Fondul Proprietatea – Monthly official NAV

Cash and T-bills stood at RON 804.2 mn, down 5.5% mom while listed shares portfolio was amounting to RON 6,724 mn, up 4.8% mom, above the market performance which might suggest that FP has continued to invest. The non-listed portion stood at RON 9,217 mn, up 0.8% mom. FP has also disclosed details about its portfolio as of March-2011. Thus, FP has increased its equity interest in BRD-GSG by 1.1% to 1.7% of the bank's share capital (the equivalent of RON 176 mn) suggesting that FP was among the buyers of the 5% stake sold by EBRD. Moreover, FP revealed that it owned a stake of 0.25% of Erste Bank Group and a stake of 0.43% in Raiffeisen Bank International, for a total of RON 281 mn, both banks having large exposures to Romania. FP has increased its stakes in Azomures (AZO) and Alro (ALR).