JPMorgan Russian Securities plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Russian Securities plc
(GB0032164732)
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About this trust

Risks

Performance

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Fees

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Portfolio

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Manager Commentary

Fund Managers

Board of Directors

  • Gill Nott

  • Alexander Easton

  • Robert Jeens

  • George Nianias

  • Tamara Sakovska

In their words (as of )

The Company's share price and net asset value underperformed the benchmark in December. Stock selection in the energy sector weighed on relative returns, in large part due to our lack of exposure to Transneft, a government-controlled oil pipeline company. In a similar fashion to November, our exposure to the information technology sector, through off-benchmark positions Luxoft and EPAM, continued to weigh on returns, despite relatively good guidance from management and our positive outlook for growth. We perceive recent headwinds to be cyclical, rather than structural, and we are confident in the ability of these companies to deliver superior returns over the long term. On the positive side, lack of exposure to other large benchmark/state-owned stocks, notably RusHydro and Inter RAO, boosted relative performance, as both stocks failed to keep pace with the broader market. The portfolio tends to shy away from state-owned enterprises, as often they do not meet our standards for economics, duration and, most importantly, governance.

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For contact details and more information on our trust range use the following links:

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AGM information

Annual General Meeting: 07 March 2017 12 noon, The Honourable Society of the Inner Temple, Treasury Office, Inner Temple, London EC4Y 7HL

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