Petrom boosts FP assets 7% in Q1. SIFs are up 4%

Fondul Proprietatea (Property Fund – FP) saw a 7.3% rise in its net assets to 16.45 billion lei (4 billion euros) in the first quarter of the year, mainly driven by the rise of the shares of OMV Petrom (SNP), the most valuable company in its portfolio.

Fondul Proprietatea is managed by Franklin Templeton and holds around 80 companies in its portfolio, but the difference in terms of yield is made only by listed companies. In the first quarter of the year, oil company Petrom, in which the Fund holds 20.1%, rose by 27.76% on the Stock Exchange, above the 11.1% rise of utility company Transelectrica (TEL) and the 4.4% decline reported by Transgaz (TGN), listed companies in which the Fund holds around 15%. Alongside oil and utilities, the Fund also holds banking shares in its portfolio, which account for up to 2.78% of its net assets.

The stake held in Petrom is the most valuable in the fund’s portfolio. At the end of the first quarter, the Petrom stake held by FP was worth 4.875 billion lei or 30% of its net asset value. For the listed companies in its portfolio, the fund values its stakes based on the price of the share on the date when the net asset is calculated (in this case March 31st).

For the five financial investment companies (SIFs), the first quarter saw a 4.6% asset rise. SIF Moldova (SIF2) reported the highest rise in net assets, of 8.65% to 1.24 billion lei, while SIF Transilvania (SIF3) was the worst performer, with a 0.5% net asset decline, to 1.498 billion lei.