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Benedicte Gravrand, Opalesque London:

Eastern Europe and Russia experienced the credit crisis intensely last year, but then went through a slow recovery in 2009.

Measuring Europe, the Dow Jones STOXX 50 Index is up 4.55% for December (22.04% YTD), closing at 2543.24. And measuring Eastern Europe, the Dow Jones STOXX EU Enlarged Total Market Index is down 0.77% for December (33.45% YTD), closing at 202.15.

Meanwhile, the Eurekahedge Eastern Europe & Russia Hedge Fund Index returned -54.54% in 2008 but regained its losses this year with +60.43% (est.) YTD (to November), annualising almost 25% since its inception in January 2000.

The HFRI Russia/Eastern Europe Index is up 49.85% YTD (to November), compared to -59.44% in 2008. And the HFRI Emerging Markets (Total) Index is up 38.02% YTD compared to -37.26% in 2008.

Some fund managers expect Eastern Europe’s growth to take place in a more stable environment, and some believe it might still be quite uneven. The certain thing is, this territory is not for the faint-hearted.

East Capital: stable growth According to Marcus Svedberg, chief economist at East Capital, an independent asset manager specialising in Eastern Europe, the region’s economies are not only recovering but are about to enter a period of more normal development.

The region’s growth will be in line with potential - rather ......................

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