some european fund managers have doubled their russian exposure due to reforms confidence
A number of emerging European fund managers are biased toward Russia, being confident that the bull market seen over the past year has further to go. The average Russian weighting for Eastern European funds is 28.5%, according to Forsyth research. However, several funds are almost double this weight, primarily due to confidence over reforms. Those funds that are overweight Russia include the $22m Hypo Invest Activest Lux Osteuropa Fund (51.4% in Russia), ING's $37m BBL Invest Emerging Europe fund (40.5%), the $6m Eastern European Heritage fund (44%), the $50m UBS Eastern Europe fund ...
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