Neptune's Russain fund hit by equity sell-off

The £398m Neptune Russia & Greater Russia fund lost more than a quarter of its value in sterling after negative news prompted a Russian equity sell-off.

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Between the market high of 19 May and 13 August, Financial Express said the fund fell 25.3 per cent. As of 11 August, it had dipped as much as 28 per cent, but rallied after Russian president Dmitri Medvedev announced a ceasefire in Georgia.

The fund outperformed the MSCI Russia index, which was down 31.4 per cent on 8 August but ended 26 per cent lower for the period.

Over three years to 13 August, the fund also outperformed the MSCI Russia index in sterling, with gains of 124.5 per cent against 92.7 per cent.

But over one year, MSCI Russia was up 3.5 per cent in sterling, while Neptune Russia & Greater Russia was down 0.1 per cent.

According to Morningstar, the fund's three-year volatility was 7.4 per cent to 4 August. It was also second out of 47 funds in the Specialist sector over the period.

Robin Geffen, manager of the fund, was on holiday and unavailable for comment.

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