Finding Value in Russia: Gazprom Not The Only Cheap Stock

At the time of writing, the Russian MICEX Index (MCX:MICEXINDEXCF) has slumped 9.3% year to date, compared to the MSCI World index, which has ticked higher by 4.2% over the same period; Russia has underperformed by 13.5% during the past five months alone. Over an extended period the performance gap only widens. Russia’s underperformance Over the past year, Russia has underperformed the MSCI World by 25.5%, and nearly 60% over the past three years. This consistent underperformance has taken Russian stocks down to levels not seen since 2010, although they are still far off the lows reported during the depths of…