Will 2014 be Russia's Year?

Russia is the cheapest emerging market, but few people are looking at it. Today’s valuations are below long term averages, even for Russian standards

Alken Asset Management 27 December, 2013 | 8:47AM

This article is part of Morningstar's "Perspectives" series, written by third-party contributors. Here, Nicolas Walewski, Alken Asset Management ponders Russia's prospects.

You could feel things change in Europe during the summer months. European Central Bank president Mario Draghi managed to instil confidence in the region – with funds flowing back into Europe, to the detriment of the emerging markets.

The economic situation and investor sentiment has continued to improve since then and indicators suggest a moderate cyclical recovery. We have seen PMIs rise above 50 again for the first time in a long period and the cost of capital for a number of companies has fallen from very high levels and will likely continue doing so.

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About Author

Alken Asset Management  Alken Asset Management is an independent investment firm focused on European equities.

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