Four foreign funds in Athens, Luxembourg and Amsterdam, with 236million lei (56 million euros) in investments in Romanian shares,are looking at Fondul Proprietatea (FP) and doing the maths to havea slice in one of the most valuable companies in the region.
Management companies ING Investment Management, Middle EuropeInvestments, EFG Eurobank and Alpha Asset Management are, throughthe funds in their portfolios, some of the biggest foreigninstitutional investors on the Bucharest Stock Exchange. At the endof last year, local investments of ING Romanian Equity, MEIRomanian and Bulgarian Fund, Bancpost Balanced-Active Fund andAlpha Ro Foreign Balanced Fund amounted to 235.6 million lei (56million euros), very close to the investments in Romanian shares ofall 57 local mutual funds. Energy sector and utility shares(Petrom, Transgaz, Transelectrica) alongside banking shares (BRDand Banca Transilvania) attracted the biggest investments from thefour funds, but utility companies made the difference as far asyields are concerned.
"Alpha Ro Foreign Balanced fund posted a 7.3% yield in euro terms(9.5% in lei terms i.e.) in 2010 and was the second best in Greecein its category. The main engine of the performance was the solidperformance of the Transgaz, Transelectrica and Petrom shares, aswell as the good performance of short-term Romanian Governmentbonds," said Dimitri Tamvakas, senior fund manager at Apha AssetManagement based in Athens.
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