The fund was one of the main buyers of BRD stock, acquiring a 1.36% stake. Now the fund holds 3.6% in Romania’s second-largest lender. Calculated at the Monday closing price, Proprietatea’s stake in BRD was worth 273.8 million lei (EUR63 million).
Since the beginning of the year, the fund bought little over 3% in BRD, from the European Bank for Reconstruction and Development, as well as from other investors and regional investment funds, or SIFs.
In addition, the fund upped its stake in Banca Transilvania to 2.3%, from 0.12%. Calculated on Monday’s closing price, the fund’s stake in Banca Transilvania is worth RON39.1 million.
Stakes in Raiffeisen Bank and Erste Group Bank (EBS.RO) were maintained. Thus, at the end of September, the fund held 0.55% in Raiffeisen and 0.32% in Erste.
The stake held by the Proprietatea fund in aluminum maker Alro rose to 10.2% from 10.02%. Calculated on Monday closing price, the fund’s stake in Alro is worth RON253.5 million.
The fund also bought a total 0.35% in fertilizer maker Azomures, increasing its overall stake to 11.09%, worth RON70 million at closing Monday.
From SIF Muntenia (SIF4.RO), the fund bought shares in Conpet for RON27.1 million, upping its stake to 29.69% from 20.05%. The stake was worth RON86.3 million at closing Monday.
The bulk of profit achieved by the fund this year, namely RON512.8 million, came from dividends. The greatest dividends came from OMV Petrom (SNP.RO) – RON201.6 million, Romgaz – RON106 million, Hidroelectrica – RON52.4 million, Transgaz (TGN.RO) – RON50.7 million and Enel Distributie Banat – RON20.1 million.
Fondul Proprietatea manager Franklin Templeton collected a commission of RON25 million in the first nine months of 2011, for the management of Proprietatea assets. In 2010, Franklin Templeton collected RON17.9 million in commission.
The fund’s revenue rose 63% on the year between January and September, to RON595.8 million, while expenditure narrowed by 28% to RON59.3 million.
Net profit stood at RON535.3 million, almost double the RON270.5 million earnings achieved in the same interval of 2010.
The fund’s net asset value shrank by 5.9% in September, to RON14.61 billion, mainly because of the 9.2% decline seen by the bourse.
The Finance Ministry transferred a total 1.65% in the fund in October, as compensation, which narrowed the state’s stake in the fund to 5.93%, while private equity firm Manchester Securities Corp increased its stake to 7.93%, thus becoming the largest holder.
Proprietatea shares closed up 0.31% Monday, to RON0.4485. As such, the fund has a market value of RON6.179 billion. (EUR1=RON4.3448)