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Benedicte Gravrand, Opalesque London:
Hermitage is a London-based global investment advisory firm specializing in emerging markets, founded in 1996 by William Browder in partnership with the late Edmond Safra. The firm runs two funds, Hermitage Global a deep value fund, and The Hermitage Fund, a public equity fund dedicated to Russia founded in 1996.
Browder does not invest in Russia so much anymore, partly because it used to be cheap and it was getting better – and he thinks this is not the case so much any more.
The RTS Index (RTSI) is an index of around 50 Russian stocks that trades on the RTS Stock Exchange in Moscow. It steadily climbed from 1,800 to 2,290 through 2007. Then it went down to 631 at the end of 2008 (after a 2-month peak at around 2,400 in May and June). It climbed back up in 2009 to end the year at 1,444. This year has been very volatile so far and was at around 1,360 last week – compared to 185 ten years ago.
Hermitage’s newest fund, Hermitage Global, was launched in April 2007, and relies on the firm's in-house quantitative and qualitative research methods to identify deeply undervalued securities around the world. The firm set it up when Russia started its downtrend and asked its investors to move money into the fund, which they did, at the top of the market.
“Over a decade in Russia, The Hermitage Fund made roughly 36 times its money by investing in deep value public equ...................... To view our full article Click here
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