FOA investment fund loses 5.6m euros in H1

Fondul Oamenilor de Afaceri (FOA) investment fund, managed by SAFI Invest, reported 20.7 million RON (5.6 million euros) in losses in the first half of the year, after the fund lost over a third of the value of its assets, according to the company’s half-year report. FOA equity has been traded on the RASDAQ market since 2000, with the listing being meant to reorganise Fondul Mutual al Oamenilor de Afaceri (FMOA, known under the name of SAFI,) the first mutual fund on the local market, set up in 1993. CNVM (National Securities Commission) decided that the FOA’s exposure on the market of listed shares must not drop below 75% of the fund’s overall assets, but bad market conditions led to investments in FOA shares dropping to 43.96% of its assets in the first half of the year.