As of September 2022, Fondul’s NAV reached RON 15.43bn, which would translate into a NAV per share of RON 2.6935, an increase of 29.4% YoY and a decrease of 4.5% MoM.

According to the latest Fondul Proprietatea’s NAV report (30 September 2022), Fondul reported a total NAV of RON 15.43bn (EUR 3.12bn), which translates into a NAV per share of RON 2.6935 (EUR 0.5443).

Comparing it on a YoY basis, the total NAV recorded an increase of 25.9%, while the NAV per share grew by 29.4%. Nevertheless, compared to August, NAV decreased by 4.6%.

Fondul Proprietatea’s portfolio structure still remains focused on the power utilities generation sector (78.5% of NAV) with Infrastructure (6.9%), Power & Gas supply and distribution (5.5%), and Oil & Gas (4.5%) following. This is also why the three biggest holdings, Hidroelectrica, Aeroporturi Bucuresti, and OMV Petrom amount to 87.5% 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 92.6%. Following them, we have listed equities with 5.4%.

Turning our attention towards the share price’s performance, during the month, the Company’s share price remained mostly flat, decreasing slightly by 1.3%, ending the month at RON 1.96 per share. The current discount to NAV per share stands at 30.6%.

Fondul Share Price & NAV per Share

Source: Bloomberg, InterCapital