Russia is seen as global commodity powerhouse

BlackRock's Sam Vecht is bullish about the long-term prospects for Russia, arguing there is more to the country's economy than oil.

The manager of the £155m Eastern European trust says: "Russia is a global commodity powerhouse, but it is a play on everything, not just oil. "As well as dominating oil and gas supply, it also has large resources in most other significant commodities." Russia is Vecht's biggest holding, accounting for 61% of the fund. The manager, who took over the running of the trust last year, has a broad range of exposure including retailers, financials and pharmaceuticals. Vecht has also been increasing his fund's exposure to Turkey after having an overly pessimistic outlook for the country. ...