Omninvest and Omnitrust, the two funds managed by SIRA company,held the top two positions in the ranking of the best performingmutual funds in 2010, bringing investors returns of over 20% in thefirst five months. The third fund, Raiffeisen Confort, generated areturn of around 7%, while the rest of 48 funds did not manage togain more than the BET index. During the same interval, the mainBucharest Stock Exchange index rose by 6%. After a strong firstquarter, when the main stock exchange indices advanced by more than30%, April and May brought a broad correction on the domestic stockmarket. Thus, in the past two months mutual funds exposed to stockshave largely lost the gains generated at the start of the year,with some of them posting even negative returns at the end of thefirst five months. Except two funds: Omninvest equity fund, whichended the period with a 22.07% return, and Omnitrust diversifiedfund, with a 21.75% gain. "The investment strategy embraced in thecase of managed funds was to open short positions on US indices,given the high correlation between the Romanian and the US stockmarkets. (...) We thus managed to shun domestic marketcorrections," said Marius Olteanu, CEO of SIRA managementcompany.
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