3 hedge funds in a Russian undressing

Written By Unknown on Minggu, 04 Januari 2015 | 18.18

The crumbling Russian ruble — crushed under tanking oil prices and Western sanctions over the country's incursion into Ukraine — is starting to hit investors in the US and around the world right in the wallet.

Three hedge funds that focus on investing in Russia — Russian Prosperity, Firebird New Russia and Kaltchuga — were among the biggest losers in 2014, according to HSBC's widely followed ranking.

Russia Prosperity, which at $3.5 billion is the largest Russia-focused fund for international investors, was the hardest hit by Russia's economic woes.

It had fallen 41 percent as of Dec. 11, the latest numbers available.

The fund, run out of London and Moscow, has been one of the few funds to stay invested in the superpower despite Vladimir Putin's heavy hand in the business world and the sanctions that forced many international investors to leave.

Russian Prosperity, which has been around since 1996, avoids oil and banking giants in an attempt to sidestep volatility and invests instead in retailers like Magnit, its founder told Barron's last fall.

But with the ruble down about 50 percent last year and inflation running at 17 percent, it seems there's no place to hide.

New York-based Firebird New Russia, another fund that started in 1996, was down 29 percent through Dec. 5 — the fourth-worst hedge fund performer, according to HSBC.

Both funds had been high-fliers — weathering the 1998 Russian default and the 2008 global financial crisis to post annualized returns of 17 percent and 16 percent, respectively.

Luxembourg-based Kaltchuga was the second-worst performing fund of 2014, falling 40 percent through Dec. 12 — after returning a 12 percent annualized return since 2000.

But even as Russia-focused hedge funds tumble, others smell opportunity.

"We've been adding risk into the sell-off," said Chris Tackney of Greylock Capital, which focuses on emerging-market distressed debt.


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