Why Investors Are Loading Up on Rubles
- Russia will give lucrative returns in `16, Stone Harbor says
- Currency gained most in emerging markets since January low
An employee counts one hundred Russian Ruble notes onto a counter.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Managers of some of the best-performing funds from Berlin to New York are buying Russian ruble assets as the currency has rebounded 23 percent from a record low.
Stuart Sclater-Booth, who helps oversee more than $40 billion at Stone Harbor Investment Partners, turned overweight on the ruble in mid-February and is betting it will appreciate to as much as 63 per dollar, which would be a 6.2 percent gain from Friday’s closing level. Lutz Roehmyer, who helps manage $12 billion at Landesbank Berlin Investment GmbH, said he adds ruble assets to his portfolio almost every day.