Pictet's Eastern European Trust benefits from Russia underweight

The Pictet-managed Eastern European Trust has issued a September update pledging to use Russian volat...

The Pictet-managed Eastern European Trust has issued a September update pledging to use Russian volatility as a buying opportunity. Manager Peter Jarvis has said the Russian invasion of Georgia and the rapidly falling oil price were dominant news items this month. “Relative performance was supported by our underweight position in the Russian oil sector and from our second tier holdings in Turkey that joined in with the blue chip rally from July,” he said. “Absolute performance, however, was very weak as markets suffered heavily from the increased risk following events in Georgia. But...