Raiffeisen Russland, which operates in Russia was the top performer by yield, 29%, followed by a Latin America fund, 23%.
“These foreign funds operate on markets that witnessed a significant decline in 2015 and had a strong rebound later. If we look at the past 36 months, they did not do that well,” says Ronnie Khreis, analyst with stock broker Intercapital.
The top performing Romanian equity fund, BT Maxim, posted 10% yield and ranks 20 by yield in September 2015-September 2016.
Foreign funds are also on the top positions in the bond fund raking, with yields as high as 15.5% in September 2015-September 2016, while the leading Romanian bond fund generated a 5% yield, according to the data of Romania’s Fund Managers Association (AAF).
The Bucharest Stock Exchange did not perform as well as the stock markets in other countries, hence the gap in yields. “Investors in Bucharest probably went for the most liquid stocks, which did not do as well as the less liquid ones.”
(English version by Loredana Fratila-Cristescu)