The negative evolution of the Stock Exchange, as well as large capital inflows seen by the funds launched in the last few months significantly affected their performance. The equity fund BCR Expert, launched at the end of last year, has seen a drop in the value of its unit of 4.7% since the start of 2006. "These negative results can be explained in two ways: the date when the fund was launched was badly timed, which was not under our control; it had to do with the authorisation process conducted by the CNVM (National Securities Commission), and the large capital inflows, which forced us to invest on the Stock Exchange at a time when prices were quite high," explained Doru Tiberiu, general manager of BCR Asset Management. BCR Expert''s assets increased over 5-fold since the beginning of the year, reaching 2.47 million euros, due to big subscriptions from new investors. Things are similar with the diversified fund Concerto, launched in January by BRD, which saw a 2.3% drop since its launch. Fund assets meanwhile increased by 0.65 million euros. ZF
