“You have to ask the question: what is Russia good at?” says Bill Browder, the CEO of Hermitage Capital Management, Russia’s largest public equity fund. “It seems that Russia is good at producing raw materials and has traditionally been very bad at making everything else,” he concludes.
It is a simple philosophy for picking Russian stocks but one that has propelled Hermitage to the top of the league tables of investment fund returns over the past five years.
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