Overview

The first UK onshore portfolio investing solely in Russian equities, the Fund combines Manager Robin Geffen’s extensive experience of investing in Russia with Neptune’s in-house research process. This enables Robin to create a diversified portfolio of stocks that he believes are most likely to outperform, including those in sectors not typically represented in the benchmark. The Fund has a bias towards large, liquid stocks.

Investment objective

To provide capital growth by investing mainly in Russian and Greater Russian companies, selected at the manager's discretion.

There is no assurance that the investment objective will be achieved.

Ongoing charge (%) 1.05
Minimum investment
Initial 250,000
Top up -
Regular -
Share class codes
ISIN GB00B86WB793
Bloomberg NEPRGBC:LN
SEDOL B86WB79

Fund managers

Robin Geffen

Fund Manager

Thomas Smith

Deputy Fund Manager
  • Role at Neptune

    Investment Director, Head of European Equities

  • Time at Neptune

    9 years

  • Research focus

    Energy and Utilities

Ewan Thompson

Assistant Manager
  • Role at Neptune

    Investment Director, Head of Emerging Market Equities

  • Time at Neptune

    13 years

  • Research focus

    Metals and Mining

Performance

Cumulative performance (%)

1 mth 1 mth YTD 1 yr 3 yrs 5 yrs 10 yrs Launch
Fund 0.6 16.7 16.8 96.2 60.3 93.2 335.6
Benchmark 7.4 22.9 26.5 101.2 70.9 99.6 250.2
Large chart

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund -46.0 12.0 72.7 5.3 6.2
Benchmark -42.7 10.7 85.4 -2.4 6.9

Performance data supplied by Morningstar; C Accumulation share class performance, in sterling with net income reinvested and no initial charges. Launch date used is 31/12/2004, which is the launch of the A Accumulation share class. The C Accumulation share class was launched on 03/10/2012, so during the period from 31/12/2004 to 03/10/2012 the performance record is based on the pre-existing A Accumulation share class. Reported date prices used for cumulative and discrete performance tables. The performance of other share classes may differ.

Neptune’s funds are not tied to replicating a benchmark and holdings can therefore vary from those in the index quoted. For this reason, the comparison index should be used for reference only.

This Fund may have a high historic volatility rating and past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you and your clients may not get back the original amount invested. Investments in emerging markets may be higher risk and more volatile than investments in developed markets.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices.  None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information.  MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.  Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

FE Crown Fund Rating applies to C Accumulation share class in pound sterling. FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. ©2019 FE. All rights reserved.

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund -46.0 12.0 72.7 5.3 6.2
Benchmark -42.7 10.7 85.4 -2.4 6.9
IA sector 4.7 -3.9 28.3 10.3 -5.5
IA rank 200/200 17/215 19/222 153/225 12/233
Quartile 4 1 1 3 1

Performance data supplied by Morningstar; C Accumulation share class performance, in sterling with net income reinvested and no initial charges. Launch date used is 31/12/2004, which is the launch of the A Accumulation share class. The C Accumulation share class was launched on 03/10/2012, so during the period from 31/12/2004 to 03/10/2012 the performance record is based on the pre-existing A Accumulation share class. Reported date prices used for cumulative and discrete performance tables. The performance of other share classes may differ.

Neptune’s funds are not tied to replicating a benchmark and holdings can therefore vary from those in the index quoted. For this reason, the comparison index should be used for reference only.

This Fund may have a high historic volatility rating and past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you and your clients may not get back the original amount invested. Investments in emerging markets may be higher risk and more volatile than investments in developed markets.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices.  None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information.  MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.  Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

FE Crown Fund Rating applies to C Accumulation share class in pound sterling. FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. ©2019 FE. All rights reserved.

Portfolio

Data as at 31/05/2019

Top ten holdings (%)

FundIndex
Lukoil  9.55 17.70
Sberbank 9.53 20.50
Norilsk Nickel 9.52 7.07
Novatek 9.33 9.95
X5 Retail 4.65 0.00
EPAM Systems 4.65 0.00
Tatneft  4.61 9.30
Yandex 4.59 0.00
Mail.Ru Group 4.45 0.00
Gazprom Neft 4.36 0.00

Sector (%)

FundIndex
Energy 29.4 64.1
Materials 21.9 12.4
Financials 12.7 21.5
Communication services 10.9 2.1
Consumer staples 9.1 0.0
Industrials 7.5 0.0
Information technology 4.6 0.0
Consumer discretionary 0.6 0.0
Cash 3.3000 0.0

Top ten holdings (%)

FundIndex
Lukoil  9.55 17.70
Sberbank 9.53 20.50
Norilsk Nickel 9.52 7.07
Novatek 9.33 9.95
X5 Retail 4.65 0.00
EPAM Systems 4.65 0.00
Tatneft  4.61 9.30
Yandex 4.59 0.00
Mail.Ru Group 4.45 0.00
Gazprom Neft 4.36 0.00

Sector (%)

FundIndex
Energy 29.4 64.1
Materials 21.9 12.4
Financials 12.7 21.5
Communication services 10.9 2.1
Consumer staples 9.1 0.0
Industrials 7.5 0.0
Information technology 4.6 0.0
Consumer discretionary 0.6 0.0
Cash 3.3000 0.0

    Active share

    Active share 53.1%

    The Active Share is a measure of how different a portfolio is from its benchmark, i.e. how 'actively managed' a fund is relative to its respective Index. A score of 100% indicates the fund's holdings are completely different, whilst 0% indicates the portfolio exactly replicates the Index.

    Number of holdings

    No. of holdings 26

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q1 2019

    Market overview

    The main narratives of the first quarter were the dovish turns of the major central banks in response to slowing economic growth, and progress being made on the US/China trade talks. In January, the Fed signalled a pause in further rate hikes, citing global economic uncertainties and muted inflation pressures, and in March suggested there would be no further hikes this year and announced it would cease quantitative tightening in September. The ECB also ruled out any rate hikes this year and announced a new series of two year Targeted longer-term refinancing operations (TLTROs) starting in September. The US/China trade talks continued and yielded some progress, and China announced fresh stimulus measures estimated at 0.5-1.0% of GDP in 2019. These factors helped to drive equity markets higher, despite slowing global growth and political uncertainty. The IMF revised down global growth forecasts, the Eurozone continued to slow down with Italy falling into recession, and the US government went through the longest shutdown in its history.

    Portfolio attribution

    Positive performance can be attributed to strong returns in IT stocks EPAM and Yandex, and mining and steel stocks Norilsk Nickel and Severstal. The Russian benchmarks continue to be heavily weighted in the energy sector, with many sectors of the Russian economy underrepresented or not represented at all. The Neptune Russia & Greater Russia Fund continues to offer diversified exposure in sectors that are not present in the benchmark, such as the IT and industrials sectors.

    Outlook

    Despite the recent outperformance of the Russian market against broader emerging markets, Russia is still trading at a more than 50% discount to emerging markets, near the lowest levels seen in the past ten years and only marginally higher than at the peak of the crisis in late 2014.

    Robin Geffen

    Fund Manager

    The Neptune Russia & Greater Russia Fund continues to offer diversified exposure in sectors that are not present in the benchmark, such as the IT and industrials sectors

    Insights & analysis

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 156.40 0.58 26/06/2019
    C Acc EUR 196.80 0.25 26/06/2019
    C Acc USD 153.30 0.07 26/06/2019
    A Acc GBP 440.70 0.59 26/06/2019
    A Acc USD 147.80 0.07 26/06/2019

    Neptune funds are priced every working day at 12 noon UK time and prices should be updated here by 6pm the same day.

    The prices shown should be taken only as an indication of the value of shares. Prices are set on a forward-pricing basis which means that any instruction to buy or sell shares will be fulfilled at the price set at 12 noon the next day.

    If you are looking for historical prices of closed funds or share classes, or are having any difficulty finding the price information you require, please call our customer services team on 0800 587 5051.

    Literature

    Factsheet
    31/05/2019
    Quarterly Commentary
    31/03/2019
    Key Investor Information Document
    08/02/2019

    Codes & fees

    ISIN SEDOL Bloomberg Ongoing charge (%)
    C Acc GBP GB00B86WB793 B86WB79 NEPRGBC:LN 1.05
    C Acc EUR GB00B60T5S14 B60T5S1 NEPRGBE:LN 1.03
    C Acc USD GB00B60T5V43 B60T5V4 NEPRGBU:LN 1.05
    A Acc GBP GB00B04H0T52 B04H0T5 CFNRUAA:LN 2.01
    A Acc USD GB00B60T5T21 B60T5T2 NEPRGAU:LN 2.01

    Contact us

    UK Sales Team

    Michael Parsons

    Global Head of Sales

    Tel: 020 3249 0181

    Mob: 07870 510 306

    Email: michael.parsons

    Harry Bush

    Head of London Sales

    Tel: 020 3249 0174

    Mob: 07850 770 470

    Email: harry.bush

    Hugo Morrissey

    Sales Manager – North & Scotland

    Mob: 07850 770 453

    Email: hugo.morrissey

    Harry Nolan

    Sales Manager – London & South East

    Tel: 020 3249 0192

    Mob: 07970 231 379

    Email: harry.nolan

    Veronika Blazicek

    Sales Executive - UK & Europe

    Tel: +44 20 3249 0189

    Mob: +44 7850 770 480

    Email: veronika.blazicek

    To place a deal or request information on investments:

    Lines are open on weekdays from 9am to 5pm UK time. All 0800 numbers are free of charge to call from fixed line and mobile phones.

    Postal address

    Neptune Investment Management

    PO Box 9004

    Chelmsford

    Essex CM99 2WR