Foreign bonds have been offloaded but the sale of Lithuania's bonds has been less successful.
According to the analysts, most of the securities were probably acquired by foreign investors and the fund could not avoid losses when selling the bonds of such countries as Italy, Hungary or Belgium.
"The securities were mostly acquired by foreign investors since there is hardly any demand for such volume in Lithuania. The bonds of such countries as Germany or France, which the fund held, are just a drop in the ocean on the international scale, so their sale could not influence the yield of these securities on the secondary market," Kestutis Celiesius, head of brokerage unit at the Lithuanian branch of Danske Bank, told the daily in comments.
Mantas Nekrasas, a broker with Swedbank, told the daily that "the bonds of Italy, Belgium, Hungary were probably sold at a loss, whereas the sale of German, French, Austrian and US bonds, which are considered safe, should have generated profit".
