Stock market corrections have pushed some of the biggest fundmanagers to take shelter betting on energy stocks, such as TransgazTranselectrica and Petrom, for the coming period, while others,with a higher risk appetite, are keeping their exposure to thefinancial sector, expecting the economy to recover.
Banking and SIF stock have lost ground in the portfolio of thebiggest equity fund with exposure to the Romanian market, INGRomanian Equity, to energy stock. The strategy shift is mainlyaccounted for by the trend of financial stock and risks associatedto this sector. In the first months of the year, financial stocksperformed well, but after corrections started in April, they havehad a modest performance under the impact of the rising bad loanportfolio and bad economic news.
Adrian Tănase, investment manager with ING Investment Management,managing Romanian Equity fund, does not believe in the short-termgrowth potential of banking stock.
On the other hand, Radu Hanga, general manager of BT AssetManagement managing BT Maxim, the biggest equity fund registereddomestically, believes the economic rebound will be mainly felt inthe financial sector.
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