Fondul reported a total NAV of RON 10.78bn (EUR 2.26bn), (+8% YoY) which translates into a NAV per share of RON 1.5725 (+14.4% YoY).

According to the latest NAV report (29 November 2019), Fondul reported a total NAV of RON 10.78bn (EUR 2.26bn), which translates into a NAV per share of RON 1.5725. When comparing it to the same period last year, their NAV increased by 8%, while NAV per share increased by 14.4%. Meanwhile, when comparing MoM, Fondul’s NAV and NAV per share both increased by roughly 1%.

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 61.65% of the total NAV.

Furthermore, when compared to the same period last year, the Fund decreased their listed equities (-0.66 p.p.), while their net cash & receivables also decreased by 0.58 p.p. Meanwhile, Fondul’s exposure to unlisted equities increased by 1.24 p.p. accounting for 69.69% of the portfolio.

Turning our attention towards the share’s price performance, as of 16 December, the share price amounted to RON 1.196, marking a 26.6% increase YoY. The discount to NAV per share decreased by 7.3 p.p. YoY and currently stands at 24%.