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Hedge Fund That Hasn’t Lost in a Decade Piles Into Russian Stocks

  • Amaryan’s flagship fund advanced 23% in 2020, topping S&P 500
  • Manager’s top stock picks include Yandex, Rosseti and Tatneft
Christmas Retail in Russia's Capital Amid Pandemic
Photographer: Andrey Rudakov/Bloomberg
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David Amaryan just pulled off a feat many investors could only dream of: His portfolios have rallied every year over the past decade.

The flagship fund at Moscow-based Balchug Capital advanced 23% in 2020, boosting its total return since inception in January 2019 to 91%, according to an investor letter seen by Bloomberg News. That compares with the S&P 500 Index’s 56% gain and MSCI Emerging Markets Index’s 41% return in that span.