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11Jul2005
Advance Invest enters Romania
Advance Invest Mutual Fund, managed and distributed by Karoll Capital Management, realized its first investment in Romania this week through the purchase of Turbomecanica shares. The latter is the leading Romanian manufacturer of engine components for the automobile and aircraft industries. Its major partners and production consumers are leading names such as Rolls-Royce, General Electric, AgustaWestland, as well as the Romanian Ministry of Defense. With this step Advance Invest becomes the first Bulgarian equity fund to invest beyond the country borders. Depending on the market outlook, around 10% of the fund’s assets will be allocated towards Romania, and soon to other Eastern European markets with high growth potential, according to the regional focus of the fund.
For the first year since its public offering, the open-ended fund scored a record return of 66.7%, which is the highest among all local funds. The funds’ assets swelled ten-fold, accounting for a 25% market share. Bloomberg recently listed Advance Invest in its global system, assigning it the code ADVIMFD BU.
