Perhaps it's the new Russian Mutual fund that just started buying
To: Rob Shilling (60 )
From: Urlman Tuesday, Oct 13 1998 8:39PM ET
Reply # of 63
Tuesday October 13, 4:23 pm Eastern Time
Company Press Release
SOURCE: Third Millennium Russia Fund
Third Millennium Russia Fund: New No-load Mutual Fund
NEW YORK, Oct. 13 /PRNewswire/ -- John T. Connor, Jr., author of ''How to Get Rich In Russia,'' today announced the establishment of the Third Millennium Russia Fund, a new no-load mutual fund that intends to invest in the equities of Russian companies. Mr. Connor will manage the Russia Fund and the publication of his book was timed to coincide with the fund's announcement.
Mr. Connor said he is confident about the future of Russia, despite the current economic crisis. ''Long-term, Russia's natural and human resources and the Russian people's strong desire for success will again make investing in Russian companies attractive,'' he declared.
Mr. Connor noted the low valuations of Russia's major companies in the aftermath of a 90 percent decline from the peak of the Russian market. The Russian stock market was a high flyer, he added, in both 1996 and 1997, but since late 1997 has lost most of its value.
He said the Third Millennium Russia Fund may have one of the lowest price/earning ratios of any mutual fund. Low price/earning ratios tend to suggest the share price may be cheap compared with a fund's earnings.
''When we see more stability in the Russian currency, the ruble, and when the program of the new Government of Prime Minister Evgeny Primakov comes into better focus, these securities are almost certain to see renewed investor interest,'' Mr. Connor added. Connor noted recent dramatic strengthening in exchange traded ADRs. ''Where else can investors find a market with good fundamentals and such low multiples.''
The Fund's Marketing Director, Jonas M. Ferris, explained the fund's low $1,000 minimum investment: ''This is an aggressive, volatile sector fund, the average investor should not have too much exposure to this market,'' he pointed out.
Mr. Connor's new book is aimed at answering investors' questions about Russia and its public companies. The book focuses on the ''Top 10 plus 1'' stocks, together with economic, legal and regulatory developments in Russia over the past few years.
The companies featured in the book fall into three business sectors that, by Russian standards, have enjoyed good valuations and liquidity Oil & Gas (Gazprom, LUKoil, Surgut and Tatneft); Telecoms (Rostelecom, Uralsvyasinform, Tyumentelecom and Vimplecom); and Utilities (RAO UES, Mosenergo and Irkutskenergo). Each company is reviewed in some detail.
''We will be sending the book out with Prospectus requests,'' said Ferris. ''Investors need more background information on Russia.'' In addition to the book, fund investors will receive a quarterly newsletter on Russia, which will also be posted on the fund's web site: www.investinrussia.com. The web site contains links to various sources of news and investment information on Russia.
SOURCE: Third Millennium Russia Fund
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