Fund Information / Factsheet • Nov 13, 2020
Fund Information / Factsheet
Open in ViewerOpens in native device viewer
Fondul Proprietatea (the Fund) is a joint stock company operating as an Alternative Investment Fund (AIF) with an unlimited lifetime, incorporated in Romania. The Fund was listed on the Bucharest Stock Exchange on 25 January 2011, and on the Specialist Fund Market of the London Stock Exchange ("LSE") by means of Global Depositary Receipts ("GDRs") on 29 April 2015.
The Fund's investment objective is the maximisation of returns to shareholders and the increase of the net asset value per share via investments mainly in Romanian equities and equity-linked securities.
FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À. R.L. as of 1 April 2016
Franklin Templeton Investment Management Limited UK, Bucharest Branch – since 29 September 2010 (between 29 September 2010 – 31 March 2016, Franklin Templeton Investment Management Limited UK, Bucharest Branch was Sole Director and Fund Manager)
| Base Currency of Fund: | Romanian Lei (RON) |
|---|---|
| Date of Fund Launch: | 28 December 2005 |
| Performance Inception Date: | 31 December 2010 for NAV 25 January 2011 for Ordinary Share Price 29 April 2015 for Global Depositary Receipts |
| Number of Issued Shares: | 7,210,158,254 |
| Number of Shares Corresponding to Paid Share capital: |
6,846,345,904 |
| Number of Paid Shares less Treasury Shares: |
6,213,384,617 |
| Subscribed Share Capital: | RON 3,749,282,292.08 |
| Paid Share Capital: | RON 3,560,099,870.08 |
| 2008–2009 Dividend: | 0.0816 RON October 2010 |
|---|---|
| 2010 Dividend: | 0.03141 RON June 2011 |
| 2011 Dividend: | 0.03854 RON June 2012 |
| 2012 Dividend: | 0.04089 RON June 2013 |
| 2014 Cash Distribution: | 0.05000 RON July 2014 |
| 2015 Cash Distribution: | 0.05000 RON June 2015 |
| 2016 Cash Distribution: | 0.05000 RON June 2016 |
| 2017 Special Cash Distribution: | 0.05000 RON March 2017 |
| 2017 Cash Distribution: | 0.05000 RON June 2017 |
| 2018 Dividend: | 0.06780 RON June 2018 |
| 2019 Dividend: | 0.0903 RON July 2019 |
| 2020 Dividend: | 0.0642 RON July 2020 |
| PORTFOLIO MANAGER Johan Meyer – Portfolio Manager |
Cumulative Performance % |
1-Mo | 3-Mo | 6-Mo | 9-Mo | YTD | 1-Yr | 2-Yr3 | 3-Yr3 | 5-Yr3 | Since perf. incept. |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FUND DETAILS AS AT 30/10/2020 | NAV RON4 | (0.82) | 1.13 | 8.17 | (3.90) | (5.15) | 5.56 | 12.96 | 15.09 | 13.10 | 124.28 | |
| Ordinary Share Price RON5 | (0.77) | 3.21 | 21.60 | 1.18 | 12.05 | 17.39 | 25.17 | 23.34 | 18.22 | 299.53 | ||
| Base Currency of Fund: | Romanian Lei (RON) | GDR USD6 | (2.58) | 1.34 | 22.03 | 5.76 | 15.79 | 16.64 | 22.25 | 19.40 | 16.22 | 101.92 |
Performance data is shown rounded to the nearest hundredth.
The Fund uses these indicators as they are directly related to the performance objectives of the Fund included in the Investment Policy Statement.
| Discount1 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ordinary Share Price | 55.67 | 50.09 | 40.74 | 30.87 | 29.12 | 32.08 | 28.05 | 29.54 | 29.38 | 22.10 | 18.42 |
| GDR | — | — | — | — | 29.51 | 29.98 | 27.39 | 29.53 | 30.34 | 23.21 | 19.92 |
| Asset | % of NAV |
|---|---|
| Listed Equities | 17.28 |
| Unlisted Equities | 72.54 |
| Net Cash & Receivables8 | 10.18 |
| Sector | % of NAV |
|---|---|
| Power utilities: generation | 50.68 |
| Oil & Gas | 12.68 |
| Power & Gas utilities: distribution, supply | 11.48 |
| Infrastructure | 10.72 |
| Heavy Industry | 2.59 |
| Aluminium | 1.47 |
| Postal services | 0.11 |
| Others | 0.09 |
| Net Cash and receivables8 | 10.18 |
| Romanian institutional investors | 33.09 |
|---|---|
| The Bank of New York Mellon (depository bank for Global Depository Receipts) |
23.14 |
| Romanian private individuals | 18.78 |
| Foreign institutional investors | 12.50 |
| Foreign private individuals | 3.14 |
| Ministry of Public Finance10 | 0.10 |
| Treasury shares11 | 9.25 |
| Total Number of Shareholders | 7,290 |
| Ordinary Share Price | 55.67 | 50.09 | 40.74 | 30.87 | 29.12 | 32.08 | 28.05 | 29.54 | 29.38 | 22.10 | 18.42 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GDR | — | — | — | — | 29.51 | 29.98 | 27.39 | 29.53 | 30.34 | 23.21 | 19.92 | |
| Asset | % of NAV | Security name | % of NAV | |||||||||
| Listed Equities | 17.28 | Hidroelectrica SA | 48.10 | |||||||||
| Unlisted Equities | 72.54 | OMV Petrom SA | 12.68 | |||||||||
| Net Cash & Receivables8 | 10.18 | CN Aeroporturi Bucuresti SA | 7.52 | |||||||||
| Engie Romania SA | 4.36 | |||||||||||
| Sector | % of NAV | Societatea Nationala Nuclearelectrica SA | 2.59 | |||||||||
| Power utilities: generation | 50.68 | E-Distributie Banat SA | 2.58 | |||||||||
| Oil & Gas | 12.68 | CN Administratia Porturilor Maritime SA | 2.38 | |||||||||
| Power & Gas utilities: distribution, supply | 11.48 | Societatea Nationala a Sarii SA | 2.27 | |||||||||
| Infrastructure | 10.72 | E-Distributie Muntenia SA | 2.17 | |||||||||
| Heavy Industry | 2.59 | E-Distributie Dobrogea SA | 1.68 | |||||||||
| Aluminium | 1.47 | Total | 86.33 | |||||||||
| Postal services | 0.11 | |||||||||||
| Others | 0.09 | |||||||||||
| Net Cash and receivables8 | 10.18 | |||||||||||
| SHAREHOLDERS | STRUCTURE9 | LARGEST | SHAREHOLDERS | |||||||||
| % | Shareholder | As at | % of total voting rights |
|||||||||
| Romanian institutional investors | 33.09 | NN Group | 6 March 2020 | 10.01 | ||||||||
| The Bank of New York Mellon (depository bank for Global Depository Receipts) |
23.14 | Anchorage Capital Group 21 September 2018 | 6.70 | |||||||||
| Romanian private individuals | 18.78 | Allianz-Tiriac Private | ||||||||||
| Shareholder | As at | % of total voting rights |
|---|---|---|
| NN Group | 6 March 2020 | 10.01 |
| Anchorage Capital Group 21 September 2018 | 6.70 | |
| Allianz-Tiriac Private Pension Funds |
1 July 2019 | 5.05 |
Source: Ownership disclosures submitted by shareholders.
Monthly Report 30 October 2020
Net Asset Value is calculated according to regulations approved by Local Regulator (CNVM Regulation no. 4/2010 as subsequently amended). Where there is trading activity in the last 30 trading days, shares listed on a regulated market are valued at closing price. The shares admitted to trading on AeRO market (alternative trading system) are valued based on the Reference Price method, respectively the average price. Where there is no trading activity in the 30 trading day-period for listed investments, the unlisted valuation approach applies. Investments in unlisted companies are valued using valuation methods in accordance with International Valuation Standards (according to the fair value principle). Investments in companies in liquidation, dissolution, bankruptcy, insolvency or judicial reorganization are valued at nil. Investments in companies under temporary or final suspension of operation, are valued at zero until the procedure is finalized. Starting with the NAV report as at 29 January 2016, the accounting records under IFRS are used for the computation of NAV for the items that are not part of the financial instruments' portfolio (non-portfolio items). The Fund's portfolio consists mainly of unlisted financial instruments and consequently the performance of the Fund can fluctuate considerably over time. Risk related to industry sectors: the Fund has a significant exposure in companies in oil, gas and electricity sector. Therefore, the Fund's performance will depend largely on the overall condition of the industries and markets in which the companies in the Fund's portfolio operate. Risk related to Romania: The Fund holds significant holdings in companies that are controlled by Romanian State. Past experience indicates that management of these companies is often replaced after government changes, which may affect the financial results of such companies in the Fund's portfolio and the Fund's overall performance. Risk related to Global Pandemic: The spread of infectious diseases, such as COVID-19, could have a significant adverse impact on the Fund's operations and Fund's returns. The outbreak of pandemic as well as any restrictive measures implemented by the government to control such pandemic, could adversely affect the operations and financial results of the Fund's Other materially relevant risks are unlisted investment risk, and share discount to NAV risk. For full details of all of the risks applicable to this Fund, please refer to the "Risk Factors" section of
companies.
The above portfolio information is calculated on the basis of the NAV. The Investment Manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top 10 Holdings list where the protection of such information is in the best interests of the Fund. The price of shares and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of future performance. In emerging markets, the risks can be greater than in developed markets. Investment in the Fund may not be suitable for all investors; we suggest investors seek guidance from a financial adviser. Read the issue prospectus before investing in this fund/investment firm. FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À R.L. as alternative investment fund manager and sole director of Fondul Proprietatea SA issues quarterly, semi-annual and annual reports which are published on the Fund's website at www.fondulproprietatea.ro. This is a short summary for the information of existing shareholders only and is not intended to be used as the basis for investment decisions. Existing and potential investors should refer to the Fund's prospectus and amendment, available at www.fondulproprietatea.ro. All information presented in the report is provided by Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch. This report is issued in Romania by Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, at 78-80 Buzesti Str, Premium Point, 7th and 8th Floors, Bucharest 1, 011017, ROMANIA registered with ASF Public Register No. PJM01SFIM/400005. 2. Share price: for the period 1 - 30 October 2020 GDR: for the period 1 - 30 October 2020. 7. Share price: for the period 3 January - 30 October 2020. GDR: for the period 2 January – 30 October 2020. 9. Based on the paid share capital as at 31 October 2020 as received from Depozitarul the Fund in the current prospectus of Fondul Proprietatea.
The discount is calculated based on the latest published NAV at the date of the calculation. For Current Discount, the values are calculated based on the 30 October 2020 NAV.
Annualized rate of return.
The NAV per Share Total Return is calculated in RON by geometrically linking total returns for all intermediate periods when official NAV is published. Each total return for a single period is calculated using the following formula: the NAV per share as at the end of the period plus any cash distribution during the period, dividing the resulting sum by the official NAV per share at the beginning of the period. The resulting single period total returns are geometrically linked to result in the overall total return.
The Share Price Total Return is calculated in RON by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.
The GDR Price Total Return is calculated in USD by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.
Net cash and receivables includes bank deposits, current bank accounts, short-term Government securities, dividend receivables, as well as other receivables and assets, net of all liabilities (including liabilities to shareholders related to the returns of capital and dividend distribution) and provisions.
Central SA.
The total number of shares held by the Ministry of Public Finance is of 370,456,198 shares out of which 6,643,848 paid shares and 363,812,350 unpaid shares.
632,961,287 treasury shares acquired in the 11th buyback program
Distributions since the start of Franklin Templeton Mandates.
tel.: +40 21 200 9600 fax: +40 21 200 9631/32 Fund's headquarters are at 78-80 Buzesti Str, 7th Floor, Bucharest District 1, 011017, Romania. Fund's Fiscal Identification Code (CIF): 18253260 and Trade Registry registration no: J40/21901/2005.
Contact Us
www.fondulproprietatea.ro [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.