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20Sep2005
Advance Invest issued its 10 mln-th share
The largest Bulgarian mutual fund – Advance Invest – sold its 10 millionth share to a 38-year old free-lance lawyer from Sofia.
The beginning: At its inception in early 2004, the number of shares stood at 2 050 000 with BGN 1 par. The fund started distributing its shares on May 10, 2005. At that time the NAV (and issue price) was BGN 1.05.
The growth: By 2005-end – in just 8 months – Advance Invest turned into the largest Bulgarian fund. By that time the NAV had risen 31.4% to BGN 1.38, while assets swell over 225% to nearly BGN 7 mln.
The advance: Advance Invest is the first local fund that crossed the BGN 10 mln mark in February of this year. In the first year since its launch, the fund recorded the greatest return among Eastern European funds: + 66.7%.
At the moment: Advance Invest's market share among local funds is 25%. At its start in May 2004 the fund had 11 shareholders. Today there are over 700 fund shareholders. The return since inception is 82%, and the assets stand at BGN 18.3 mln.
