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Annual Results

JPMorgan Russian Securities lags benchmark

28 January 2015 07:49

JPMorgan Russian Securities' net asset value fell by 26.7% in the year to the end of October.

This compares with a fall of 21.0% by its benchmark, the MSCI Russian 10/40 Equity Indices Index.

In the two months to 31 December the benchmark index lost a further 27.3% and the company's NAV 28.5%.

Chairman Lysander Tennant said: "Russia's economy and external politics experienced exceptional turbulence during the year under review. Western economic sanctions in response to Russia's involvement in the conflict in Ukraine, the rapid fall in the value of the rouble and decreasing price of oil were some of the significant factors which led to strongly negative sentiment in the equity market.

"Trading conditions deteriorated significantly with reduced liquidity and sharp price falls for individual stocks."

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