Our investment philosophy

The Russian securities market allows active managers to outperform their peers and passive strategies.

We use three basic principles to achieve the maximum results: systematic approach, variety of views and evolution.

Systematic approach

Our investment decisions are based on predefined principles and steps, which help to achieve strong performance and gain trust of customers, partners and rating agencies. For example, the rating agency Morningstar ranks our investment process for equities at the highest possible level – «Positive».

Variety of views

Each member of the investment team can freely express his/her ideas. This allows us to form a wide range of views on the investment idea or method and understand the issue better. The broad life experience of our team is very helpful. Our team members grew up in St. Petersburg, Vladivostok, Minsk, Yaroslavl and Volnogorsk, studied at the universities in Russia, the UK and the USA. Some of the team members follow principles of «behavioral finance», while others make bigger emphasis on forecasting.


The modern Russian stock market is very different from what it was twenty years ago. Today we have access to a different set of securities, infrastructure, market participants, information, etc. Moreover, we and our investment process are imperfect. We have been constantly looking for ways to improve our portfolio management process and skills.

Ten years ago, we compared Russian companies with international peers via fundamental multiples: P / E, P / B, etc. This approach has affected the assessment of stocks fair value. After several years of implementing this tool, we realized that it is unreliable. The expected profit, cost of equity and other financial results of international companies are estimated by unfamiliar people and in an unknown way. We no longer use this tool. Now, fair value measurements are based only on the data estimated by ourselves.