The interim figures published by JPMorgan Russian today cover the six months ended 30 April 2014 – a period when investors shunned Russian investments. The net asset value fell by 28.4% on a total return basis and the share price fell by 27.6% (leaving the fund on a 10% discount). The performance was a little worse than the company’s benchmark (MSCI Russia 10/40 Index), which fell by 26.4%.
Oleg Biryulyov’s investment manager’s report mentions a number of consumer-related companies that contributed to the fall in the asset value including Sollers (an automaker), two agricultural production companies – Cherkizovo and Rosagro – and DIXY (a food retail chain). He singles out Tinkoff (a credit card provider) – saying its operating environment changed drastically during the period