Richard Pickering

Nevsky Capital is an active manager which seeks to maximize absolute returns by investing long and short in global securities in both developed and emerging markets. They seek to identify pricing inefficiencies which result from inaccurate consensus forecasts of growth rates and the cost of capital both at the country and company level. In order to identify investment opportunities, the firm uses a structured approach based on growth, liquidity, assets and liabilities, currency, management, valuation and technicals. They employ top-down and bottom-up approaches, biased marginally towards bottom-up, since stock specific views contribute to asset allocation as well as stock selection. They utilize their research to build a proprietary database which consists of earnings forecasts for the top companies in the region and economic forecasts for the main countries in the region. Company insights are gained by the analysis of company accounts and meetings with company management, while economic insights are gained from meetings with economic policy makers and macroeconomic data analysis. The team compares their forecasts with market consensus expectations to generate portfolio ideas. Nevsky Capital selects stocks based on trigger events leading to a rapid fundamental reappraisal of a company and a consequent decision whether to buy/sell/or take no action.

Provides brokerage services