Following Russia’s invasion of Ukraine on 24 February 2022, dealing in the East Capital Russia Sub-Fund has been suspended as of 1 March 2022. This means that investors are currently unable to place subscription or redemption orders in the Sub-Fund until further notice.
For the same reasons, the calculation of the net asset value (NAV) for the East Capital Eastern Europe Sub-Fund has also been suspended as of 1 March 2022.
East Capital continuously monitors developments, always with a focus on acting in the best interests of our clients.
This is done through dialogue with other market participants, advocacy work aimed at enabling the reopening of the Russian stock exchange to foreign investors, and, where possible, carrying out portfolio sales where prices are considered reasonable.
Portfolio Comment Q1 2026 - East Capital Russia Sub-Fund
East Capital Russia fund remains suspended, although the indicative total USD return was 4.0% in the quarter.
As of 31 March 2026, the indicative NAV of the Russia fund was USD 58 million. Around 25% of this was held in cash, 58% in liquid Kazakh holdings and the remainder in GDRs that have been relisted on the Astana International Exchange. The largest of these positions is Solidcore, a gold mining company with purely Kazakh assets, representing 11% of the portfolio.
The fund’s largest holding Kazatomprom, accounting for 37% of the portfolio. It is the world’s largest uranium producer and by far the lowest-cost producer. Its stock returned 44% during the period as energy prices rose and interest in nuclear power increased. Having recently met with the Chief Executive Officer and the Chairman of the Board, and it is evident that the company is intensifying its efforts to raise market awareness of both the broader uranium and nuclear investment case, as well as of the company itself. Kazatomprom continues to trade at a substantial discount to its US-listed peer, Cameco.
We remain engaged in a number of corporate actions, although no cash was realised during the quarter.
As from 1 March 2022 and until further notice, the calculation of the net asset value (NAV) for the East Capital Russia Sub-Fund has been suspended. The latest official net asset value for the Sub-Fund is as of 25 February 2022. An indicative NAV continues to be calculated for information purposes only.
As from 1 March 2022 and until further notice, the calculation of the net asset value (NAV) for the remaining part of the East Capital Eastern Europe Sub-Fund has been suspended. The latest official net asset value for the remaining part of the Sub-Fund is as of 25 February 2022. An indicative NAV continues to be calculated for information purposes only.
Distribution for East Capital Russia Sub-Fund (april 2025)
We continue to work actively in the best interests of our shareholders in the East Capital Russia sub-fund.
Despite challenging market conditions, we received regulatory confirmation to proceed with a capital distribution. Following the consideration of the Board, an initial disbursement of approximately EUR 30 million, representing around 10% of the fund’s last formal NAV (as of 25 February 2022) has now been completed. The disbursement marks an important step in our continued efforts to return value to our investors.
Eligible shareholders should have received a formal notice with further details.
Clients who have invested via ECG Direct will find more information by logging in to the Investment Portal.
Updated 12 June 2025
East Capital Eastern Europe Sub-Fund
Following Russia’s invasion of Ukraine in February 2022, the calculation of the net asset value (NAV) for East Capital Eastern Europe was suspended as of 1 March 2022.
In September 2023, the fund’s assets were reorganised, with Russian assets allocated to separate mirror share classes. The liquid part of the fund was reopened for subscriptions and redemptions, while the illiquid part remains closed.
On 31 March 2025, the liquid part of the fund was merged into East Capital New Europe. The remaining illiquid portion remains suspended.
More information
Reporting of the fund's historical returns does not consider inflation.
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