Understanding sovereign risk

The multi-award winning Ashmore Russian Debt Portfolio is up a staggering 1038% over three years. However, its annualised return since launch in October 1996 is a little more modest, +18.45%.

But the recent performance has been so good that London-based Ashmore Investment Management is a little shy about it. Candidly, Ashmore's head of research, Jerome Booth, confides he tends to promote other funds which have not had such startling results. The fund's size is testament to this, at just $35m it

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