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Expert RA Confirmed the А++ Maximum Rating of TKB Investment Partners

Expert RA, a ranking agency, confirmed the A++ trust and service quality ranking of TKB Investment Partners (Joint Stock Company) with the stable outlook.

The Outcomes: TKB Investment Partners is among Leaders for 2018

The 2018 ranking by The Kommersant newspaper names TKB Investment Partners JSC among top 10 Russian asset managers in three categories

TKB Investment Partners Asset Manager became the advisor to the world’s first ever Russian Equity Fund with a socially responsible approach to investment

Alfred Berg Ryssland, a Swedish fund under TKB Investment Partners’ advisor, is strengthening its ESG integration strategy.

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Market Pulse Jane BorovikovaAugust 4, 2020 0

Russian Equities Weekly 27–31 July, 2020: Under pressure from weakening rouble

Russian equity market dynamics Last week, the Russian equity market underperformed the broader emerging markets (EM) index. The RTS index lost 1.7%, while the MSCI EM index rose by 1.8%…Continue Reading →

Market Pulse

Russian Equities Weekly 20–24 July, 2020: The key rate cut and uplifting macroeconomic prospects

Russian equity market dynamics Last week, the Russian equity market outperformed the broader emerging markets (EM) index. The RTS index…

Market Pulse

Russian Equities Weekly 13–17 July, 2020: Macroeconomic indicators show signs of recovery

Russian equity market dynamics Last week, the Russian equity market declined in line with the broader emerging markets (EM) index.…

Market Pulse Anton EvdokimovJuly 15, 2020 0

Russian Equities Weekly 6–10 July, 2020: Lagging on ESG* issue for one company

Russian equity market dynamics Last week, the Russian equity market rose, although by less than the broader emerging markets (EM) index. The RTS index gained 1.9%, while the MSCI EM…Continue Reading →

Market Pulse

Russian Equities Weekly 29 June – 3 July, 2020: Weaker rouble pressures Russian equities

Russian equity market dynamics Last week, the Russian equity market declined, underperforming the broader emerging markets (EM) index. The RTS…

Market Pulse

Russian Equities Weekly 22–26 June, 2020: IT sector in the spotlight

Last week, the Russian equity market declined in line with the broader emerging markets (EM) index.

Market Pulse Anton EvdokimovJune 25, 2020 0

Russian Equities Weekly 15–19 June, 2020: CBR cuts key rate by 100bp

Last week, the Russian equity market rose almost in line with the broader emerging markets (EM) index.Continue Reading →

Market Pulse

Russian Equities Weekly 8–11 June, 2020: New economic support measures

Last week, the Russian equity market contracted by more than the broader emerging markets (EM) index.

Market Pulse

Russian Equities Weekly 1–5 June, 2020: Inflation slowed slightly in May

Last week, the Russian equity market rose, but by somewhat less than the broader emerging markets (EM) index.

Market Pulse Anton EvdokimovJune 3, 2020 0

Russian Equities Weekly 25–29 May, 2020: Russian equities rise in line with broader emerging markets

Last week, the Russian equity market rose in line with the other emerging markets (EM).Continue Reading →

Market Pulse

Russian Equities Weekly 27–31 July, 2020: Under pressure from weakening rouble

Russian Equities Weekly 20–24 July, 2020: The key rate cut and uplifting macroeconomic prospects

Russian Equities Weekly 13–17 July, 2020: Macroeconomic indicators show signs of recovery

Russian Equities Weekly 6–10 July, 2020: Lagging on ESG* issue for one company

Research

Russian equities are below fair price even if you assume a negative scenario for oil

Can you forecast oil prices at the end of April, May or June? We cannot. The answer depends on factors which are very hard to predict in the current chaotic environment: How strict will the quarantine measures be in different countries, and how long will they last?

Russian equities: the worst is in the past

Russia is much better prepared for a drop in oil prices now than it was in 2014, 2008 or 1998. There is no currency targeting, net debt is close to zero, budget is in a surplus and budget rule protects Russia from oil price drop all the way down to USD 42 bbl level. This is the first time in the midst of a significant drop in oil prices that the yield on Russian Eurobonds denominated in US dollars has risen slightly. There has only been a 30bp rise in Russian state Eurobond yields to maturity since the end of last week (1). Russian equity market fundamentals have not deteriorated materially on the back of the recent oil price drop. Expected average dividend yields are in double-digit figures. Expected inflation is around 4% even allowing for the impact from rouble depreciation since the start of the year. This leaves the Central Bank of Russia (CBR) room for key rate cuts over the next two to three years.

Growth boost mission is possible with the new prime minister of Russia

On 16th of January 2020, the President of Russia Vladimir Putin announced Mikhail Mishustin as the new prime minister of Russia. Since 2010, Mishustin headed the Federal Tax Service. During his tenure on this position, Russia became one of the world leaders in terms efficiency of tax service. Russian economy is likely to surprise on a growth side if achievements of Mishustin in his new role will be comparable to what he achieved during 10 years in the tax service.

Russian equities: fat-tire bike for riding the bumpy road of the global equity market

Three types of road representing the global equity market Imagine the various possible movements of the global equity market as types of road. * Options with low carbon footprint Let’s assume that a bumpy forest road is the most likely scenario. There are many uncertainties ahead and likely large perceptual swings concerning future economic growth. […]

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This material is produced for information purposes only and does not constitute: 1. An offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or 2. Any investment advice. Opinions included in this material constitute the judgment of TKB Investment Partners (LLC) at the time specified and may be subject to change without notice. TKB Investment Partners (LLC) is not obliged to update or alter the information or opinions contained within this material. Investors should consult their own legal and tax advisors in respect of legal, accounting, domicile and tax advice prior to investing in the Financial Instrument(s) in order to make an independent determination of the suitability and consequences of an investment therein, if permitted. Please note that different types of investments, if contained within this material, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for a client or prospective client’s investment portfolio. Given the economic and market risks, there can be no assurance that any investment strategy or strategies mentioned herein will achieve its/their investment objectives. This material shall not be considered as any kind of a guarantee or a promise of the future effectiveness (profitability or break-even) of investment activity. Results of investments in the past shall not be considered as a guarantee of such results in future. All past performance date have documental confirmation. There are no guarantees of profits or returns from financial instruments unless otherwise clearly indicated in respective prospectus. Returns may be affected by, amongst other things, investment strategies or objectives of the financial instrument(s) and material market and economic conditions, including interest rates, market terms and general market conditions. The different strategies applied to the financial instruments may have a significant effect on the results portrayed in this material. The value of an investment account may decline as well as rise. Investors may not get back the amount they originally invested.

The performance data, as applicable, reflected in this material, do not take into account the commissions, costs incurred on the issue and redemption and taxes.

TKB Investment Partners (LLC) is the legal entity registered under laws of the Russian Federation with the principal state registration number (OGRN) 1077847028280, having its registered address at: 69/71, lit. A, Marata street, Saint-Petersburg, 191119, Russia.