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MOSCOW, January 30. /ITAR-TASS/. Oppenheimer Developing Markets Fund has almost doubled investments in Russian corporate stocks last year, the fund reported.
Oppenheimer’s investments in Russia amounted to $2.9 billion (7.5% of the total portfolio) as of November 30, 2013 against $1.7 billion (6.5% of portfolio) a year before.
The fund holds $839 million worth of Yandex’ shares (21 million stocks, more than 7% of capital), retailer Magnit’s shares in an amount of $835 million (3 million, 3.4%), shares of the oil service group Eurasia Drilling worth $178.2 million (4 million, 2.7%), depositary receipts of the gas producer NOVATEK of $867 million (6.6 million, 2.4%) and $168 billion worth of diamond miner ALROSA’s stocks (159 million shares, about 2.2%).
In May — late November, 2013, Oppenheimer reduced its investments in Magnit by more than 10% and sold about 15% of its stake in Eurasia Drilling, while increasing investments in Yandex by more than 10%, boosting investments in NOVATEK and adding to its portfolio ALROSA’s shares bought at the offering on the Moscow Stock Exchange.