Fercala has radically changed SIF3 strategy in just six months
SIF Transilvania (SIF3), the biggest of the five financial
investment companies (SIF), has dramatically reshuffled its
investment strategy from the "complete portfolio restructuring and
making it more liquid" announced at the beginning of the year in
the strategy for 2010-2011, to "wealth conservation" applied in
recent months.
SIF3 management accounts for the change of vision by the worsening
situation of the economy and capital market, though prognoses were
not upbeat at the start of the year, either.
With net assets of 1.5bn RON (353m euros) under management, SIF
Transilvania is a major investor on the domestic capital market. In
recent months, though, the company has been almost absent from the
stock exchange, preferring to sell only when the exit brought it
consistent gains and preserve its portfolio for "better
times".
"Under these crisis conditions, it's preferable for us to preserve
our wealth waiting for better times and not spread it only to the
end of hitting the budgeted profit indicator by all means (...),"
said Mihai Fercala, SIF Transilvania chairman.