To Buy or Not to Buy? Russia Rally Has Investors, Analysts Split
- UBS strategists bullish on equities, asset managers neutral
- Russian equities posted biggest three-month gain since 2013
A oil pumping jack, also known as a 'nodding donkey,' operates in a snow covered oilfield near a derrick, right, during drilling operations in an oilfield operated by Bashneft PAO in the village of Otrada, 150kms from Ufa, Russia, on Saturday, March 5, 2016. Bashneft is an upstream and down stream oil & gas provider which explores, produces and refines its own oil and gas which it extracts from brownfield reserves in the Russian Federation.
Photographer: Andrey Rudakov/BloombergStrategists from some of the biggest banks are growing increasingly bullish on Russian stocks after an oil-driven surge put them among the top performers in the world. Investors? Not so much.
Take UBS AG, for example. While equity strategists there turned bullish on Russia in July, the bank’s asset management division, which oversees $1 trillion for some of its richest clients, has a neutral position on the stocks.