The last time that the index recorded this level was at the end of March 2017.

Yesterday, the main index of Zagreb Stock Exchange (CROBEX), breached 2,000 points, ending the trading day at 2,000.79. It is worth noting that the last time that the index recorded this level was at the end of March 2017.

On a YTD basis the index observed a strong increase of 14.4%, which could mostly be attributed to the YTD double digit growth of Podravka (+28.3%), Končar (+26.2%), Adris pref. (+20.4%), Ericsson Nikola Tesla (+16.3%) and Atlantic Group (+15.5%). These companies cumulatively account for roughly 50% of the index weight.

The top performing stock of the index is Optima Telekom, whose share price increased 287.6% since the begining of the year, mostly due to takeover speculation. To read more about it, click here.

On the flip side, only 2 out of 15 consitutents have observed a YTD share price decrease: Dalekovod (-38.1%) and Đuro Đaković (-48.3%).

It is also worth noting that so far this year, the index has ended in green 55% of the time, of which the highest increase of 2.1% in a single day occured this week on Monday.

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) (%)