Liontrust Russia C GBP

Large cap equity fund invested in Russian equities.

  • 163.76p
    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.

  • 3.30%
    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 25 January 2022, we don’t currently provide commentary on this fund.

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 £243m
Yield 3.30%
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.

Manager research

Average monthly relative returns

  • 17/18 0.47%
  • 18/19 -0.20%
  • 19/20 -0.30%
  • 20/21 0.03%
  • 21/22 -0.10%

Bestinvest MRI

  • 3 years -0.12%
  • 5 years -0.02%
  • Career 0.10%
  • 3 years 46.40%
  • 5 years 61.00%
  • Career 84.90%

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

Thomas Smith

Smith joined Neptune in July 2009 as an Investment Analyst, having graduated from Oxford University with a masters degree in Chemistry. He is a CFA charterholder.

Track record

Thomas Smith has 10.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.1%. During the worst period of relative performance (from April 2018 - March 2020) there was a decline of 11% relative to the index. The worst absolute loss has been 45%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 85%.

Periods of worst performance

Absolute -45.00% (February 2013 - January 2016)
Relative -11.00% (April 2018 - March 2020)

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 2021

9.5262% Gazprom Pjsc
7.2656% Yandex Nv
5.6493% Novatek Pao
4.7856% Rosneft Oil Co
4.7508% Headhunter Group Plc
4.7442% Polymetal Intl Plc
4.7198% Phosagro Pjsc
4.5075% Mmc Norilsk Nickel Pjsc
4.5062% Sberbank Of Russia
4.3875% Polyus Pjsc
Source: Trustnet

Sector breakdown

Energy 32.00%
Materials 31.00%
Financials 13.00%
Communications 7.00%
Consumer Staples 6.00%
Industrials 6.00%
Information Technology 4.00%

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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