DisPutin' the evidence - has Russia hit rock-bottom

Pendal Group

Pendal Group

DisPutin' the evidence - has Russia hit rock-bottom? Russia is the world's cheapest equity market. But as sanctions continue, the rouble depreciates and oil prices remain unstable, investing in a market facing its worst economic crisis under Putin's 15-year administration may not appear worth the risk. Anyone who thinks they can tell you what will happen next in Russia is kidding either themselves or you, even if they are Vladimir Putin. It is true the downturn in oil revenues and profits could not have come at a worse time. Russia competes neck-and-neck with the US and Saudi Arabia for the title of the world's largest oil producer. At the same time Russia has limited access to new finance coupled with significant private sector borrowing in foreign currency (principally US dollars). We have seen saw Russian equities fall sharply in international terms, but the pain has come through the currency and bond markets rather than local equity prices. We retain some exposure to Russia for two reasons - click here to find out why (VIEW LINK)

At Pendal Group, our vision is to combine the benefits of our strong institutional foundation and performance-focused culture with a multi-boutique specialist investment approach. We believe this approach firmly positions Pendal to achieve...

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