Schroders Fund Pushes Stake Limit in Sberbank on Russia Rate Bet
- GDRs have risen as much as 119% since January amid oil rebound
- Sberbank’s Moscow shares traded below book value until May
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Rollo Roscow has maxed out his holdings of Sberbank PJSC, the Russian lender that has surged as much 119 percent from late January. If he had his way, he’d probably buy more.
The advance in the London-traded stock comes after a 46 percent rally in 2015 and has been driven by a rebound in oil prices and a stabilization in Russia’s economic slump. Roscow, a portfolio manager at Schroders whose International Selection Emerging Europe fund has beaten 85 percent of its peers over the past year, says the advance has further room to go as the central bank’s resumption of rate cuts will reduce opportunity costs to invest in the stock, thus boosting its valuation.