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By Benedicte Gravrand, Opalesque London:
While the MSCI Central/Eastern Europe + CIS index declined in February, the Russian market stood out strongly. According to Singapore-based consulting firm GFIA, the rebound was attributed to some slight recovery in oil and steel prices, though the market expectation is that this is a short-term bounce.
In March-09, the Russia MSCI Index was up 20.30% (it returned -0.9% in Feb and -11.6% in January), the RTS 26.64%, the IFX-CBonds (US$) 9.07% and the EMBI+ Russia Index 6.44%.
YTD (and Q1-09), the MSCI Russia Index was up 5.4% with a volatility of 46.2 (it returned -74.2% in 2008), the RTS 9.14%, the IFX-CBonds -7.36% and the EMBI+ Russia Index 9.12%.
Russia and Eastern Europe hedge funds
Comparatively, the Eurekahedge Eastern Europe & Russia Hedge Fund Index returned -54.24% in 2008 (worse than the Emerging Market index at -24%), 5.68% (est.) in March-09, its first positive monthly performance since May-08, and -2.72% YTD.
The HFRX Russia/Eastern Europe Index is negative at -8.62% YTD (to Feb-09) and -35.91% in 2008 (compared to 16.3% in 2007 and 40% in 2006). The HFRX Russia Index stands at -11.69% YTD (to Feb-09), and -47.10% for 2008 (21% in 2007 and 46% in 2006).
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