On August 22, 2005, open-end investment fund Parex Baltic Sea Equity Fund managed by Parex investicijų valdymas (Lithuania) is launched into public circulation in Latvia.
The Fund seeks a high level of capital growth by investing in a selected list of companies operating in the Baltic Sea countries – Latvia, Estonia, Lithuania, Denmark, Finland, Island, Norway, Sweden, Germany, Poland and Russia. The Fund’s investment portfolio is diversified among investments in different countries, currencies and industries to ensure greater diversification and reduction of risks associated with investments in securities of a single asset class, currency, or country.
Fund year-to-date performance as of August 18, 2005 is 19.88%, while since inception on July 8, 2004 the Fund has returned 28.09%. Fund assets as of August 18, 2005 stood at LTL 15.7 mln (EUR 4.6 mln).
The Fund investment manager is asset management company Parex investiciju valdymas (Lithuania), the distributor of Fund’s units in Latvia is Parex Banka. Minimum investment amount in the Fund is 1,000 LTL.
Opening of Parex Baltic Sea Equity Fund for public subscription in Latvia expands range of Parex investment management products in Latvia. Aside of Baltic Sea Equity Fund, Parex offers another 5 open-end investment funds - two bond funds, two balanced funds and an equity fund.
Parex Banka is largest bank in Latvia in terms of assets, capital and reserves.