Fund Management


Starting with September 2010, the Fund has been managed by Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch.

Due to the fact that the Fund’s management falls within the scope of the Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”), the Fund’s shareholders approved on 29 October 2015 the AIFDM Implementation plan whereby starting with 1 April 2016 the alternative investment fund manager and sole director of the Fund is Franklin Templeton International Services S.À R.L. (“FTIS”/”Fund Manager”).

Effective with the same date, i.e. 1 April 2016, FTIS has appointed Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch to act as its investment manager (“Investment Manager”) and thus delegated to the latter the portfolio management and the performance of administration services over the Fund. The said delegation excludes expressly the delegation of the risk management of the Fund, which shall remain the sole prerogative of the Fund Manager.

FTIS is a société à responsabilité limitée qualifying as an alternative investment fund manager under Article 5 of the Luxembourg Law of 12 July 2013 on alternative investment fund managers, authorized and registered with the Commission de Surveillance du Secture Financiere under no. A00000154/21.11.2013, whose registered office is located at 8A rue Albert Borschette, L-1246 Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 36.979, and registered with the Romanian Financial Supervisory Authority (“FSA”) under number PJM07.1AFIASMDLUX0037/10 March 2016.

The Investment Manager is registered with the FSA under no. PJM01SFIM/400005/14.09.2009, and is authorized and regulated in the UK by the Financial Conduct Authority, registered therein under the number 121779, registered as a foreign equivalent of an investment adviser with the US Securities Exchange Commission.

Fund Manager Overview

We seek to identify the underlying worth of a business and determine what its assets can generate in earnings and cash flow.

Read More

Permanent Representatives

A legal entity director has the obligation to appoint one or several individuals as its permanent representatives in the managed entity.

Read More

Management Agreement

Details regarding the delegation of the portfolio management and the administration services of the Fund can be found in the Management Agreement.

Read More
NAV/share (RON) 1.5881*
Share Price (RON) 1.2950**
Discount -18.46%
NAV/share (USD) 0.3816*
GDR Price (USD) 15.30**
Discount -19.81%