Overview
Fondul Proprietatea is a Romanian company whose shares are listed on the Bucharest and, as GDRs, on the London Stock Exchange. The Fund was established by the Romanian Government in 2005 and eligible claimants who lost property under former communist governments were awarded shares in the Fund in lieu of compensation. The restitution process is wholly independent of Fondul Proprietatea and is managed by the National Agency for Property Restitution, a specialized legal entity of the central administration.
The Fund’s investment objective is the maximization of returns and per-share capital appreciation via investments mainly in Romanian equities and equity-linked securities. In the short to medium term, their key priority is to unlock the long-term value of the underlying portfolio holdings through active management. A primary focus will be to ensure that strong corporate governance principles are followed by portfolio companies which in their view will benefit both the underlying companies and other stakeholders.
You can access the fund’s website here
News
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15 Nov 2024 1 min read
QuotedData’s morning briefing 15 November 2024 – FP., LAND
In QuotedData’s morning briefing 15 November 2024: Fondul Proprietatea (FP.) has published its quarterly report for the three months ended 30 September 2024. The Adjusted NAV per share as at 30 September 2024 was RON 0.7319 per share, which is 10.76% higher than its value of RON 0.6608 as at the 31 December 2023. The fund’s […]
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15 Nov 2023 2 min read
QuotedData’s morning briefing 15 November 2023 – GCP, FP, INOV, WHR
QuotedData’s morning briefing 15 November 2023: GCP Infrastructure Investments (GCP) has released a quarterly update to 30 September 2023. NAV total return over the period was 1.4% while shares fell 11.6%, widening the fund’s discount which now sits at 36%. During the quarter, the company completed a refinancing of two existing loan notes secured against […]
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07 Sep 2023 2 min read
Fondul Proprietatea – government wants review of manager agreement and approach
The Romanian Ministry of Finance, which has a 5.96% stake in Fondul Proprietatea, has added a few extra resolutions for investors to consider at its upcoming shareholder meeting on 25 September 2023. First is a resolution that Franklin Templeton’s contract is renewed for just one year (1 April 2024 to 31 March 2025). Second a […]
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07 Jul 2023 1 min read
QuotedData’s weekly news show 7th July 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Fondul Proprietatea (0:46) Andrew McHattie looked at why Hansa Trust and emerging markets funds were rising while growth focused funds continued to slide over […]
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2 min read
Fondul Proprietatea guides that its NAV is at least 5% overstated
Fondul Proprietatea (FP.) has announced that, based on the preliminary data held by AIFM (Franklin Templeton International Services S.À R.L.), there is a high probability that the next reported NAV will be at least 5% lower than the most recent NAV as of 31 May 2023 (which was published by the fund on 15 June […]
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05 Jul 2023 1 min read
QuotedData’s morning briefing 5 July 2023
RTW Biotech Opportunities (RTW) provided an update on its intended use of proceeds from its holding in Prometheus Biosciences, Inc., following its acquisition by Merck. The sale resulted in total proceeds of $99.1 million on total invested capital of $8.4 million, representing a 11.8x multiple. RTW plans to split the proceeds across a series of […]
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23 Jun 2023 3 min read
Fondul Proprietatea’s Hidroelectrica publishes IPO prospectus
Fondul Proprietatea has announced that The Romanian Financial Supervisory Authority (FSA) has approved the publication of a prospectus in relation to initial public offering (IPO) by the Fund of Hidroelectrica’s existing ordinary shares. Hidroelectrica has applied for admission to listing and trading of its shares on the regulated market of the Bucharest Stock Exchange (BSE). […]
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20 Apr 2023 2 min read
QuotedData’s morning briefing 20 April 2023
In QuotedData’s morning briefing 20 April 2023: Fondul Proprietatea (FP) has sold its stakes in E-Distributie Muntenia, Enel Energie Muntenia, E-Distributie Dobrogea, E-Distributie Banat, and ENEL Energie to Public Power Corporation (a Greek company) for RON650m (£116.2m). Andrew Joy is now chairman of Herald Investment Trust (HRI), following the retirement of Tom Black. Sherborne Investors […]
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28 Feb 2023 2 min read
Fondul Proprietatea reports on decent 2022 as Hidroelectrica IPO inches closer
For calendar year 2022, Fondul Proprietatea produced an NAV return of 19.1% and a share price return of 12.2% (in RON terms) or 3.9% in US dollar terms. At the year end, the shares were trading on a 20% discount. There’s a RON0.05 dividend and the board may yet declare a special dividend. The highlights […]
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12 May 2022 1 min read
QuotedData’s morning briefing 12 May 2022
In QuotedData’s morning briefing 12 May 2022: Temple Bar (TMPL) is splitting its shares. With effect from tomorrow, a holder of one share will own five shares in the trust and the share price will adjust accordingly. If you hold your shares evidenced by paper certificates rather than through an online trading account, new share […]
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29 Mar 2022 1 min read
Hidroelectrica IPO going ahead – great news for Fondul
Hidroelectrica IPO going ahead – great news for Fondul – On 28 March 2022, the Ministry of Energy in Romania, the majority shareholder of S.P.E.E.H. Hidroelectrica S.A., confirmed its agreement to hold a shareholders’ meeting of the company to approve the initiation of the listing of the company’s shares on the Bucharest Stock Exchange following […]
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20 Jan 2022 1 min read
QuotedData’s morning briefing 20 January 2022
In QuotedData’s morning briefing 20 January 2022: Fondul Proprietatea (FP.) has sold 2,275,000,000 shares that it held in the Romanian energy business, OMV Petrom. The deal was done using an accelerated bookbuild offering at RON0.43 /share. The gross proceeds were RON978,250,000 (£164.8m) and will be used to fund the buyback programme and the payment of […]
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23 Feb 2021 1 min read
Fondul boosted by narrowing discount
Fondul boosted by narrowing discount – Fondul Proprietatea has announced results for the year ended 31 December 2020. The NAV total return (in Romanian leu – RON) was 2.21% and the share price return was 26.44%, boosted by a substantial narrowing of the discount which finished the period at 9.7%. The Romanian market did well relative to other […]
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17 Sep 2020 1 min read
QuotedData’s morning briefing 17 September 2020
In QuotedData’s morning briefing 17 September 2020 LXI REIT says that “following robust rent collection for the quarter ending September 2020“, it is increasing its quarterly dividend guidance by 4% to 1.35p per share (from 1.30p per share). Supermarket Income REIT is looking for more money. The aim is to issue £150m worth of shares at […]
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30 Jun 2020 1 min read
QuotedData’s morning briefing 30 June 2020
In QuotedData’s morning briefing 30 June 2020: Polar Capital Global Financial declared a 2.4p interim dividend, in line with its commitment to maintain distributions to shareholders despite regulatory blocks to bank’s dividends. Redefine Properties has sold its 29.42% stake in RDI REIT to affiliates controlled by Starwood Capital Group. RDI REIT’s shares rose strongly on he […]
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19 Sep 2017 2 min read
Aberdeen Frontier Markets experiences teething problems as moves to direct investment
Aberdeen Frontier Markets experiences teething problems as moves to direct investment – Aberdeen Frontier Markets reports that, for the year ended 30 June 2017, the NAV rose by 13.7% in total return terms with the share price rising 16.7% as the discount narrowed. This compared to a gain of 19.7% for the MSCI Frontier Markets Index, […]
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02 Feb 2017 1 min read
Aberdeen Frontier Markets outperforms in H2 2016
Aberdeen Frontier Markets beat its benchmark over the second half of 2016, posting net asset value per share and share price total returns of 3.7% and 6.3%, respectively. This compared to a gain of 3.2% for the MSCI Frontier Markets Net Total Return Index. The chairman’s statement says managers in Vietnam, Argentina and Kazakhstan performed […]
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08 Sep 2016 4 min read
Aberdeen Frontier Markets announces first dividend
Over the year to the end of June 2016 Aberdeen Frontier Markets’ net asset value per share and share price declined by 13.6% and 16.0% respectively compared to a decline of 12.1% in the MSCI Frontier Markets Net Total Return Index. The Board is proposing to pay an initial dividend in respect of the second half […]
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03 Mar 2015 1 min read
Advance Frontiers outperforms but let down by discount
Advance Frontier Markets Fund outperformed a falling benchmark (the MSCI Frontier Markets Index) over the six months ended 31 December 2014 – falling by 9.2% vs. -11.1%. The share price fell by 13.6% however as the fund’s discount shifted from 6.6% to 11.2%. The managers’ report says funds including Africa Emerging Markets Fund, Ashmore Middle […]
