The Greek Progress Fund

The Greek Progress Fund posted a profit of € 1,076k in the first quarter of 2003 compared with a loss of € 1,073k in the first quarter of 2002.
On 31.3.2002 the share of the Fund was traded on the ASE at a discount of 24.9% (NAV per share € 2.53 vs € 1.90 market price). Overall in the first quarter, NAV per share reduced by 9.8%. This compares favourably to the 16.08% fall of the ASE General Index during the same period.
Ιn the first quarter of 2003, the Fund proceeded with a restructuring of its equity portfolio, and an increase in its cash balances. The NAV on 31.03.2002, valued at € 81,410k and the unrealised capital loss on the portfolio amounted to € 8,849k. The company’s net assets breakdown on 31.03.2003 was as follows: 56.39% listed shares, 6.06% non listed shares, 0.96% mutual funds, 3.30% fixed income securities, and the remaining balance, short-term deposits. The five largest equity investments of the company, as a percentage of NAV, were as follows: Τitan (cr) 7.09%, Coca Cola – 3E 4.89%, Chipita 4.54%, Vodafon-Panafon 4.24% and Follie 4.23%.