Hermitage Capital Management is the premier international investment advisory firm dedicated to serve the investment needs of a wide range of financial institutions, corporations, high net-worth individuals and foundations throughout the world. Our main investment product is the Hermitage Fund that ideally suits investors looking for a solid diversification, wanting an exposure to Russia or aiming to capture the value of Russian stocks with the most attractive risk-reward characteristics.

We recognize the need to provide our clients with the chance to participate in opportunities created by Russia's on-going transition from a state-owned and government-controlled economy to the realities of the market economy and private ownership. Our goal is to understand our clients' financial goals, and to reach those goals through the delivery of superior financial opportunities.

Our investment process is highly structured and includes both quantitative and qualitative analyses. Macroeconomic analysis is used as a tool to dictate overall market exposure. A ranking of stocks' valuation is made through the use of proprietary tools covering Russian public equities. Companies with attractive valuations and their management's stance on corporate governance are thoroughly assessed.

Robust analysis of economic and political trends, in-depth studies of individual companies and unique local insight allow us to identify the most attractive investment opportunities for the Hermitage Fund portfolio and our clients.

Why to Choose Hermitage

A substantial commitment of time and energy is required in order to achieve success in investing in Russia. Here are the four reasons why our clients have engaged Hermitage Capital Management as their investment advisor:

1. Reliability
2. Focus
3. Alignment of interests
4. Perspective and discipline

Reliability - Our clients can rely on Hermitage Capital Management, our long-term track record and commitment to Russian equities. By investing with us, our clients can have peace of mind and more time to follow other investments. We place a high value on ethics and integrity in relationships, and this has helped us attract and keep major international investors as our clients and HSBC as our business partner.

Focus - The Russian market has a multitude of historical aspects that are hard to interpret even for an experienced investor. What are the driving forces of the Russian stocks? What if the Russian equities are about to re-rate? Which stocks would you buy? For many years, we have managed money for companies and individuals, including many investment professionals who prefer us to concentrate on the Russian equities.

Alignment of Interests - Hermitage Capital Management has a simple fee structure that is linked to achieving certain performance targets. Effectively, our interests are aligned with the interests of our clients. Our incentive is to avoid risks which would harm capital, minimize trading costs and focus our research and investments on securities with the greatest upside value.

Perspective and Discipline - CEO of Hermitage Capital Management, William Browder, is one of the most seasoned Russia specialists. He has been continuously involved with the investments in Russia since 1993, three years prior to the first time Russian equities appeared on the radar screens of many international investors. The team of Hermitage Capital Management has the unique perspective to determine which strategies yield the best long-term results and the discipline to hold to these strategies through the inevitable corrections and bear markets.

Our disciplined value-based approach, which has been at the core of our investment philosophy, has turned Hermitage Capital Management into the leading international investment advisory firm specialized in Russian equities.