Paul Singer Ups His Stake In Fondul Proprietatea To 20%

Paul Singer Increases His Stake In Fondul Proprietatea by Fit Investment Ideas

Paul Singer today reported that Elliot Associates increased its stake in US$3.1 Billion Romanian investment fund Fondul Proprietatea, the largest closed-end fund in the world, to 20.01%. Elliot is the largest shareholder of the fund, and the position represents one of the largest positions in its portfolio. The fund currently trades at a 25% discount to the Net Asset Value.

Franklin Templeton, who acts as the fund's manager, announced last week that they are completing a secondary listing in London. The aim of the listing is to promote liquidity and broaden the fund's investor universe.

This year the fund plans to return to shareholders at least RON1.6 Billion...