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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Russia funds seek safety after crash of 2008 Reuters - Saturday, February 7 MOSCOW, Feb 6 - Russia's stock market may be one of the cheapest in the world, but even some of its most hardened supporters are putting this year's investment plans on hold until the rouble and the oil price settle down. ADVERTISEMENT Investors at Russian brokerage Troika Dialog's Russia 2009 forum in Moscow said they were holding as much cash as possible and seeking out safe havens such as gold shares. Among Russian corporates and a group long-standing Moscow fund managers, the outlook for Russia's eventual rebound is intact despite a 74 percent fall in the benchmark index in 2008. "It's like a spring that's coiled tighter and tighter," said Anatoly Milyukov, head of asset management at Gazprombank, referring to the market's potential to rebound. For now, share prices between 2-times and 4-times 2009 earnings and a price-to-book ratio on the RTS Index <.IRTS> of 0.4 are failing to draw investor cash. "I would not be so optimistic about these assertions that Russian shares are so badly undervalued," said Maxim Tumilovich, Chief Risk Officer at VTB Asset Management. "Investors are not ready to lose 30-50 percent," Tumilovich said. Many analysts say Russian stocks will stabilise when the rouble, on a bumpy ride down as the government loosens control of the national currency, finds its equilibrium. Kevin Dougherty, manager of the Pharos Russia Fund, a top performer last year with a 37.7 percent decline, said the key was the price of oil, which has been dipping and rising above the $40 mark crucial to the budget and oil company profits. "The currency will stabilise if commodities stabilise," Dougherty said. SAFE HAVENS Fund managers at the Troika forum said they were holding up to 95 percent of their funds in dollar cash. A bullish outlook on gold is also luring Russian investors, giving it more appeal other traditional safe havens. Milyukov named shares in Polyus <PLZL.MM>, holder of the world's fourth-biggest gold reserves, which outperformed the RTS by 70 percent since Russia's collapse in September. DIVIDENDS "Shares have fallen to the level where dividend yield is attractive," Tumilovich said, naming oil shares, telecoms and other companies where controlling shareholders remain leveraged, suggesting they will be interested in large dividend payouts. Among the telecoms, Tumilovich said a good dividend bet was mobile network MTS <MBT.N>, whose majority shareholder, the Sistema <SSAq.L> services group, has its own debt to pay down, as well as other leveraged units. Investors' new darling is No. 4 oil company Surgutneftegaz <SNGS.MM>, once reviled for hoarding cash instead of investing or paying it out as hefty dividends. The fall in share price has changed the maths. BONDS "Equity will continue to suffer if business conditions remain difficult, but companies will strive to keep making interest payments, especially on their Eurobonds, and so barring insolvency the returns will be excellent," Dougherty said. "And if there is a recovery in the business outlook you are going to get equity like returns from Eurobonds." For a story on the Troika forum, see [ID:nL4404018] (Reporting by Melissa Akin; Dmitry Sergeyev and Gleb Bryanski; Editing by Andrew Macdonald) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Russia funds seek safety after crash of 2008Reuters - Saturday, February 7 Oil remains near $40 on mixed newsAP - Friday, February 6 Russia c.bank sees $39/bbl oil as rouble supportReuters - Thursday, February 5 Oil rises to near $41 on stocks, OPECReuters - Thursday, February 5 Related Articles: Business ECB has room to cut rates-IMF's Strauss-KahnReuters - 1 hour 4 minutes ago Japan's Pioneer to quit flat-panel TV business: reportAFP - 1 hour 27 minutes ago Sinopec raises Shanghai gasoline prices -paperReuters - 1 hour 43 minutes ago Pakistani cenbank sells 12.5 bln rupees of T-billsReuters - 2 hours 3 minutes ago Regulators close 3 more U.S. banksReuters - Saturday, February 7 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Bus-sized boa slithers into record books Toyota warns of 4.9 bln dollar annual loss French 'rogue trader' blames bosses 'Horrifying' year for SAS ends with losses, layoffs Volvo Group reports big loss but share price soars View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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