InterCapital Asset Management (ICAM), a leading Croatian investment manager with €650 million in assets, has launched its second Exchange Traded Fund (ETF) on the Bucharest Stock Exchange (BVB), marking a significant milestone for Romanian investors. The InterCapital SBITOP TR UCITS ETF (ICSLOETF) provides direct exposure to Slovenia’s primary equity benchmark, the SBITOP TR index, a first for the Romanian market. This index tracks the performance of the nine most liquid stocks on the Ljubljana Stock Exchange (LJSE), incorporating the reinvestment of gross dividends.
The launch of this ETF expands the diversification options available to Romanian investors, granting them access to a resilient and growing Slovenian market. The SBITOP TR index has demonstrated robust long-term performance, boasting a total return of nearly 350% over the past decade, with a significant portion attributed to high dividend yields. Notably, the index outperformed the S&P 500 during the same period.
The ETF’s portfolio includes prominent Slovenian companies across various sectors. Krka, a leading pharmaceutical producer with a strong presence in Romania, anchors the portfolio. Financial institutions such as NLB Grupa, Triglav, and Sava Re also feature prominently, alongside key players like Petrol (energy), Luka Koper (port management), Telekom Slovenia (telecommunications), Cinkarna Celje (chemicals), and Equinox (real estate).
Adrian Tanase, CEO of the BVB, emphasized the significance of this listing, highlighting the increased diversification of financial instruments and the growing interest in the Romanian capital market. The number of trading accounts opened with brokers has exceeded 226,000, indicating a positive trend in investor participation.
Ivan Kurtovic, Chairman of the Management Board at ICAM, underscored the company’s commitment to delivering innovative and accessible investment solutions to Romanian investors. He highlighted the SBITOP TR index’s impressive performance, driven by both price appreciation and high dividends, and emphasized the ETF’s role in simplifying access to the Slovenian market without the need for foreign trading accounts.
The SBITOP TR ETF reinvests all dividends and benefits from gross dividend treatment, enhancing its appeal to investors seeking long-term growth. This listing follows ICAM’s previous ETF launch on the BVB, the ICBETNETF, which tracks the Romanian BET-TRN index. The BVB now offers four ETFs, including two from ICAM and two from Patria Asset Management, catering to diverse investment strategies.
The InterCapital SBITOP TR UCITS ETF is a sub-fund of the INTERCAPITAL UMBRELLA UCITS ETF Zagreb fund and is managed by SAI INTERCAPITAL ASSET MANAGEMENT d.o.o. Zagreb, with InterCapital Securities Ltd serving as the Market Maker. This launch reinforces cross-border investment opportunities within Central and Eastern Europe, providing Romanian investors with a valuable tool for portfolio diversification and growth.
