Investors seeking to take advantage of a slump in Russian equities should buy OAO Bashneft and TNK- BP over fuel-industry peers such as OAO Gazprom, the natural gas export monopoly, according to Prosperity Capital Management.
The February 2013 issue of Bloomberg Markets magazine contains our annual rankings of the world's richest hedge funds. The following 100 comprise our list of best-performing hedge funds managing $1 billion or more. Our rankings are based on data compiled by Bloomberg specialist Anibal Arrascue and information supplied by hedge-fund research firms, hedge funds and investors. Assets and returns are for the 10 months ended on Oct. 31, 2012. Click here for a PDF and here for the accompanying story.
OAO Transneft probably will produce what investor Ivan Mazalov calls “massive” cash this year as the pipeline operator delivers Kremlin-backed projects supplying oil to Asia and the Baltic Sea. That may return investors to one of Russia’s cheapest energy stocks.
Polyus Gold International Ltd. led gains in Russian equities, sending the benchmark index to its first monthly increase since February, as commodities rose after Europe agreed on measures to solve the region’s crisis.
Mikhail Khodorkovsky, the jailed former owner of Yukos Oil Co., will receive a pardon, ending a case that symbolized the lack of rule of law in Russia since President Vladimir Putin came to power more than a decade ago.