Romania’s largest investment fund Fondul Proprietatea posted a profit of EUR 127 million in 2012, an increase of 4.2 percent on the year before. The value of its assets grew by 17.4 percent in December last year, month-on-month, to some EUR 3.3 billion, mainly following the re-registration of its participation in insolvent Hidroelectrica, which had been flattened to zero previously, according to local rules. Another six participations in non-listed companies were also registered.
As of September 30, the Fondul Proprietatea’s portfolio included stakes in 69 companies, 25 listed and 44 unlisted. The fund’s portfolio is focused on the electrical energy sector, oil and natural gas – around 88 percent of its net assets. The biggest unlisted company in its portfolio is Hidroelectrica, while the biggest listed company where Fondul Proprietatea owns shares is OMV Petrom.
Fondul Proprietatea was created in 2005 as a joint stock company with a special purpose to provide compensation to people whose real estate assets had been confiscated by the Romanian state during the communist regime and who can no longer receive restitution in kind. The Romanian investment fund posted a profit of around EUR 128 million in 2011, and is listed on the Bucharest Stock Exchange, symbol FP.