Focus On Russia
Investing is part science and part art
We firmly believe in Russia's future and believe its capital markets will reflect its strengths, providing excess returns to a patient investor

Below are some observations that support our point
Size
Russia is not only the largest country in the world by territory, it possesses the lion's share of global natural resources – 30% of natural gas, 25% of fresh water, the world's largest forest reserves, etc.
1
Progress
Today, Russia ranks in line or better than many developed countries on such metrics as human development, infrastructure, fundamental research capabilities, quality of education, fiscal discipline, internet penetration and average speed, etc.
2
Stable Economy
Government's external debt has shrunk to just 12% of GDP and the little dependence on foreign capital inflows makes Russian economy better positioned for the next downturn
3
Undervalued Currency
Currently ruble is one of the cheapest currencies in the world. It should act as a dampening factor during the next global downturn and make investments in Russian securities more appealing
4
Undemanding Valuations
Once Russia's efforts to improve underlying economic conditions will start bearing fruit, and political situation improves, Russia is up for a significant re-rating

5
Our Startegy
We employ a fundamental, bottom-up approach to investing. We avoid market-timing and popular stories, instead focusing on finding those companies that will outperform the market over the business cycle.
Our Startegy
We employ a fundamental, bottom-up approach to investing. We avoid market-timing and popular stories, instead focusing on finding those companies that will outperform the market over the business cycle.
Our Strategy
We employ a fundamental, bottom-up approach to investing. We avoid market-timing and popular stories, instead focusing on finding those companies that will outperform the market over the business cycle.
How It Works?
1
Benchmark-Agnostic
We are not trying to beat the index on a regular basis in the short-term, instead focusing on finding companies that can provide superior returns over the long-term
2
Bottom-up Analysis
We do not rely on brokers' recommendations but form our own independent view stemming from years of experience and regular contacts with companies
3
Concentrated
Usually we hold no more than 15-25 positions in our portfolio
4
Long-Term
Usually we make no more than 10 trades per week, and average holding period is 18 months
5
Contrarian
Most of alpha generation comes from building intrinsic knowledge of a company that is often not obvious and can be contrarian to a market view
How It Works?
1
Benchmark-Agnostic
We are not trying to beat the index on a regular basis in the short-term, instead focusing on finding companies that can provide superior returns over the long-term
2
Bottom-up Analysis
We do not rely on brokers' recommendations but form our own independent view stemming from years of experience and regular contacts with companies
3
Concentrated
Usually we hold no more than 15-25 positions in our portfolio
4
Long-Term
Usually we make no more than 10 trades per week, and average holding period is 18 months
5
Contrarian
Most of alpha generation comes from building intrinsic knowledge of a company that is often not obvious and can be contrarian to a market view