Stock Exchange Drags Romanian Mutual Fund Yields Down

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Stock Exchange Drags Romanian Mutual Fund Yields Down

Corrections on the domestic stock market and the instability of international markets have left deep marks on the yields of mutual funds. Mutual and balanced funds made the heaviest losses of all, reported ZF.ro.

Whereas in the first eleven months of last year the mutual funds, considered the industry's top performers, reported 17.3% average yields, on November 30, 2007, the average annualised yield of mutual funds was approximately half of that figure, 9.3% to be precise.

Balanced funds were equally "contaminated" by stock exchange adjustments, with the annualised yield in 2007 standing at 5.07%, compared with 10.2% in the first eleven months of last year.

Out of the last eleven months, November was the worst period as far as the mutual funds industry is concerned, when few funds managed to get a monthly yield above 0%.

Mutual fund KD Maximus, managed by Slovenia's KD Investments is the industry's top performer, with a 21.8% fund unit yield in the last eleven months. Next comes mutual fund Omnivest (managed by SIRA), with an 18.3% fund unit yield since the beginning of the year. Last of the top three open-end investment funds is mutual fund Active Dinamic, which generated a 15.6% yield for its investors.

At the bottom end of the ranking are mutual funds Premio (managed by Pioneer) Investments, and Intercapital (managed by Certinvest). Premio posted a 9.9% negative yield in the last eleven months, while Intercapital's yield was only 1.5%.

Balanced fund BT Clasic, managed by BT Asset Management achieved a 10.9% yield since the beginning of the year, the highest of all balanced funds.

Fortuna Classic (managed by Target) and Capital Plus (managed by Certinvest) come next in the ranking of the best balanced funds, with a yield of 10.1% and 7.5% over the last eleven months.

Stock market adjustments over the last four months brought the yields of certain mutual funds close to those reported by bond funds. Fortuna Gold, a bond fund, posted a 4.27% yield.

BCR Expert and Raiffeisen Prosper posted yields close to that level - 4.2% and 3.7%.

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