The over 25% surge in Bucharest Stock Exchange quotes has helped capital market players to earn a lot of money, but it was also beneficial for the mutual fund investors, whose money was put into listed stocks. Such investments were made, for instance, by the former National Accumulation Fund (FNA). The yields logged by two of the funds that invested in shares have already exceeded the estimated 2004 inflation (9 percent), whereas another fund has earned its investors more than it did in 2002.
The biggest yield this year was posted by the Napoca fund, managed by Globinvest, which saw a 19.5% surge. The fund logged the biggest growth on the Romanian market last year - 40.7 percent. The Napoca fund levies some of the highest redemption fees on the Romanian market - nine percent for less than a year and a half, but even so, an investment in the past two months would still have been profitable.
Intercapital, managed by Certinvest, has brought a 10.9% yield since the beginning of the year. The fund has recently raised fees to 2.5% for less than six months, to discourage speculations. However, an early-year speculation would have still earned the investors some 8% in profits.
The National Opportunities Fund, managed by Vanguard Asset Management, has climbed 6.5 percent since the beginning of 2004, compared to 5.5% in the entire 2002. Last year, the fund gave up some of its stakes just before a bullish market period and then embarked on a portfolio restructuring process.
Integro (former FNA) went up 6.5 percent, whereas BCR Dinamic, a fund established last year, logged a 6.7% yield. The two funds are managed by Quadrant and by the specialised company of the Romanian Commercial Bank (BCR).
Bucharest Stock Exchange brokers say the price growth cannot maintain the same pace in the long term, so that the yields of these funds are eventually up to the skills of the managers administrating the portfolio of shares.
vlad.nicolaescu@zf.ro
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
