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This was the position at end March as published on JPM website:
Holding RUB Price 28th May GBP 28th May GBP value Security Description Market Value % of Fund Security No. NAV weighting
842,766.000 £- HALYK SAVINGS BANK OF KAZAKHSTAN JSC GDR USD 6,381,633.16 39.64% B1KDG41
97,567.000 £- JSC KASPI.KZ GDR-REG S 3,705,122.97 23.02% BMXZ8G7
4,198,000.000 3.39hkd £0.34 £1,423,122.00 UNITED CO RUSAL INTERNATIONAL PJSC COMMON STOCK HKD 0.656517 1,994,935.13 12.39% BNGCVV8 140.18%
65,502.000 25.7eur £21.85 £1,430,891.19 NAC KAZATOMPROM JSC 1,537,243.66 9.55% BGXQL36 107.43%
1,851,004.170 £- £- JPM USD LIQUIDITY LVNAV X (DIST.) 1,405,843.79 8.73% 7253766
14,225,993.000 294.500 £2.95 £41,895,549.39 GAZPROM PJSC ADR 217,503.63 1.35% 0H6364S 0.52%
16,810,961.000 121.000 £1.21 £20,341,262.81 SBERBANK OF RUSSIA PJSC 202,634.86 1.26% 0H5855S 1.00%
71,192.000 20,162.000 £201.62 £14,353,731.04 MMC NORILSK NICKEL PJSC COMMON STOCK RUB 1 130,695.98 0.81% 0H5804S 0.91%
624,696.000 4,290.000 £42.90 £26,799,458.40 LUKOIL PJSC ADR 126,093.83 0.78% 0H6400S 0.47%
3,719,692.000 401.000 £4.01 £14,915,964.92 ROSNEFT OIL CO PJSC 65,392.94 0.41% 0H6367S 0.44%
180,877.000 4,520.000 £45.20 £8,175,640.40 MAGNIT PJSC COMMON STOCK RUB 0.01 51,469.04 0.32% 0H5813S 0.63%
1,265,335.000 414.550 £4.15 £5,245,446.24 GAZPROM NEFT PJSC COMMON STOCK RUB 46,510.92 0.29% 0H5803S 0.89%
1,301,425.000 391.000 £3.91 £5,088,571.75 TATNEFT PJSC COMMON STOCK RUB 42,587.00 0.26% 0H5822S 0.84%
6,156,103.000 58.390 £0.58 £3,594,548.54 ROSTELECOM PJSC COMMON STOCK RUB 40,120.41 0.25% 0H5802S 1.12%
21,233,273,216.000 0.020 £0.00 £4,246,654.64 VTB BANK PJSC COMMON STOCK RUB 0.01 38,381.64 0.24% 0H5837S 0.90%
4,003,270.000 £- £- DETSKY MIR PJSC COMMON STOCK RUB 0.0004 31,493.16 0.20% 0H5850S #DIV/0!
169,819.000 £- £- YANDEX NV COMMON STOCK USD 0.01 24,428.45 0.15% 0H6379S #DIV/0!
432,517.000 £- £- MD MEDICAL GROUP INVESTMENTS PLC GDR USD 18,724.39 0.12% 0H6371S #DIV/0!
12,313,057.000 £- £- SISTEMA PJSFC COMMON STOCK RUB 0.09 14,073.63 0.09% 0H5808S #DIV/0!
230,421.000 960.000 £9.60 £2,212,041.60 NOVATEK PJSC COMMON STOCK RUB 0.1 12,705.44 0.08% 0H5828S 0.57%
577,525.000 £- £- FIX PRICE GROUP LTD GDR 4,123.15 0.03% 0H6372S
75,226.000 £- £- TCS GROUP HOLDING PLC GDR 1,824.30 0.01% 0H6380S
59,546.000 £- £- POLYUS PJSC GDR 1,763.79 0.01% 0H6381S
275,182.000 £- £- X 5 RETAIL GROUP NV-REGS GDR 1,110.64 0.01% 0H6365S
365,735.000 £- £- NOVOLIPETSK STEEL PJSC GDR 878.33 0.01% 0H6378S
552,780.000 £- £- SEVERSTAL PAO GDR USD 252.32 0.00% 0H6368S
Total portfolio £149,722,882.92 16,097,546.56 100.00%
Not sure if that's going to post very well...
Their communication is shocking - couple of weeks ago it had it all as say eg 14mm "Gazprom" then the update of holdings at the end of May 22 for example had
8,860,909 GAZPROM PJSC COMMON STOCK RUB
5,365,084 GAZPROM PJSC ADR
etc etc
IN fact here it is
https://am.jpmorgan.com/gb/en/asset-management/per/products/jpmorgan-russian-securities-plc-ordinary-shares-gb0032164732#/portfolio
Did sums just the other day, ignored ALL GDR/ADR, added on the 14.591mm cash, got current MOEX prices and exch rate and think it was £3.55 per share if could sell on the MOEX, nothing else needed. Think I then added all GDR/ADR equivs (at current MOEX prices) and was 5.50 odd.... tick tock tick tock
OK, B56CB23 seems to Sberbank shares, not DRs. Not sure if that was converted or always there.
I googled a few by "security no." They all seem to be depositary receipts. Is there an example of a real-shares position in there that you can see?
This fund should be more able to do the cancellations (conversions) than almost anyone. There must be legal problems; perhaps UK-specific. I haven't seen even one UK person do a conversion.
Decided to reposition and take some losses elsewhere. Increased my position more here this morning so very happy indeed. Lots of resistance at 70 but we break this and then healthy gap up as mentioned yesterday. This all goes out the window if we have something positive from the Kremlin GLA
The latest portfolio (31st May) on the fund website suggests that some DRs are, or have been converted
Blimey, some posts! There’s a much more active JRS group on Telegram btw. Search for JP Morgan JRS
Hi Indigoblue, I only have 1/10th your holding but I agree with your sentiment - we are buying at what could be deal of the century prices here once the Ukraine war ends and as the sanctions fall way and reveal that the companies invested in are still in good order and they are being marked down to ridiculously low levels that reflect current circumstances and not underlying value. I have invested here for the capital return but it is the dividend that really interests me and I will not be selling any shares until most sanctions are lifted and I can see alternatives that offer better long term income potential.
Daily chart and 4hrs loook well primed for a gap to the 80’s. Chunky buys the last couple of days. Increased my position here today by another 20k. Now holding 50k. Confident for the long term. £350k investment it would cost me before invasion ??GLA
Is there any word on how DR conversion is going for JRS? The RNS seems to suggest that none has happened so far.
I would have thought that if anyone in the UK can get the conversions done then it's this fund.
Still no results? Website says June. Bloomberg said they'd be published yesterday. JPM told me end of July.
148k shares sold and 999 bought?
Yes, ok, lol.
Just goes to show how figures can be twisted if you set the bid and ask right.
Hurray! The JP Morgan website has finally posted an updated portfolio, providing clarity on which holdings are DRs.
Where the f are the results? Well overdue
Slownsteady - great posts.
Butt out. It's not our war. Nor will it ever be. It's bankrupting us.
The Ukrainians are cut from the same cloth as the Russians. They are no angelic supermen and women who are holding back the "evil hordes" from invading Europe. Incidentally, I have been there on several occasions, so know (very) intimately the mischief the British and the Americans (through the Canadians, who have a large Ukrainian diaspora) have been up to.
And Ukraine is no beacon of world liberalism. As a non-white (elderly) person, I have never felt more uncomortable than in any other country. I have even been shoved in the back for no reason, and threatened by their "Ultras" at their wonderful Olympic Stadium. (I popped along for a Kiev vs Chelsea Football match on one of my visits).
And no, I am no Russian bot or whatever they call it. A real life flesh and blood Brit.
I posted the below as it was penned by Jeremy Warner (an Economist I have a lot of regard for). The DT (and especially their readership) on the other hand...
Slownsteady - So what are you suggesting should be done if you don't think that sanctions are working?
What is more, the sort of price cap envisaged may or may not be tolerable for low cost producers such as Saudi Arabia, but it will likely render higher cost production uneconomic. At a time when the West is furiously trying to find alternatives to Russian energy, this looks particularly stupid.
None of this is to lightly dismiss the scale of the problem the G7 is facing. Sanctions against Russia are all very well, but one of the effects has been to put a rocket under energy and food prices, such that it is sometimes hard to know who sanctions are damaging most - Russia or the West.
In any case, Putin is getting a lot more for his exports of oil and gas than he could otherwise have hoped for. The Russian despot is still in the money, even at the deeply discounted prices he is forced to sell at in Asian markets, and therefore has no difficulty continuing to fund his war in Ukraine.
Russia’s current account is in massive surplus, and the rouble is consequently strong. Moscow did admittedly default on some of its external debt this week, but this had nothing to do with inability to pay. Rather it was because sanctions prevented payment. It was therefore a somewhat meaningless default.
The dismal truth is that sanctions are not working in the way that had been hoped. Putin is progressively losing his Western markets, but at this stage it doesn’t really matter because skyrocketing prices provide compensating rewards. At the same time, sanctions have greatly contributed to a politically destabilising cost of living squeeze across the Western world. Putin can reasonably claim to be winning the economic war, even if the physical one is in stalemate.
The G7 intention is simple enough - to reduce the amount of money going to Russia while at the same time countering one of the main causes of rising inflation. Yet even if it were possible to impose such controls internationally, the long term consequences for supply would still be deeply negative.
A number of developers have already threatened to suspend promised new investment in North Sea oil and gas because of Britain’s imposition of a windfall profits tax. A price cap would have much the same effect, but on a grander scale, further undermining the quest for greater energy security.
Even before the pandemic, politically driven net zero targets had prompted a growing hiatus in oil and gas investment.
Collapsing demand for hydrocarbons during the pandemic further reduced the investment required even to keep things ticking over, let alone meet the additional demands now being put on the industry to provide alternatives to Russian energy.
A couple of weeks back, Biden’s White House urged refiners to do their “patriotic duty” by expanding capacity and cutting their prices. The obvious contradiction here went entirely unrecognised. You are unlikely to increase supply if you are also trying to control the price.
Russia could of course take the view that a capped price would be acceptable if it means tha
The dismal truth is that Putin is winning the economic war
There is bad policy, and then there is really bad policy. I was wondering when the idea of imposing price controls as a means of countering resurgent inflation was going to make a reappearance, and then sure enough, up it pops at the latest summit of G7 political leaders in the Bavarian mountain resort of Schloss Elmau.
It sounds so simple, doesn’t it? Confronted with out of control inflation, all you have to do is limit the prices that producers are allowed to charge, and the problem goes away.
Only it doesn’t. Price and wage controls were extensively tried in both Britain and the US during the 1970s; they didn’t work then, and they won’t work now.
Here’s the US economist Milton Friedman explaining why: “We economists don’t know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can’t sell tomatoes for more than two cents per pound. Instantly you’ll have a tomato shortage. It’s the same with oil or gas.” There is not much point in making high prices illegal if the end result is closed petrol forecourts and empty supermarket shelves.
But if you bear with the inflationary shock, eventually it creates more supply and prices come down again.
This most basic of lessons in economics does not appear to have had much impact on the thinking of France’s Emmanuel Macron. What began as a proposed cap on the price of Russian oil and gas, leaving other producers unaffected, all of sudden - and to the astonishment of the world’s largest producer, the US - transmogrified in the mind of the French President into price controls for all oil and gas production.
This is never going to fly, but somehow or other, the idea seems to have crept into the G7’s final communique, which reads; “We will take immediate action to secure energy supply and reduce price surges driven by extraordinary market conditions, including by exploring additional measures such as price caps.”
Presumably, the communique meant just Russian exports, for it is hard to see how even this might be made to work, let alone a blanket cap. We don’t yet have a world government, however fondly G7 leaders might imagine they amount to one, so imposing such a regime across borders would be well nigh impossible.
Some countries do indeed control the retail price of energy - notably in the Middle East, Latin America and the subcontinent. But to say we won’t allow fuel to be sold above a certain price level is not only exceptionally costly to governments and retailers when wholesale prices are high, but also quite different from the current suggestion of refusing to buy at any more than a defined price.
The response from the producer may well be that of simply refusing to sell, as is all too possible with Russian supplies to Europe if buyers are banned from paying the going rate. If that were to be the response, it would send prices higher still.
What is mor
£0 sells but £225K buys... seems legit
the vol of sales and buys are not accurate as we know,
however !! i dont know about any of the rest of you on these boards but in all my time investing i have had many many buys marked as a sell but never one single time have i ever had a sell marked as a buy, funny that eh
I don't think they are as all of my previous buys have gone through as sells so looks to be not very reliable. Either way, there is a peace agreement or not, that what is all comes down to.
Vol. Sold 12,520
Vol. Bought 499,060
If those numbers are correct, that's really encouraging.
Not to worry katenip. More to do with number of holdings, diversification of the portfolio, I suspect. I've had one as well (several weeks ago). I ignored it, as I see my holdings as part of a larger portfolio held elsewhere.
They're covering their behinds and laying the groundwork for you to access their (fee earning) Financial Advice service.
generic email. not tailored to you