Fund
Halcyon Ethical Russian Growth Fund (HERGF) is our flagship fund with over $100m in assets under management
Halcyon Ethical Russian Growth Fund
Set up in 2011, it is a long-only vehicle with a focus on Russia and neighboring countries.

Since inception, the fund outperformed both its benchmark (MSCI Russia index) and Russian exchange-traded ETF by a large margin.
Halcyon Ethical Russian Growth Fund
Set up in 2011, it is a long-only vehicle with a focus on Russia and neighboring countries.

Since inception, the fund outperformed both its benchmark (MSCI Russia index) and Russian exchange-traded ETF by a large margin.
Halcyon Ethical Russian Growth Fund
Set up in 2011, it is a long-only vehicle with a focus on Russia and neighboring countries.

Since inception, the fund outperformed both its benchmark (MSCI Russia index) and Russian exchange-traded ETF by a large margin.
We have a word "Ethical" in the name of the fund to highlight our long standing strive to invest responsibly and in an ethical manner, especially given that the underlying market is often viewed
as having low ethical standards
Investable Universe
Russian, Ukrainian, Georgian and Kazakh securities
The fund primarily invests in companies which either generate at least a third of their revenues from, or have a majority of their assets located in, the countries of the former Soviet Union.

Among these countries, Russia is by far the most important and liquid market.
Key Investment Personnel
Alexey Klaptsov
Portfolio Manager
The fund is managed by Alexey Klaptsov, Ph.D.

Alexey joined our company in 2005 and since 2009 has been the portfolio manager of Specialised Russian Growth fund, which was named Top Performing Europe-based hedge fund by Financial Times, based on three-year annualised returns.

Alexey became the manager of the HERG fund in November 2018.
Alexey Jmakine
Senior Analyst / Portfolio Manager
Alexey is a senior analyst for the Russian equity strategy and has an expertise in the utilities sector.

Alexey joined the firm in 2016.
Denis Rodionov
Head of Research
Denis joined Halcyon Portfolio Management in early 2019.

Denis started his career at Brunswick Brokerage that was later acquired by UBS. At UBS Denis was instrumental in assembling a research team that was consistently ranked by Institutional Investor the top Russian equity research for several years in a row.
Fee Structure
There are two share classes available to new investors:
Class A
Management fee - 1.25%
Performance fee - 10% over MSCI Russia hurdle
Class B
Management fee - 1.5%
Performance fee - none