FLOWS AND POSITIONING: Sanctions On, Risk Off
In June, ATON’s affluent and high net-worth clients increased cash positions in USD and RUB and sold equity and fixed income securities following the US Senate’s sanctions deal. Mounting fears of oil oversupply and that interest rates may decline faster than expected made the O&G and financial sectors most unloved in June. Leading dividends (8% yield) turned Transneft prefs into a top buy before the ex-div date of 6 July. A sell-off of Sberbank shares took place following a court decision to satisfy Transneft’s claim based on losses from derivative instruments. Investment style was again skewed towards names benefitting from a stronger RUB, while interest in high-dividend names started to fade after some companies went ex-div in June.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.