The mutual funds investing in shares have achieved significant growth in September, for the third month in a row, offsetting the losses in the first part of the year. Fund managers expect the upward trend to maintain in the last quarter, as well.
Equity funds gained 5.5% on the average in September, while the diversified funds achieved an almost 3.5% average growth due to the positive trend on the Bucharest Stock Exchange, and especially on the financial sector stocks. The yields of the equity funds ranged from 2.6% to 10.3% in September depending on the exposures they have on the capital market and on the distribution of investments across various sectors.
The SIFs (financial investment companies) were again the main growth drive, with the BET-FI gaining 8.8% last month, while the BET ended the month with a 3.5% jump. A few specific factors added up, too, such as the Transelectrica shares starting trading early in September, and the bonus shares received or those subscribed at preferential prices during the capital increase at Banca Transilvania that complemented the funds' portfolios.
"The main growth factor for equity funds was the positive trend of the capital market, especially of the financial segment stocks. Then there is also a series of specific factors that need to be considered, such as the collection of some dividends and of the bonus shares from some companies in the portfolio. That is why some of the funds did better than the stock market indicators," stated Florin Dolea, chief executive of Pioneer Asset Management, the investment management company of the Unicredito Group.
Premio equity fund, managed by Pioneer, took the top spot in terms of yield in September, with an almost 10.3% increase.
"The rise of the SIFs led to significant increases for mutual funds. The funds that had larger exposures to SIFs witnessed growth