Fondul Proprietatea (Property Fund - FP) saw a 7.3% rise in itsnet assets to 16.45 billion lei (4 billion euros) in the firstquarter of the year, mainly driven by the rise of the shares of OMVPetrom (SNP), the most valuable company in its portfolio.
Fondul Proprietatea is managed by Franklin Templeton and holdsaround 80 companies in its portfolio, but the difference in termsof yield is made only by listed companies. In the first quarter ofthe year, oil company Petrom, in which the Fund holds 20.1%, roseby 27.76% on the Stock Exchange, above the 11.1% rise of utilitycompany Transelectrica (TEL) and the 4.4% decline reported byTransgaz (TGN), listed companies in which the Fund holds around15%. Alongside oil and utilities, the Fund also holds bankingshares in its portfolio, which account for up to 2.78% of its netassets.
The stake held in Petrom is the most valuable in the fund'sportfolio. At the end of the first quarter, the Petrom stake heldby FP was worth 4.875 billion lei or 30% of its net asset value.For the listed companies in its portfolio, the fund values itsstakes based on the price of the share on the date when the netasset is calculated (in this case March 31st).
For the five financial investment companies (SIFs), the firstquarter saw a 4.6% asset rise. SIF Moldova (SIF2) reported thehighest rise in net assets, of 8.65% to 1.24 billion lei, while SIFTransilvania (SIF3) was the worst performer, with a 0.5% net assetdecline, to 1.498 billion lei.
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