In comparison, a euro-denominated bank deposit got a 1% interest rate, while the Bucharest Stock Exchange dropped 1.1% last year.
“The main challenge for 2016 will be the crisis on the emerging markets, especially of the biggest emerging economies part of the so-called BRICS group and particularly China. We have a low exposure on the stock market at this time of the year at least,” said Dragos Balaci, general manager of Atlas Asset Management, which manages 61.7 million lei (EUR13.6 million).
The Swiss franc, or the bet on its depreciation against the euro, had previously made Audas Piscator the top performer among funds in 2013. Unlike stocks, which may rise or fall by as much as 10% in a single day, currencies fluctuate much less but the profit or the loss is multiplied by the leverage.
On January 15, 2015, when the Swiss franc gained 20% on the euro, reaching a 1 to 1 ratio, the accurate prediction thereof helped investors multiply their money.
At the bottom of the mutual fund performance ranking is Certinvest Short, which posted a negative yield of 13.8%, followed by equity fund STK Europe, 13.6%.
The mutual fund industry in Romania ended 2015 with a 12.8% increase in net assets, close to the all-time high of RON21 billion. The growth was mainly because or the new cash inflows from investors, which directed RON1.5 billion to low-risk funds.
(English version by Loredana Fratila-Cristescu)