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10May2004
ADVANCE INVEST Mutual Fund makes its debut today
May 10, 2004 is the official starting date of ADVANCE INVEST Mutual Fund – the first Bulgarian equity fund. The 1st NAV and issue price per share will be computed and posted as of 5 p.m. local time(Bulgarian Time is Central European Time + 1). The next day the fund will start accepting orders for share subscription.
Licensed by the Bulgarian Financial Supervision Commission, the fund is founded with BGN 2.05 mln capital at inception, distributed in 2.05 mln shares at BGN 1 par each. It is offered at the counter and also listed for trading on the Bulgarian Stock Exchange. By purchasing shares of the fund, each investor becomes a shareholder in a diversified securities portfolio in proportion to the amount of money invested. The portfolio is managed by Karoll Capital Management, a licensed Investment Management Company whose team possesses extensive experience on the East European markets.
The fund's investment focus is liquid growth stocks listed on the Bulgarian and the East European emerging markets The key objective of ADVANCE INVEST is to seek long-term capital appreciation through investment in equity securities. The fund's investment horizon is long term, and the expected annual return is well over that of debt instruments and bank savings rates. One significant advantage is that the potential profit is tax-free according to the current Bulgarian legislation. The fund's managers forecast that by the end of 2004, the fund's assets will reach BGN 10 mln.
Due to its advantages such as professional management, excellent growth prospects, security and convenience, it is expected that ADVANCE INVEST will gain popularity not only among institutional, but also many individual investors from Bulgaria and abroad. The fund's custodian is Greek-owned Post Bank, which plays important functions such as controlling the NAV computation.
