The Greek Progress Fund

The Greek Progress Fund posted an 74.4% increase in profit after in H1 2003. Specifically, profit after tax climbed to € 2706k compared to € 1551k in H2 2002. Interest and dividends in H2 2003 settled to € 2286k compared to € 2246k in H2 2002 and trading profit climbed to € 1734k from € 403k last year. The NAV on 30/06/2003, valued at € 94765k and the unrealised profit on the portfolio amounted to € 1818k.
On 31/03/2002 the share of the Fund was traded on the ASE at a discount of 11.6% (NAV per share € 2.94 vs € 2.60 market price). Overall in the first half, NAV per share increased by 5.0%. The ASE General Index increased by 8.2% during the same period.
Ιn the second quarter of 2003, the Fund increased its equity portfolio on listed stocks, to the 80.2% of NAV from 56.4% on 31/03/2003. The company’s net assets breakdown on 30/06/2003 was as follows: 80.2% listed shares, 5.2% non listed shares, 1.4% shares listed on foreign exchanges, 0.9% mutual funds, 2.1% fixed income securities, and the remaining balance, short-term deposits. The ten largest equity investments of the company, as a percentage of NAV, were as follows: Hellenic Telecom. 8.5%, Efg Eurobank Ergasias 5.9%, National Bank 5.7%, Public Power 5.5%, Cosmote 5.5%, Follie 5.1%, Alpha Bank 4.7%, HLB Coca-Cola 4.6%, Vodafone-Panafon 3.9% and Germanos 3.8%.