DWS Russia LC

ISIN: LU0146864797Koers per datum: 24-2-2021Uitgiftekoers: 305,72
 Valuta: EURVerkoopkoers: 291,16

Sebastian Kahlfeld

Fondsbeheerder sinds: 1-1-2007
Beheer locatie: Duitsland

Huidige opmerking

With Oil extending its rally in January, Russia showed a mixed performance as earlier gains were lost over the course of the month. Nevertheless, macroeconomic data showed an improving trend, with unemployment falling to 5.9% and weakening retail sales reflecting that the consumption is shifting from consumer staples to durables again and underlining the opening of the economy after the Covid19 restrictions. Challenger bank TCS was the star of the month, seeing significant simplifications in its shareholder structure which alleviates investor concerns around its corporate governance. IT names were a mixed picture, while online retailer Ozon kept appreciating, the ever-present competitor Yandex lost in value without any news.

Vorige opmerkingen

  • 12/2020: Russia performed strong into the year end, and particular names geared towards the expected global recovery in 2021 did well. Spearheading this list are steel companies, but also market behemoth Gazprom did well after underperforming for a while. Norilsk Nickel, with most of its metals mined being in high demand now, did outperform as well, together with diamond miner Alrosa, seeing global demand resurfacing for several months by now. IT companies were among the major underperformers – having had an excellent year so far, the lack of exposure to a production-led recovery in the new year led them to be left out of the rally.

  • 11/2020: Russia's economic data came up with positive surprises: retail sales held up better than expected, industrial production showed similar trends and unemployment adjusted for seasonality stood at moderate 6.2%. On the corporate side, Lukoil reported strong 3Q20 results while Polyus approved a shares buyback for USD 300mn. Retailer X5 for the first time raised the possibility of IPOing its online businesses, even though the timeline is unclear. IT companies also traded well as trends in digitalization seem unbroken, even though traditional value stocks performed better.

  • 10/2020: Rosstat's report showed inflation adding +0.1% week-on week for the week ending October 26 – the fourth in a row with that number. The CPI is currently running at +3.3% year to date, still reflecting slowing trends, a reflection of cooling consumer confidence after a brisk catch up after the lifting of lockdowns. Financials in Russia keep reporting strong numbers, against the Covid19 backdrop, but results fail to inspire investors as oil prices keep falling and a change in the administration in the US might affect the relations between the two countries. While gold companies generally traded weak with gold falling and the US Dollar strengthening, steel companies came to the fore given strong operational metrics and the assumption of increasing steel demand in infrastructure-led investments.

  • 09/2020: MSCI Russia dropped -7.4% in USD terms in September driven by weaker rouble, correction of oil prices and geopolitical risks. On the macro front the annual inflation rate increased to 3.6% in August vs 3.4% in July, still below the Central Bank’s target rate of 4%. The CBR’s Board has decided to keep the key rate on hold at 4.25%. The manufacturing PMI increased to 51.1 in August compared to 48.4 in July. On the equity market utilities and consumer staples were the best performers. Energy stocks were the laggards pressured by the potential changes in the taxation.

  • 08/2020: Changes to the taxation of the oil sector and adjustments to double taxation treaties were main discussion points in the month of August, though most are still work in progress. Overall, economic data incoming was better than expected, and despite a stable oil price, the ruble traded weak, although generally emerging markets currencies lost in value to the USD. The Russian equity market went broadly along with the emerging market space. Highlight again were IT related names as Yandex which kept gaining in value ahead of its inclusion in MSCI indices in early September. Retail names, on the other hand, struggled after having had a good recovery since the outbreak of the Covid19 pandemic.


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