As of November 2022, Fondul’s NAV reached RON 14.64bn, which would translate into a NAV per share of RON 2.5626, an increase of 20.7% YoY and a decrease of 4.5% MoM.

According to the latest Fondul Proprietatea’s NAV report (30 November 2022), Fondul reported a total NAV of RON 14.64bn (EUR 2.98bn), which translates into a NAV per share of RON 2.5626 (EUR 0.5210).

Comparing it on a YoY basis, the total NAV recorded an increase of 20.7%, while the NAV per share grew by 29.4%. Nevertheless, compared to September, NAV decreased by 5.1%.

Fondul Proprietatea’s portfolio structure still remains focused on the power utilities generation sector (76.9% of NAV) with Infrastructure (7.3%), Power & Gas supply and distribution (5.8%), and Oil & Gas (5.6%) following. This is also why the three biggest holdings, Hidroelectrica, OMV Petrom, and Aeroporturi Bucuresti amount to 87.3% 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 91.8%. Following them, we have listed equities with 6.8%.

Turning our attention toward the share price’s performance, during the month, the Company’s share price increased by 7.8%, ending the month at RON 1.92 per share. The current discount to NAV per share stands at 24.4%.

Fondul Share Price & NAV per Share

Source: Bloomberg, InterCapital