Fondul reported a total NAV of RON 11.72bn (EUR 2.45bn), (+18.5% YoY) which translates into a NAV per share of RON 1.7113 (+25% YoY).

According to the latest NAV report (31 January 2020), Fondul reported a total NAV of RON 11.72bn (EUR 2.45bn), which translates into a NAV per share of RON 1.7113. When comparing it to the same period last year, their NAV increased by 18.5%, while NAV per share increased by 25%. Meanwhile, when comparing MoM, Fondul’s NAV and NAV per share decreased by 1.3%.

As a reminder, in December the Fondul’s NAV went up by roughly 10% MoM, due to the revalorization of their largest holding, Hidroelectrica, by roughly RON 0.74bn.

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 62.01% of the total NAV.

Furthermore, when compared to the same period last year, the Fund increased their listed equities (+0.71 p.p.), and their exposure to unlisted equities by +0.43 p.p. Meanwhile, the company reduced cash & receivables by -1.14 p.p.

Turning our attention towards the share’s price performance, as of 17 February, the share price amounted to RON 1.38, marking a 56.8% increase YoY. The discount to NAV per share decreased by 16.37 p.p. YoY and currently stands at 19.36%.

Trading statistics for January 2020 show an average daily turnover of EUR 10.19m (-3.8% YoY).

The Bucharest Stock Exchange published their trading statistics for January 2020, showing an average daily turnover of EUR 10.19m, representing a decrease of 3.8% YoY.

When observing the top traded shares, one can notice that Banca Transilvania recorded the highest turnover of RON 233.8m. Fondul Proprietatea follows with a turnover of RON 148.2m. Next comes Omv Petrom with RON 63.5m.

The market cap of the BVB recorded a decrease of 1.18% MoM. Of the equity market capitalization, Erste Group Bank accounts for 37.88%. Omv Petrom and Romgaz follow with 13.31% and 7.57%, respectively. Two Romanian banks follow – Banca Transilvania and BRD, which account for 7.55% and 6.29%, respectively. These five companies account for roughly three quarters of the market capitalization.

Of the BET index components, 10 ended the month in green. Fondul Proprietatea observed the highest share price increase of 10.7%, followed by Medlife with an increase of 6.8%. On the flip side, Transgaz observed a share price decrease of 8.2%.

Turning our attention to the main index of the BVB, in January, BET observed a decrease of 0.51%, amounting to 10,027.88 points.