Speaker: Maarten van den Belt, Wermuth Asset Management CEO - Presenter: Axel Threlfall
you way. Good value Ryan now an equity markets. And decent or Babson macro environment with the political -- and the lack of Google. time who are getting they can decide. So that's and that's another Aztec god which. investment firm that would asset management is one of the biggest -- looking in Russia would ever billion dollars and Russian equity investment the company well placed of Brian. It's foreign investors on the country's latest. Privatized station plans that would -- a mountain on the -- joins us now live from. Scared -- the investor climate improved over the last couple of years with respect. I would say if you look at key macroeconomic environment that that definitely he had economy has improved. Because -- GDP growth of minus 8%. Lost here we see this here. Already -- growth well for now 5%. We're an inflation which is clearly under control I was struck me about 66 -- one cent. How how do you I'm. How do you way. Good value Ryan now an equity markets. And decent or Babson macro environment with the political -- and the lack of Google. Well EU you point out a couple of issues here. As we deal that at this moment do valuations in Russia are very little. We deal. To some extent too -- in some case testified that in many cases unjustified. And that as a communication affect us. One of them is obviously that this action -- Russia as an investment destination. And we feel that it in many cases Russia doesn't get. The credit which is due for instance home. A macro economic reforms which have started since. Two does 1998. Crisis yeah. At least he will and we see that seems that the 2008 crisis. -- reforms have really started in Russia so I can't point of view. How do you as an investment management capitalize on match guys on the improvement. We are constantly looking at assets which are undervalued but we're also looking looking forward that a new trends. Which Garrett coming to Russia. We are at this moment actually called directly pass the side we. He's testing us president key player in in Russia. And that this is something which. Where we feel that is value and and in Russia if you do your homework well and you know knowing the history and knowing where -- who moved to it's it's helped his cause and which. Charm and -- a lot of privatize nation on the company's gonna Daryn not societal. Problem which is that. Which companies specifically would you find it. We feel that. For instance. The the second problem is here next here. We feel that has -- to come a little interest Florida -- the second. The humorous slash hundreds secular again. Why finance. He killed that this -- To some extent has overcome. It's trouble started since. September 2007. When the international capital market -- close Russian banks. And we also. See that's pretty Russian banks are starting to go into consumer appliance again. One thing we should keep in mind is that Russia at this moment as a result of crisis as well as the highest. Savings -- In the hole in Europe which -- specifically your life. We'd like. Banks which are impressed. In. You know in its case actually. You -- We can -- that -- this fundamental changes happening at this moment. Spent on so. We feel that that this is a -- banking giants -- late you know. And see what's happening inside company. And especially you could get very excited you -- Florida also see ya got. We we also see if prior to play us who are not necessarily this at that. Who are probably go to these missiles over time who are getting they can decide. So that's and that's another Aztec god which. We should not get. If you weren't a state that beat beat beat you the controlling stake in the state won't won't won't keep in some of these companies and and the and -- I think you have to make a distinction there about what's heck are you talking. If you talk about DD oil secondly there are so called strategic sector we expect that. Did they -- stay -- state corporations little key. A finger in the -- If you look at that the financial sector we expect that over time the government. Will relinquish its control. We can see many state thanks. You know gradually moving to have more privacy zone players -- All right got to finish an automatic kind of trying to cut them down the mountain -- rounded out the.