Jupiter reduces exposure to Russia and oil

Oil price volatility and perceived risks in Russia have seen the Jupiter Emerging European Opportunities fund significantly reduce its exposure to the country in the past four months. Elena Shafton, manager of the £14.5m fund which launched last September, originally planned to hold 47% in Russia but has now reduced that to 39%. In its place, she has increased her weighting in Poland from 8% to 21%. She said: 'Oil companies are now on a P/E of four to five times, are growing by 10% a year on average and pay dividend yields of 3%-4%. This is an attractive combination of growth and value ...