The number of mutual fund investors was in excess of 60,000 last month, while the amounts managed by funds rose 3.2% to 995bn ROL ($30 million). Inflation outran the yield of the investments in the mutual fund shares once again last month. The average growth in the shares of the funds comprising the National Union of Collective Placement Bodies (UNOPC) was of 0.8%, while inflation in the same month reached 1.1%. Things have been somewhat better in the last 12 months: 29% growth against 16% inflation. However, the gap is mainly due to the spectacular rise of the Stock Exchange last year, which all analysts agree will not recur in 2003. Last month's most profitable investments in mutual funds were those in the Napoca equity fund (2.1% gain) and in the two funds with a diversified investment structure: Capital Plus and Transilvania (1.8% gain). The bulk of the funds investing in monetary instruments saw 0.9% (Simfonia 1) to 1.3% (Tezaur and BCR Clasic) growth, while Plus Fidelity's shares rose by only 0.2%. ZF
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