Top shares chosen by mutual fund managers

These target mainly companies with high liquidity, listed on the Bucharest Stock Exchange (BVB), from which they can easily exit in case of a serious decline in quotations.

“We currently have a lower share portfolio, with main stocks in Certinvest’s portfolio SIFs and banks, allowing rapid exit, if necessary,” said asset management company Certinvest Portfolio Manager, Razvan Rusu. Since the beginning of 2008, the share fund managed by Certinvest, Intercapital, registered a drop of some 25%, although this is lower than losses registered by BVB indexes. Certinvest’s diversified Capital Plus fund has lost only 8.3 percent since the beginning of 2008.

Funds managed by Globinvest also target blue-chips, according to the company’s General Manager, Walter Blaj. The Globinvest-administered Transilvania diversified fund has a 5 percent share exposure and registered losses of 20 percent since the beginning of 2008. “The Romanian market is obviously affected by the global crisis, but most shares have good growth potential,” Blaj added. Transilvania fund targets shares of lender Banca Transilvania, SIFs, BRD Groupe Societe Generale, and pharmaceutical producer Biofarm.