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Mobius May Double Size of Russia Portfolio

Published: July 31, 2009 (Issue # 1496)


Mark Mobius said Wednesday that he plans to double Templeton Asset Managements emerging-market assets to $50 billion within two years.

Templeton may also allocate more funds to Russia, which could theoretically account for as much as 20 percent of its portfolio compared with 10 percent now, Mobius said in Volgograd. He didnt say how much of the portfolios growth would be because of the rising price of stocks and bonds.

Emerging markets will be the first to climb out of the crisis, and Russia will be one of the leaders, said Mobius, who oversees about $25 billion as executive chairman at Templeton. Authorities in those countries have the chance to act more promptly and decisively.

China is a top pick in emerging markets, followed by Brazil, and then India and Russia, Mobius said.

Before, purely driven by valuations, China and Brazil were cheaper. But now, Russian stocks look cheaper, so we expect Russian stocks to come up and become more important in Templeton funds, he added.

In Russia, Templeton is focused on commodity and consumer stocks, he said. Consumers are bad now but will be recovering and doing well next year.

Templeton may increase its 0.5 percent stake in RusHydro to as much as 10 percent, Mobius said. We dont have much investment in other Russian power companies because we feel RusHydro is the best, he said.

RusHydro is accepting bids until Aug. 10 for a secondary share offer at 1 ruble par value. Of a 16 billion share issue, the state has already used pre-emptive rights to buy 4.9 billion and private investors 2.3 billion, leaving the rest for the offer.





 


ALL ABOUT TOWN

Saturday, Aug. 23


Uppsala Park plays host to Fairy Noon today, a performance of five separate fairy tales ranging from folk classics to more haunting selections. There will be three different renditions of the tales throughout the day and tickets start at 500 rubles ($13.80) for adults and 300 rubles ($8.30) for children.


Classic Finnish cartoon characters the Moomins expect to receive a warm welcome from Russian fans during todays Moomin Festival at the Pearl Plaza Shopping Center at 51 Petergofskoye Shosse. Become a kid again or introduce a new generation to the beloved creation of Finnish writer Tove Jansson.



Sunday, Aug. 24


The tortured genius of Dutch master Vincent van Gogh gets his day in the centers Konnushnaya Ploschad during Make Art Like Van Gogh, a daylong celebration of the artist that will allow amateur artists to try and replicate the work that made the famed painter world-renowned.


Experience a variety of dances highlighting the diversity of the world around as at the final day of the Ethno-Dance International Dance Festival that has been at the St. Petersburg Humanitarian University of Trade Unions this past week. Tonights performance will feature Egyptian dancers accompanied by local orchestras.



Monday, Aug. 25


Today kicks off the Elena Obraztsovoy International Competition for Young Vocalists in the large hall of the Shostakovich Philharmonic. Talented youngsters will showcase their range over the next six days before a winner is chosen on Aug. 30.



Tuesday, Aug. 26


Love movies but hate all those words? Then check out Rodina Cinema Centers Factor of Consensus film forum this evening. Silent movie classics from the beginning of the 20th century will be screened and accompanied by a pianist, who will provide the soundtrack for the ongoing action. The screenings begin at 7 p.m. Check Rodinas website for more details.



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