Hedge Fund Managers Battle Long Money In Russian Markets

Forbes – Russia has become a gamblers den. From a top-down view, long term money is largely bearish on Russia. The bravest foreign fund managers are picking at undervalued stocks, with weak conviction.

“We’re underweight Russia and have been underweight since the spring,” says Michael Reynal, a portfolio manager with RS Investments, a $22.3 billion asset management firm with around $830 million in emerging markets. Reynal manages emerging market money for RS clients. The Ukraine political crisis with Russia also hurts investor sentiment, he says. U.S. and Europe have sanctioned the Russian economy as a result of the political impasse between Moscow and Kiev.

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