The Russia Portfolio continues to hold two positions on the Moscow Exchange (MOEX), both within their minimum holding periods. PJSC X5 Corporate Center (DTCR) has gained 3.27% since its pick on June 10, driven by stable consumer demand. MD Medical Group IPJSC (MD) is down 2.24% since June 17, reflecting short-term volatility in healthcare stocks. No thesis breaks or catalyst failures have been identified, and both stocks remain well-suited to the portfolio’s regional focus. We maintain a neutral stance and will monitor for any deterioration in fundamentals or liquidity. No positions are closed this week.
Risk Disclaimer: This portfolio review is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Investing in Russian equities carries significant risks, including geopolitical, currency, and liquidity risks. Always conduct your own research before making investment decisions.