The Proprietatea Fund (Fondul Proprietatea-FP) recorded in the first half of 2015 an unaudited net profit of 356.6 million lei, down by 697.9 million lei (66 percent) year-on-year from 1.054 billion lei, according to the half-yearly report conducted by the Bucharest Branch of Franklin Templeton Investment Management Limited, the FP’s manager.
The main factors that led to a lower profit in H1 2015 were the lower receipts from the sale of the interests in the companies in the portfolio and lower dividends from the same companies.
The FP’s capital stood at 8.676 billion lei on June 30, 2015, down 7.1pct from 9.339 billion lei on December 31, 2014.
The FP reported on June 30 net assets of 12.645 billion lei and a net asset value per share of 1.1851 lei (a positive total yield of 1.9pct from December 31, 2014).
The FP was set up on December 28 2005 as a joint-stock company, which operates as a closed-end investment company. Since September 29 2010, its sole manager has been Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, and its mandate was renewed on September 30 2014 for a 2-year period.
On January 25 2011, the FP shares were listed on the Bucharest Stock Exchange (BVB), and on April 29 2015, the global deposit certificates (GDR) of the fund were listed on the London Stock Exchange (LSE) – Specialist Fund Market (SFM).
The total number of FP shareholders on June 30 was 8,548. The shareholding structure on the said date was the following: The Bank of New York Mellon (depository of GDRs) – 26.21pct; foreign institutional shareholders – 24.59pct; Romanian individuals – 19.98pct; Romanian institutional shareholders – 11.36pct; the FP’s own shares – 9.39pct; resident individuals – 5.45pct; and the Ministry of Public Finance – 3.02pct.