SIFs' Wealth on the BSE Amounts to 3.1 Billion Euros

The updated value of the listed stock portfolios of the five financial investment companies (SIF) amounts to 3.1 billion euros, accounting for about 9 percent of the total capitalisation of the companies listed on the Bucharest Stock Exchange (BSE) and RASDAQ, reportes

The total capitalisation of the two markets without SIFs amounts to about 35 billion euros, while the capitalisation of the five SIFs stands at approximately 4 billion euros.

The current value of the SIFs is 75 percent covered by the value of their stock exchange portfolios alone. Besides these portfolios, the SIFs each own 6 percent in BCR, the biggest bank in Romania.
These stakes together are put at some 2 billion euros, so that the SIFs' wealth actually exceeds 5 billion euros.

At the same time, some of the SIFs have valuable interests in Bancpost and Eximbank in their portfolios, as well as in other unlisted companies. The main wealth of the SIFs on the Bucharest Stock Exchange is the listed banks. The five SIFs own 4.6 percent to 5.3 percent interests in BRD Groupe Societe Generale (the second-largest bank in Romania), which are jointly worth a total of 1.54 billion euros, that is half of the value of the SIF's portfolios of listed shares. Each of the five SIFs has gained about 100 million euros from the increase in the BRD shares by almost 50 percent since the beginning of the year.

Three of the SIFs, Banat-Crisana, Moldova and Oltenia have significant stakes in Banca Transilvania (TLV), as well, from which they gained about 30 million euros.

What made the difference, however, was the small companies the SIFs had in their portfolios. Some companies on RASDAQ would barely show in the SIFs portfolios a year ago, but have now become very valuable investments thanks to the increases over the last few months. SIF Muntenia, for instance, numbers among its top ten investments on the stock market companies such as Prospectiuni Bucuresti (PRSN), Romaero Bucuresti (RORX) and Metav Bucuresti (METV), which are among the most valuable companies on RASDAQ. SIF Muntenia has reported the highest increases of its assets over the last few months, as well the highest increase among the SIF shares, by more than 63 percent, not taking into account the 83 percent rise of SIF Transilvania, which was, however, due to the capital increase.

The listed shares portfolio of SIF Muntenia is currently worth about 628 million euros, and the market capitalisation of the company amounts to 776 million euros.

The largest portfolio on the Stock Exchange is that of SIF Oltenia, whose shares are totally worth 780 million euros, while SIF Oltenia's capitalisation is worth 870 million euros. SIF Oltenia has gained from the rise of the Automobile Craiova (AUCS) shares over the last few months, where it owns a 22 percent interest, worth 52 million euros.

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