Overview

The first UK onshore portfolio investing solely in Russian equities, the Fund combines Manager Robin Geffen’s extensive experience of investing in Russia with Neptune’s in-house research process. This enables Robin to create a diversified portfolio of stocks that he believes are most likely to outperform, including those in sectors not typically represented in the benchmark. The Fund has a bias towards large, liquid stocks.

Investment objective

To provide capital growth by investing mainly in Russian and Greater Russian companies, selected at the manager's discretion.

There is no assurance that the investment objective will be achieved.

Ongoing charge (%) 1.09
Minimum investment
Initial 250,000
Top up -
Regular -
Share class codes
ISIN GB00B86WB793
Bloomberg NEPRGBC:LN
SEDOL B86WB79

Fund managers

Robin Geffen

Fund Manager
  • Role at Neptune

    Founder and CEO

  • Time at Neptune

    16 years

Thomas Smith

Assistant Manager
  • Role at Neptune

    Investment Director, Head of European Equities

  • Time at Neptune

    9 years

  • Research focus

    Energy and Utilities

Ewan Thompson

Assistant Manager
  • Role at Neptune

    Investment Director, Head of Emerging Market Equities

  • Time at Neptune

    12 years

  • Research focus

    Metals and Mining

Performance

Portfolio

Data as at 31/01/2019

Top ten holdings (%)

FundIndex
Sberbank 9.63 19.71
Lukoil  9.58 21.54
Norilsk Nickel 9.53 7.21
Novatek 9.53 9.18
Yandex 4.66 0.00
Tatneft  4.60 10.31
EPAM Systems 4.56 0.00
Ros Agro 4.53 0.00
Mail.Ru Group 4.42 0.00
Alrosa 4.23 2.13

Sector (%)

FundIndex
Energy 29.4 64.3
Materials 20.8 12.6
Financials 13.1 20.7
Communication services 11.0 2.4
Industrials 8.6 0.0
Consumer staples 8.2 0.0
Information technology 4.6 0.0
Consumer discretionary 0.5 0.0
Cash 3.8000 0.0

Top ten holdings (%)

FundIndex
Sberbank 9.63 19.71
Lukoil  9.58 21.54
Norilsk Nickel 9.53 7.21
Novatek 9.53 9.18
Yandex 4.66 0.00
Tatneft  4.60 10.31
EPAM Systems 4.56 0.00
Ros Agro 4.53 0.00
Mail.Ru Group 4.42 0.00
Alrosa 4.23 2.13

Sector (%)

FundIndex
Energy 29.4 64.3
Materials 20.8 12.6
Financials 13.1 20.7
Communication services 11.0 2.4
Industrials 8.6 0.0
Consumer staples 8.2 0.0
Information technology 4.6 0.0
Consumer discretionary 0.5 0.0
Cash 3.8000 0.0

    Active share

    Active share 48.0%

    The Active Share is a measure of how different a portfolio is from its benchmark, i.e. how 'actively managed' a fund is relative to its respective Index. A score of 100% indicates the fund's holdings are completely different, whilst 0% indicates the portfolio exactly replicates the Index.

    Number of holdings

    No. of holdings 26

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q4 2018

    Market overview

    Russian equities were unable to avoid the sharp global sell-off during the fourth quarter, although they did prove more resilient than developed markets and performed roughly in line with the broader emerging markets. The MSCI Russia Large Cap Index fell by -6.9% during the quarter, with the stock weakness exacerbated by the weaker ruble as the oil price fell by nearly 35%.

    The Neptune Russia and Greater Russia Fund declined by -4.7% during the quarter. Performance was supported by gains in our holdings of Norilsk Nickel, Ros Agro and X5, while relative gains were helped by our underweight in the energy sector, with Gazprom and Rosneft falling by 9-13%.

    The Russian benchmarks continue to be heavily weighted in the energy sector, with many sectors of the Russian economy underrepresented or not represented at all. The Neptune Russia & Greater Russia Fund continues to offer diversified exposure in sectors that are not present in the benchmark, such as the IT and industrials sectors.

    Outlook

    Despite the recent outperformance of the Russian market against broader emerging markets during the first half of 2018, Russia is still trading at a 48% discount to emerging markets, near the lowest levels seen in the past ten years and only marginally higher than at the peak of the crisis in late 2014.

    Robin Geffen

    Fund Manager

    The Neptune Russia & Greater Russia Fund continues to offer diversified exposure in sectors that are not present in the benchmark, such as the IT and industrials sectors

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 136.10 -1.31 18/02/2019
    C Acc EUR 175.10 -0.91 18/02/2019
    C Acc USD 136.00 -0.37 18/02/2019
    A Acc GBP 384.80 -1.28 18/02/2019
    A Acc USD 131.60 -0.38 18/02/2019

    Neptune funds are priced every working day at 12 noon UK time and prices should be updated here by 6pm the same day.

    The prices shown should be taken only as an indication of the value of shares. Prices are set on a forward-pricing basis which means that any instruction to buy or sell shares will be fulfilled at the price set at 12 noon the next day.

    If you are looking for historical prices of closed funds or share classes, or are having any difficulty finding the price information you require, please call our customer services team on 0800 587 5051.

    Literature

    Codes & fees

    ISIN SEDOL Bloomberg Ongoing charge (%)
    C Acc GBP GB00B86WB793 B86WB79 NEPRGBC:LN 1.09
    C Acc EUR GB00B60T5S14 B60T5S1 NEPRGBE:LN 1.09
    C Acc USD GB00B60T5V43 B60T5V4 NEPRGBU:LN 1.10
    A Acc GBP GB00B04H0T52 B04H0T5 CFNRUAA:LN 2.04
    A Acc USD GB00B60T5T21 B60T5T2 NEPRGAU:LN 2.04

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