Equity mutual funds start diversifying

Some of the most important equity mutual funds have started to diversify their portfolios, contrasting with the end of last year, when most funds had similar portfolios on the Stock Exchange, with SIFs (financial investment companies) accounting for over 50% in these portfolios. KD Maximus and Napoca increased their exposure to the oil and pharmaceutical sectors, investing less in SIFs. Given the poor results of the SIFs, KD Maximus has dropped 1.2% since the beginning of the year until now (August 29), and Napoca lost 0.1%. The structure of the share portfolio of KD Maximus, managed by KD Investments, underwent significant changes in the first half of this year, as the fund reduced its exposure to the financial-banking sector from some 71% of its share portfolio at the end of last year to less than 56% at the end of June. However, the fund did not sell any shares it held in SIFs and banks. On the contrary, it bought some more, but its acquisitions were smaller than in other sectors, such as the pharmaceutical or oil segment. Napoca, managed by Globinvest, in turn reduced exposure to SIFs in the first half from about 33% to some 27%, buying more shares of pharmaceutical and petroleum companies, as well as of companies in the machinery and equipment industry.