Liontrust Russia & Greater Russia C GBP

Large cap equity fund invested in Russian equities.

  • 176.10p
    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.

  • -
    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?

  • 0.00%

    Initial charge

    Some 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!

  • 0.85%
    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).

  • 0.94%
    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.

  • 3.40%
    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…

Prices as at 23 January 2020

The fund targets capital growth through investment mainly in Russian equities and has a bias to larger companies. The fund principally invests through overseas listings, often in the US - this gives Neptune greater confidence as such companies are required to follow US accounting standards. Historically the fund has outperformed its index with less risk, but investors should be aware that the Russian market can be highly volatile, even when compared to other emerging markets.

Fund summary

Sector Specialist
Structure OEIC
Launched October, 2012
Size £210m
Yield 3.40%
Charging basis
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.85%
Ongoing charges figure 0.94%

Allocation

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Investment process

The investment objective of the fund is to generate capital growth from investment predominantly in Russian and Greater Russian securities or securities issued by companies transacting a significant proportion of their business in Russia and Greater Russia. The fund has a bias to larger companies, with Neptune favouring global companies that tend to dominate within the sector or sub sector in which they operate. The fund invests primarily via American or Global Depositary receipts, which are listed predominantly in the US. These require the companies to follows the same accounting standards as US companies - Neptune believes that this gives full confidence in the information disclosed. Analysis at Neptune is split into three simultaneous, parallel, research areas: economic regions, global sectors, and individual companies. The UK based team are split by sector globally, with individual company analysis tending to focus on sectors they believe will benefit from current economic circumstances.

Historically the fund has outperformed its index with less risk, but investors should be aware that the Russian market can be highly volatile, even when compared to other emerging markets.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 -0.24%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.16%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 35.90%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Robin Geffen

Geffen founded Neptune Investment Management in May 2002 and is their CEO. He graduated from Oxford in 1979 and began his investment career at Charterhouse J Rothschild before moving onto Eagle Star, York Trust plc and then Scottish Equitable, where he set up their pooled fund business. Geffen joined Orbitex Investments Limited as Chief Investment Officer in 1997 and was most recently Global CIO – Pensions, before founding Neptune.

Track record

Robin Geffen has 2.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.16%. During the worst period of relative performance (from September 2002 - October 2003) there was a decline of 15% relative to the index. The worst absolute loss has been 22%.

Periods of worst performance

Absolute -22.00% (July 2002 - January 2003)
Relative -15.00% (September 2002 - October 2003)

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 December 2019

9.3892% Sberbank Of Russia
9.1852% Mmc Norilsk Nickel Pjsc
9.0928% Novatek Pao
8.8816% Lukoil Pjsc
4.6259% Polymetal Intl Plc
4.5706% Mail.ru Group Ltd
4.5389% X5 Retail Group N.v
4.5196% Yandex Nv
4.4739% Epam Systems Inc
4.4163% Gazprom Neft Pjsc
Source: Trustnet

Sector breakdown

Energy 30.00%
Materials 20.00%
Financials 15.00%
Communications 11.00%
Consumer Staples 9.00%
Industrials 7.00%
Information Technology 5.00%
Money Market 3.00%
Consumer Discretionary 1.00%

Portfolio

30-50 holdings. Typical position size 3-5%, minimum 1%, maximum 10%.

Constraints

Minimum market cap US$1bn. Tracking error target 10-15% (vs MSCI Russia Large Cap index).

Key Investor Information

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