Fondul reported a total NAV of RON 10.73bn (EUR 2.26bn) (+8.5% YoY) which translates into a NAV per share of RON 1.5557 (+14.9 YoY).

As Fondul Proprietatea published their NAV as of 30 September 2019, we are bringing you it’s short overview.

According to the latest NAV report, Fondul reported a total NAV of RON 10.74bn (EUR 2.26bn), which translates into a NAV per share of RON 1.5570. When comparing it to the same period last year, their NAV increased by 8.5%, while NAV per share increased by 14.9%. Meanwhile, when comparing MoM, Fondul’s NAV slightly increased by 0.2%, while their NAV per share increased by 1%.

Fondul Share Price & NAV per Share (2016 – 15.10.2019)

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 60.9% of the total NAV.

Furthermore, when compared to the same period last year, the Fund decreased their listed equities (-0.34 p.p.), while their net cash & receivables also decreased by 0.58 p.p. Meanwhile, Fondul’s exposure to unlisted equities increased by 0.92 p.p. accounting for 70% of the portfolio.

Turning our attention towards the share’s price performance, as of 14 October, the share price amounted to RON 1.19, marking a 28% increase YoY. The discount to NAV per share decreased by 7.8 p.p. YoY and currently stands at 23.6%.

Fondul Price to NAV Discount (2016 – 15.10.2019) (%)