Portfolio Overview
The Russia Portfolio (ID 183) is a region/country-focused portfolio holding three Russian equities traded on the Moscow Exchange (MOEX). As of June 25, 2026, all positions are within their minimum holding period and are protected from closure. The portfolio has delivered a modestly positive return overall, with individual stock performances ranging from -0.17% to +0.52%.
Current Holdings
- PJSC X5 Corporate Center (DTCR) – Picked June 10, 2026. Current return: +0.52%. The stock has shown slight appreciation since entry.
- MD Medical Group IPJSC (MD) – Picked June 17, 2026. Current return: -0.17%. A marginal decline, within normal volatility.
- Novolipetsk Steel (NLMK) (STLD) – Picked June 24, 2026. Current return: +0.44%. Recently added, performing in line with expectations.
Performance Drivers
The Russian equity market has been relatively stable over the past week, with no major catalysts. The portfolio’s performance reflects the broader market’s sideways movement. Currency fluctuations (RUB/USD) and commodity prices (steel, retail) are key drivers for individual holdings.
Risk Concentration
The portfolio is concentrated in Russian equities, exposing it to country-specific risks including geopolitical tensions, international sanctions, and regulatory changes. Additionally, the portfolio lacks diversification across sectors, with exposure to retail (X5), healthcare (MD Medical), and steel (NLMK). No single position dominates, but the overall country risk is high.
What to Watch
- Geopolitical developments: Any escalation or de-escalation in the Russia-Ukraine conflict could significantly impact the portfolio.
- Sanctions: New or eased sanctions affecting Russian companies or the MOEX.
- Commodity prices: Steel prices for NLMK and consumer spending for X5.
- Central bank policy: Interest rate decisions and inflation data.
Conclusion
All positions remain within their minimum holding periods and are protected from closure. No portfolio-management reason exists to close any position at this time. The portfolio continues to align with its region/country mandate. We will monitor for thesis breaks or catalyst failures in the coming weeks.
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.