Russian equities performed strongly in the first five months of 2021. MSCI Russia was up 14.1% and despite strong performance Russia remains in a deep value territory. Equities in the RTS Index still trade on the aggregate PE multiple of 7.1x 20201 earnings offering 48% discount to EM peers on the aggregate PE basis. Dividend yield of the RTS index is enormous 6.9% and 3 times higher than MSCI EM index dividend yield. A 24% EPS growth projection for Russia for 2021 makes 2022 multiples look even more modest and valuations supremely attractive.

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Russian equities performed strongly in the first five months of 2021. MSCI Russia was up 14.1% and despite strong performance Russia remains in a deep value territory.