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Hedge Fund H2O Holds On to Ruble Bets as Exiting Would be a ‘Gift’ to Putin

  • Manager writes letter to investors after steep drops
  • Russia foreign exchange market still functioning, H2O says
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H2O Asset Management said it is maintaining its exposure to the Russian ruble in part because exiting its positions would be a gift to Vladimir Putin.

“We consider that selling Russian assets, among which currencies, at such discounted rates is a counterproductive ‘gift’ to buyers, among whom the Russian government,” London-based H2O said in a letter to investors seen by Bloomberg News.