fund
JPM Emerging Europe Equity C
Specialist fund investing in Central and Eastern European countries with a large exposure to Russia
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45.48p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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235.10p
Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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0.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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0.75%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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0.93%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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5.00%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
This European emerging market fund is run by Oleg Biryulyov from Moscow. The aim is long term capital growth and to achieve this the manager invests primarily in companies operating or investing in central and eastern Europe, with a significant proportion typically held in Russia.
Fund summary
| Sector | Specialist |
| Structure | OEIC |
| Launched | October, 2012 |
| Size | £53m |
| Yield | 5.00% |
| Charging basis | Income |
| Dividends paid | 30 Apr |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.93% |
Allocation
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Investment process
Manager research
Average monthly relative returns
- 16/17 -0.60%
- 17/18 -0.16%
- 18/19 -1.04%
- 19/20 0.03%
- 20/21 0.52%
Bestinvest MRI
- 3 years -0.17%
- 5 years -0.25%
- Career 0.03%
- 3 years 39.70%
- 5 years 23.60%
- Career 77.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Oleg Biryulyov
Biryulyov is an investment manager responsible for Eastern and Emerging European and Russian equities in the Global Emerging Markets Group based in Moscow. An employee since 1994, he was previously a portfolio manager for Flemings Urals Regional Venture Fund and prior to that was an investment analyst. Before joining the firm, he was an investment analyst at Energomash Corporation, Russia. Biryulyov has a degree in economics from Moscow State University, Lomonosov and is a holder of the CFA designation.
Track record
Oleg Biryulyov has 15.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.03%. During the worst period of relative performance (from October 2010 - December 2018) there was a decline of 30% relative to the index. The worst absolute loss has been 69%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 77%.
Periods of worst performance
| Absolute | -69.00% (May 2008 - February 2009) |
| Relative | -30.00% (October 2010 - December 2018) |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
Allocation
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Top 10 holdings
Data accurate as at 31 July 2020
| 8.4% | Lukoil Pjsc |
| 7.6% | Cd Projekt Red Sa |
| 6.1% | Sberbank Of Russia |
| 5.8% | Tatnefteprom |
| 5% | Gazprom Pjsc |
| 4.4% | Polyus Pjsc |
| 4.4% | Epam Systems Inc |
| 4.4% | Mmc Norilsk Nickel Pjsc |
| 4.1% | Yandex Nv |
| 3.9% | Polymetal Intl Plc |
| Source: Trustnet |
Sector breakdown
| Energy | 26.00% |
| Materials | 19.00% |
| Communications | 18.00% |
| Financials | 11.00% |
| Consumer Staples | 11.00% |
| Information Technology | 6.00% |
| Consumer Discretionary | 5.00% |
| Money Market | 2.00% |
| Others | 1.00% |
| Real Estate | 1.00% |