY) which translates into a NAV per share of RON 1.4404 (+10.5 YoY).

As Fondul Proprietatea published their NAV as of 31 May 2019, we are bringing you it’s short overview.

According to the latest NAV report, Fondul reported a total NAV of RON 10.25bn (EUR 2.16bn), which translates into a NAV per share of RON 1.4404. When comparing it to the same period last year, their NAV increased by 6.6%, while NAV per share increased by 10.5%. Meanwhile, when comparing MoM, Fondul’s NAV increased by 6.2%, while their NAV per share increased by 6.5%.

Fondul Share Price & NAV per Share (2016 – 14.6.2019)

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 59.8% of the total NAV.

Furthermore, when compared to the same period last year, the Fund increased their listed equities (+0.6 p.p.), and also increased net cash & receivables by 1.4 p.p. Meanwhile, Fondul decreased their exposure to unlisted equities which now account for 69.1% of the portfolio.

Fondul Price To NAV Discount (2016 – 14.6.2019) (%)

Turning our attention towards the share’s price performance, as of 14 June, the share price amounted to RON 1, marking a 12.1% increase YoY. The discount to NAV per share decreased by 1 p.p. YoY and currently stands at 30.6%.