Only one equity fund managed to fetch its investors higherearnings than the BET index (which reflects the performance of the10 most liquid stocks on the Bucharest Stock Exchange), and to loseless than the BET index during the crisis-related corrections. Mostequity funds managed to see a lower decline than the market whenthe Stock Exchange fell, but they failed to beat the BET index inthe last six months. The BT Index fund, managed by BT AssetManagement, brought its investors a 127.4% yield from March, whenthe Stock Exchange rally started, until the end of August, when theStock Exchange reference index, BET, appreciated by 121.9%. Thefund lost 75.7% in the August 2007 - February 2009 correctionperiod, less than the 81.5% depreciation of the BET index. "Thisperformance is explained by the fact that the fund's portfolio wasbuilt based on the ROTX index, which includes liquid shares, whichperformed better than those of small, less liquid companies," saidRadu Hanga, general manager of BT Asset Management. BRD, Erste, andBanca Transilvania shares make up 50% of the assets of the fund,which does not include SIFs (Financial Investment Companies) in itsportfolio. Since August 2007 until now, the fund has lost 45%,followed by Raiffeisen Prosper, with a 39% decline.
