Four foreign funds in Athens, Luxembourg and Amsterdam, with 236 million lei (56 million euros) in investments in Romanian shares, are looking at Fondul Proprietatea (FP) and doing the maths to have a slice in one of the most valuable companies in the region.
Management companies ING Investment Management, Middle Europe Investments, EFG Eurobank and Alpha Asset Management are, through the funds in their portfolios, some of the biggest foreign institutional investors on the Bucharest Stock Exchange. At the end of last year, local investments of ING Romanian Equity, MEI Romanian and Bulgarian Fund, Bancpost Balanced-Active Fund and Alpha Ro Foreign Balanced Fund amounted to 235.6 million lei (56 million euros), very close to the investments in Romanian shares of all 57 local mutual funds. Energy sector and utility shares (Petrom, Transgaz, Transelectrica) alongside banking shares (BRD and Banca Transilvania) attracted the biggest investments from the four funds, but utility companies made the difference as far as yields are concerned.
"Alpha Ro Foreign Balanced fund posted a 7.3% yield in euro terms (9.5% in lei terms i.e.) in 2010 and was the second best in Greece in its category. The main engine of the performance was the solid performance of the Transgaz, Transelectrica and Petrom shares, as well as the good performance of short-term Romanian Government bonds," said Dimitri Tamvakas, senior fund manager at Apha Asset Management based in Athens.
Four foreign funds in Athens, Luxembourg and Amsterdam, with 236 million lei (56 million euros) in investments in Romanian shares, are looking at Fondul Proprietatea (FP) and doing the maths to have a slice in one of the most valuable companies in the region.
Management companies ING Investment Management, Middle Europe Investments, EFG Eurobank and Alpha Asset Management are, through the
