Oppenheimer Fund Raises its Stake in ALROSA to 2.4%

Oppenheimer Developing Markets Fund, which owns shares of Russian companies worth nearly $3 billion continues expanding of its stake in a leading independent gas producer in Russia. As of December, 2012, the fund held 4.57 million GDRs of Novatek, which was equivalent to 1.5 % of the company’s share capital. This share was thereinafter expanded to 1.8%, totaling 2.1% as of the beginning of September last year, and rose to 2.17 % by December.
Within the period from December to February Oppenheimer Developing Markets once again increased its share in Novatek, and at the beginning of March 2014 it was holding 7.489 million GDR of Novatek with the market value of nearly $950 million, or 2.47% of the share capital, according to the report filed by the fund.
Oppenheimer Developing Markets is one of the largest funds specializing in investing in emerging markets, its investment volume at the beginning of March reached $38.6 billion.
Until the recent time its portfolio consisted of only four Russian companies, namely Novatek, Magnit, Yandex and Eurasia Drilling Co., and in October last year OJSC ALROSA was added to the list. Oppenheimer was one of the key participants of the recent IPO of the diamond monopoly.
As of the end of November, Oppenheimer Developing Markets controlled about 2.16% share in ALROSA valued at $168 million. By March 2014 the share rose to 2.42% (178.2 million shares worth $192 million), according to the report.