The shares of petroleum and manufacturing companies have pushed the Active Dinamic mutual fund to the leading position among highest-performance funds, after having posted a 45% yield in the first half of 2009. The fund’s portfolio included such stocks as automotive component manufacturer Altur Slatina (ALT), and Rompetrol Rafinare (RRC), whose value doubled in the first six months. The BET index rose by 15.5% in the first half and the average yield of monetary and bond funds stood at 7%.
Active Dinamic fund, managed by Swiss Capital, currently numbers 1,993 investors and its net assets stand at 10.7 million RON. "One would have hardly believed that equity funds, which posted the heaviest losses last year, would be the top performers of 2009. The share prices were significantly undervalued, but the value of the issuers was confirmed in the first half of the year, so that increases of as much as over 100% in some cases were registered," said Eduard Gunescu, portfolio manager of Swiss Capital, which is controlled by KBC Securities, the largest broker on the local market.
At the end of June, the main stocks held by Active Dinamic, the SIF Oltenia (SIF5) shares, accounted for almost 10% of the 9.7 million RON assets of the fund, the shares of automotive component manufacturer Altur Slatina (ALT) - for 7.6% and those of Rompetrol Rafinare (RRC) for more than 7%.
Although Active Dinamic invested most of its money in SIF Oltenia, that is 963,000 RON, the ALT and RRC stocks, whose value doubled, contributed most of the performance of the fund in the first half.
"In the first half we tried to move in sync with the market and adjust our portfolio to high volatility conditions. As such, we bet on the shares of the liquid issuers on the Bucharest Stock Exchange and RASDAQ and sold some of our bank shares," Eduard Gunescu said.
In the first six months of the year, the fund visibly increased its exposure to SIF Oltenia, selling all its SIF Transilvania shares instead, bought 12 million shares in Altur Slatina and one more million in chemical plant Oltchim (OLT). Banca Transilvania shares are no longer part of Active Dinamic’s portfolio, as the fund sold the 22,000 shares reported at the end of last year. Its stakes in BRD and Banca Comerciala Carpatica (BCC) are now close to zero.
With almost 90% of its assets invested in stocks, Active Dinamic took advantage of the spring rally of the Stock Exchange, unlike the equity funds that invested in deposits and posted half-year yields of less than 20%.
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