DWS Russia LC

ISIN: LU0146864797Koers per datum: 21-9-2020Uitgiftekoers: 264,49
 Valuta: EURVerkoopkoers: 251,89

Sebastian Kahlfeld

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

Huidige opmerking

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.

Vorige opmerkingen

  • 07/2020: The Russian market traded sideways through the month, weighed down by the weaker rouble (-4%). However, taking into account the dividend season, the index managed to offer a modest return, with gold miners were ahead of the pack. President Vladimir Putin signed an executive order on the national development goals for 2030. The targets in the most recent decree are broadly similar to those in the May 2018 decree. Meanwhile, the CBR cut the key rate 25bp to 4.25%, resetting the lowest level the policy rate has been since it was established in 2013. The CBR reiterated its guidance from the previous meeting.

  • 06/2020: IT-related names were the strongest performers in June, partially due discussions about lower taxes, partially due to ambitions to get included in local Russian indices (like Yandex and mail.ru) or otherwise because of companies being very active in utilizing the current situation to improve the companies profile, like at Yandex which printed a range of positively taken news over the month. Main loser was Norilsk Nickel due to a notworthy environmental damage caused, even though the direct economic impact was quite limited. Banks could be found on the outperforming as well as the underperforming side, showing the investors preferance for banks with a clear agenda and a management incentivized for value generating growth.

  • 05/2020: Russia’s strong recovery in May comes on the back of troughing oil prices, and accordingly giving the entire market a lift. Consumer lender Tinkoff Credit Systems was one of the strongest performers after having fallen significantly, followed with some distance by oil companies and miners such as Norilsk Nickel. After strongly outperforming before, and despite the strong gold price, gold companies moved sideways, clearly reflecting the preference of investors for stocks which had lost significant value before, mirrored by retail companies as well which have coped with the pandemic so far quite well.

  • 04/2020: April has been a very curious month for the ruble and since hitting its low at 83 to the US Dollar on Mar 18, it has gained 12% on a combo of a better risk mood globally, a decent Foreign Exchange Market (FX) offer from the Central Bank and subdued demand for it from importers and population. All of it despite the very low oil prices, 20% oil output cuts ahead and the worsening economic situation. On a stock specific basis, defensive companies did well, namely gold producers, food retailers and telecommunications companies. Banks showed a more mixed picture, whereas diamond miner Alrosa being among the few losing stocks given that the sales outlook in 2020 remains bleak.

  • 03/2020: The sudden drop of the oil price after the disagreement about future production volumes of Russia and Saudi Arabia took its toll on the Russian Ruble and the equity market in March, adding to an already tense situation on the back of the spread of Covid19. Accordingly, mainly risk-averse stocks performed well, namely gold miners and those which have fixed revenue agreements or less volatile revenue streams like energy producers. Oil producers and banks were hit hard though – even the imminent impact on their full year results has to be seen, investors clearly preferred to reduce exposure to any companies geared to oil and in turn to domestic GDP growth.


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