Leading U.S. investment fund bought depreciating Russian stocks

One of the largest investment companies in the world Pacific Investment Management Co (Pimco) took the drastic reduction in the cost of Russian companies to start buying them. It is reported by Bloomberg, citing data from the company.

According to the manager of working with emerging markets Pimco Masha Gordon, the company used the volatility in the market to open positions in high quality but undervalued stocks. Pimco does not tell exactly which shares the company bought up this spring, as well as the volume of purchases. At the same time, it is said that American investors still hold investments in “Alrosa”, “Bashneft” and drilling company “Eurasia”.

Pimco entered the market in March, when the value of Russian stocks to profit (P / E ratio) fell to the lowest level in several years - 4.56 to 1. By May this ratio has improved significantly - to 5.3 to 1. Yet However, it is much lower than the average for emerging markets, where it is 10.8 to 1.

Three-month volatility index MICEX reached the end of May 29.7 percent, which is three times more than that of the composite for all emerging markets index MSCI Emerging Markets.

Pimco manages the largest mutual investment funds in the world. At the end of 2013 total assets under management of the company and its “daughters” was 1.91 trillion dollars.

6 June 2014

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