NEW YORK, Dec. 16, 2010 /PRNewswire/ -- John Connor, Portfolio Manager of the Third Millennium Russia Fund (TMRFX), predicts that the Russian Stock Market in 2010 will end the year, among the top worldwide. "Our Fund is now up 20% year-to-date, besting both the MICEX and RTS indices. And Russia is, by far, the cheapest of the BRIC countries."
Mr. Connor commented, "Despite continuing negative publicity, Russian exports to China and other South and East Asian markets remain strong -- $90 oil of course forms a solid base." He also noted that this is especially true with the fundamentals of steel companies: Novolipetsk (NLMK), Mechel (MTL), Severstal (SVST) and the fertilizer company Uralkaliy (URKA).
In addition, Mr. Connor acknowledged: "The Russian middle class continues to prosper, fueling the forward momentum of retailers X5 (FIVE), Magnit (MGNT) and Dixy (CLS). Recently the Fund established a Pharma Sector. The companies selected by the Fund include Protek (PRTK), Pharmstandard (PHST) and Veropharm (VRPH), which are all performing well as the middle class continues to buy more prescription drugs."
Mr. Connor recently accompanied the Silicon Valley Delegation headed by Governor Arnold Schwarzenegger to Skolkovo to meet with President Dmitry Medvedev. He learned that Skolkovo Business School was financed privately by leading Russian oligarchs. "Our leaders and founders of the American venture capital industry were impressed by the real prospects for commercializing Russian innovation deriving from their scientific acumen and capital investing capabilities. 2010 was a positive year for Russia as it saw no financial scandals or crises and winning the World Cup designation for 2018 portends substantial infrastructure expenditures and buoys their optimism for the future that opens opportunities for investors to benefit."
About Third Millennium Russia Fund
Third Millennium Russia Fund (OTC: TMRFX) is an open-ended mutual fund focusing on the oil sector, commodities, consumer stocks and a broad selection of other audited, market leading public companies. John Connor, the fund's manager has been involved in Russia for more than 30 years running an insurance company in Russia, acting as deputy director of the U.S. Commerce Department's Bureau of East-West Trade, and establishing and heading the Moscow office of the US-USSR Trade and Economic Council. Mr. Connor is also the author of "Out of the Red: Investment and Capitalism in Russia," published in 2008. Third Millennium Russia Fund is available through TD Waterhouse and Charles Schwab & Company. For more information on Third Millennium Russia Fund, visit their Web site at: www.worldfunds.com, or call 1-800-527-9525.
SOURCE Third Millennium Russia Fund