A new report from investor relations consultancy firm Cornerstone Communications, together with BT Capital Partners, showed that investors on the Romanian market adapted to a volatile economic setting.
The Market Pulse study 2025 showed that investor relations remained, in many aspects, consistent with the previous edition. The average portfolio value has increased compared to the previous edition, exposure to the Main Market remains dominant, and the company selection process is increasingly grounded in management quality, coherent development plans, and corporate profitability.
Political and fiscal instability continue to influence investment decisions, highlighting that the predictability of the domestic economic framework remains essential for committing capital.
In this context, the high participation rate in government bond issuances confirms a pragmatic approach, signaling that investors adjust their capital allocation based on the risk-return profile. At the same time, the IPOs and private placements completed in recent months demonstrate that there is liquidity and appetite for financially solid companies with growth potential.
Stock preferences and exposure
In the current edition of the study, 53% of respondents held shares exclusively on the Bucharest Stock Exchange, while 47% had investments both on the BVB and on foreign stock exchanges. Compared to the previous edition, the share of investors focused exclusively on the BVB decreased from 65% in 2024.
Within the local market, the value structure of portfolios indicates a clear preference for the Main Market, which accounts for 88% of the value of equity investments, while the AeRO market represents 12%. As for the reasons for investing in shares listed on the BVB, 84% of respondents cited generating profit from available capital, 61% sought portfolio diversification, and only 29% stated that they invest to support the Romanian economy and local companies.
Shares offering high dividends are preferred by the majority of investors, with 56% of respondents opting for such companies. This orientation is also explained by the sectoral structure of portfolio holdings: financial and banking (84%), energy and utilities (73%), and oil and gas (65%). Beyond these areas, portfolios also include exposure to other sectors of the economy, such as technology (33%), industrial manufacturing (23%), agriculture (21%), and real estate (20%), with investor preferences for the main sectors remaining broadly consistent with the previous edition of the study.
The average total return considered satisfactory by investors reached 16% in 2025.
Portfolios increase in size
In 2025, the average portfolio value of Romanian investors amounted to RON 445,000 (EUR 87,255), up 19% compared to the previous year. In terms of portfolio size, those below RON 10,000 (EUR 1,961) represented 8%, those between RON 10,001 and RON 50,000 (EUR 1,961 – 9,804) accounted for 23%, and those between RON 50,001 and RON 100,000 (EUR 9,805 – 19,608) represented 14%.
The most representative segment remains portfolios ranging between RON 100,001 and RON 500,000 (EUR 19,609 – 98,039), where 26% of investors fall. At the same time, 12% hold portfolios valued between RON 500,001 and RON 1 million (EUR 98,040 – 196,078), while 18% exceed the RON 1 million threshold (EUR 196,079).
Roughly 62% of respondents stated that they increased the value of their equity portfolios during the year, while for 26% it remained approximately at the same level. Compared to 2024, the share of those who maintained their portfolio increased from 16% to 26%, while the percentage of investors who bought more than they sold declined from 74% to 62%. Only 12% declared that they reduced their exposure in 2025, a stable trend compared to the previous year.
Portfolio structure indicates a relatively high concentration of investments, with 52% of respondents holding portfolios consisting of up to six stocks. At the same time, 38% hold portfolios comprising between seven and 15 stocks, while 10% hold shares in more than 15 issuers.
Risks and allocations
Investors’ perception of factors negatively affecting the development of the capital market is dominated by macroeconomic and political elements. Political instability is indicated by 76% of respondents as the main negative factor, followed by volatility of fiscal and regulatory measures (56%) and high inflation (38%).
These factors are also reflected in the perceived barriers to increasing investments on the BVB, with more than half of investors (58%) mentioning political and/or economic uncertainty in Romania as the main obstacle. This is followed by the high taxation of capital gains (30%), the lack of new companies or attractive sectors (26%), and the limited liquidity of listed companies (20%), demonstrating the need for a national-level capital market strategy.
In 2025, investors’ capital allocation was marked by moderate demand for new instruments, with a significant role played by FIDELIS government bond issuances and new listings. As such, 56% of respondents participated in FIDELIS issuances in 2025, confirming the strong interest in these instruments as an alternative to bank deposits. Among those who invested in government bonds, the primary source of funds was new capital derived from current income, mentioned by 50% of investors.
Investors’ outlook for 2026 indicates a predominantly balanced approach, both in terms of market expectations and intended investment strategies. Nearly two-thirds of respondents (64%) anticipate a mixed evolution of Romania’s capital market, with some sectors potentially outperforming expectations while others may deliver weaker results. Additionally, 25% of investors have a positive outlook and expect the main local indices to increase in 2026.
(Photo source: Inquam Photos|George Calin)