Quarterly reports

Demystifying Russia

Often we face investors’ preconceptions that Russian equities cannot grow unless oil prices rise, that Russia is unpopular with international investors, that sanctions have a material negative effect on Russia, etc. We think that these beliefs limit the ability of investors to benefit from exposure to Russian equities. In our view, such preconceptions paint a simplistic picture that does not stand up to scrutiny. We would argue that the real picture is far more diverse and sophisticated.