FLOWS AND EXPOSURE: China Calls the Shots
In August, ATON’s affluent and high net-worth clients snatched up M&M equities on the assumption that China’s supply and demand outlook is experiencing a turnaround. This spurred a rally in base and ferrous metals and bulk materials, while in contrast, O&G stocks saw little love for the second month in a row. Due to the persistent USD devaluation in the quiet vacation period, there was also appetite for sovereign bonds (OFZs) i.e. low-risk RUB-denominated assets. Investors bought Evraz on evidence of its strong deleveraging and the resumption of dividend payments, and took profits in RUSAL and Dixy after both rallied 30%. Investment style was skewed towards large-cap names offering dividend yields above 7% and benefiting from a weak local currency.
Since its inception in 1991, ATON has built a reputation for combining in-depth local knowledge of the Russian market with the highest international standards in research, sales and trade execution. As a result, we have been able to attract many of the leading domestic and international institutional fund management groups as our clients. As one of the leading independent investment banks in Russia, we offer the full range of institutional brokerage service, including:
- Detailed fundamental analysis of economics, sectors and companies, with the widest coverage universe in Russia and the CIS;
- Timely trading ideas to help clients take advantage from short-term pricing discrepancies;
- Competitive prices and prompt execution of trades;
- An on-line platform providing easy access to all our research products and tools.
- Client-focused Service
- We employ state-of-the art technology to ensure the highest quality of investment services as well as the highest level of data protection.
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