Net Asset Value

The Net Asset Value (“NAV”) per share is the key indicator for the Fund’s performance.

The Fund is registered with the Romanian Financial Supervisory Authority ("ASF") (former National Securities Commission - “CNVM”) since August 2010. This triggered the requirement for the Fund to publish a monthly net asset valuation per share. The deadline for publication is 15 calendar days after reporting month end. The first NAV published by Fondul was as at 31 May 2010. The NAVs from May to July 2010 were published on a voluntary disclosure basis, as the August NAV was the first official one submitted to ASF following the Fund’s registration with ASF.

NAV / share (RON) Share Price / share (RON) Discount*
1.2117 0.8350 -31.09

NAV Methodology


CNVM Regulation no. 4/2010, as subsequently amended, allows the NAV calculation based on best international practice suitable for a listed closed-end fund.

Listed securities are valued at closing market prices if listed on regulated markets, or reference prices if listed on an Alternative Trading System (“ATS”), on Rasdaq market or on UNLS section of BVB. In case of shares listed on ATS the reference price is considered to be the average price; in case of shares listed on Rasdaq the reference price is considered to be the closing price for the shares listed on section RGBS and the average price for the shares listed on section XMBS; and in case of shares traded on UNLS section of BVB the reference price is considered to be the average price.

Illiquid or unlisted securities are valued using either the value of shareholders’ equity, as per the latest available annual financial statements, proportionally with the stake held, or according to International Valuation Standards which permit fair valuation.

The shares in the companies going through insolvency or a reorganisation procedure are valued either at zero, or at the value provided by an independent valuer, using valuation methods in accordance with International Valuation Standards which permit fair valuation. The shares in the companies under a judicial liquidation procedure, or any other liquidation procedures, as well as in the companies under temporary or final suspension of operation, are valued at zero until the procedure is finalised.

The treasury shares acquired through buy-backs are excluded from the number of shares used in the NAV per share computation.