Russia/Templeton Russia Fund (TRF) Message Board

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Strategies & Market Trends : Russia/Templeton Russia Fund (TRF)

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To: Still Rolling who wrote (53)	2/27/1998 4:27:00 AM
From: Thomas Haegin	Read Replies (2) of 94

Craig and all threadsters here, I made a move on my Russian holdings: sold TRF and bought INKBY (Inkombank) ADRs. I bought them on the Berlin Stock Exchange in Germany. But they are traded OTC in the U.S. also as fara as I know. While I undertand that Mobius and co. do a very good job in Russia for us, I still think a 33% premium over NAV is a very stiff markup. So I thought why not go for a direct holding. I know Inkombank from my days at the bank in Zurich (not long ago). They always fulfilled their commitments, we never had any troubles. They are the no.4 or so bank in Moscow. They have relatively good managment and infrastructure. They publish their financials according to IAS, their auditors are Price-Waterhouse. I can take that risk. Other good Russian plays are LUKoil, Tatneft, Sibneft, Mosenergo, Irkutsenergo and U.E.S., all IMO. It's really not that I was discontent with TRF. It's just that I think with a premium of 33% there is a relatively big downside risk. And if Russia and it's markets do well, the banks will profit also. Best to all - your views always welcome. Thomas

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