Renaissance Asset Managers: Russia Sets Course for Infrastructure Boom
OREANDA-NEWS. May 18, 2012.
Infrastructure is crucial to the modernisation and diversification of the Russian economy away from its dependence on natural resources - something the Russian authorities are likely to implement following street protests demanding political and economic reforms and improved living conditions, according to RAM.
RAM expects
“We will witness significant investment over the coming three years,” says Takouhi Tchertchian, advisor of the Renaissance Infrastructure Equities Fund at RAM. “We call this the Infrastructure super-cycle, and based on evidence from other emerging market countries where this has happened before, such as
RAM cites parallels for Russia in other emerging countries that have undergone economic reforms, and re-rated sharply as a result – among them Brazil, Indonesia and Turkey, noting that Indian infrastructure plays have been some of the world’s best-performing stocks since the advent of the BRIC grouping. Russian infrastructure stocks are cheap in comparison with their emerging-markets peers, as illustrated in the table below.
“Our Russian Fixed Income and Russian Equity Allocation products are global leaders in their categories,” says Barbara Rupf Bee, CEO of Renaissance Asset Managers. “We are already the largest private manager of infrastructure assets in
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