JPMorgan Russian Securities plc - Ordinary Shares - J.P. Morgan Asset Management

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Manager Commentary

Fund Managers

In their words (as of 30 Sep 2016)

The Company's share price and net asset value outperformed the benchmark in September, driven by stock selection in the energy and materials sectors. Specifically, our lack of exposure to Transneft and Surgutneftegas were important contributors to relative performance. In materials, our underweight exposure to index-heavyweight Phosagro, an agrichemical company, contributed positively as the stock dropped on oversupply concerns and falling product prices. On the consumer side, our off-benchmark exposure to X5, the country's second-largest food retailer, also helped. The stock continued its momentum on improving operational results and benefited from a rotation into consumer stocks on the back of ruble strength.

Looking ahead, the rally in commodity prices and the prospect of an Organisation of the Petroleum Exporting Countries agreement on production have been supportive of equities and the ruble. We expect these positive trends to continue in large part over the next year, and we see ample reasons to be constructive on the market.


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AGM information

Annual General Meeting: 07 March 2017 12 noon, location TBC

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