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The Russian equity market performed positively once again in September. The turbulence surrounding the Chinese property developer Evergrande briefly led to worries about Chinese growth, which benefited the commodity-heavy country to a particularly strong degree. However, the massive increases in natural gas prices are providing a great deal of support. The only negative development to report is that tax increases are planned for the metals, mining, and fertiliser sectors.
Financials and energy shares – particularly gas companies – are still preferred in the fund. These sectors are profiting from their cyclical orientation. However, holdings in the steel sector were reduced slightly.
The Russian equity market with its cyclical orientation is still in a good position as the global economy continues to develop well. (22.09.2021)
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