Biryulov reaps massive Russian rewards

JPMorgan Russian Securities manager ponders the outlook for his trust after a year of solid gains in 2006

When Oleg Biryulyov joined JPMorgan's Russian Securities investment trust as an analyst 13 years ago, the former command economy was still struggling to cast off the shackles of its Soviet past. Today Russia, along with Brazil, India and China, has become one of the key emerging market themes for investors, fuelled by its huge oil reserves. Performance on the trust has been strong over the past decade. Over 10 years to 30 November 2006, the trust's net asset value has risen 933%, while its share price over five years is up 596.9% according to the AIC. After another year of solid gains -...