SEB steps on a Russian mine

MAG
26-09-2008, 16:39

Warsaw (Puls Biznesu) - A safe fund of  national bonds? You cannot be more wrong. September was a very good month for people investing in national bonds. The owners of SEB2 fund from the group TFI SEB SEO, headed by Antoni Leonik, may be surprised, however. To everybody’s surprise, the fund invested in papers connected with Russian companies. The loss generated within three weeks amounts to 4.35 percent. 

Some of the funds investing in country bonds managed to earn over 2 percent in September, the average return amounted to 0.86 percent while the bearish market deprived stock investors of majority of their money. However, clients of one of the funds, with PLN 200m of assets, lost 4.35 percent within three weeks. It was SEB2, the sub-fund of bonds and treasury bonds owned by TFI SEB. The fund boasts to be safer than SEB5 fund, which surprisingly, lost only 0.29 percent.

“Partly, the problems were connected with the fact that we had invested in stock of companies indirectly connected with the Russian market. That’s why we are exposed to big Russian companies with very small risk due to the fact that they are quasi-state-owned enterprises”, Tomasz Kurkowski from SEB2 explained.

One of “PB” sources said that the bonds might be connected with Gazprom.

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