STK Emergent closed-end investment fund was hit from all sidesby the financial crisis: the 2008 Bourse collapse caught it withhigh exposures on SIFs and RASDAQ-listed stock, while the realestate market crunch made it postpone 50m euros' worth ofinvestments.
With assets under management worth 75.2m lei (18m euros), STKEmergent is the biggest leu-denominated closed-end investment fundon the domestic market.
In late 2010, almost half of its portfolio, namely 36.8m lei (8.6meuros) was invested in listed stock. On the Bourse, the value ofthe fund stands at 28.6m lei (6.7m euros), below the value of thestock portfolio. The other portfolio half is represented by thestake in STK Properties, which planned to start a real estateproject in 2008, which was halted, though, as a result of thecrisis.
"The collapse of the Bourse caught everybody by surprise. It's goodwe were able to survive," said Nicolae Pascu, president of STKfinancial, the fund's manager.
Pascu expects a strong Bourse rebound in 2011, counting on a 50%increase in domestic stocks, which he considers to be wayundervalued at present, by yearend.
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