Data from the Fund’s financial report show the RON17.2 million net result was triggered by RON36.5 million net gain from assets sale, reflected in retained earnings (accounting treatment according to IFRS 9) representing 44% of the target set in 2020 Budget approved by the shareholders and, by RON19.3 million net loss triggered by the revaluation of financial assets at fair value, in the amount of RON42 million, in the context of an unfavorable impact generated by the Covd-19 sanitary crisis on financial markets.
“In the context of the COVID 19 pandemic, it is expected that in 2020 there will continue to be high quotes volatility on Bucharest Stock Exchange, the market on which a large part of SIF MOLDOVA’s portfolio is exposed. The management of SIF MOLDOVA does not estimate difficulties in honoring its engagements towards shareholders, investment programs or obligations towards third parties, the current liquidities availability being in line with the limits imposed by regulations and sufficient to cover current payments for the entire year and dividend distribution. In this context, our investment strategy, active and differentiated on managed portfolios was validated as the optimum approach,” said Claudiu Doros, CEO of SIF Moldova.
Out of the total assets under management, the listed shares portfolio holds the main weight, of 9.7%. The main sectors in the portfolio structure remain the financial sector with 45.9% and energy sector with 16.3% of the total assets value.
On September 30, 2020, the assets under management were RON2.05 billion, while the net asset value per share (NAV per share) was RON1.94 lei. SIF2 share price at the end of Q3 2020 was RON1.28, which led to a SIF2 price/NAV per share discount of 34%.
SIF2 shares have been trading down 26% since the beginning of 2020, amid deals worth RON89 million, securing the Fund a market value of RON1.1 billion.