Hedge funds profit from Gazprom

Play Russia, managers say, it's a gas.

Eastern Europe continues to provide significant opportunities to investors, especially on the long side of their funds.

Liquidity constraints make short positions hard to come by: even in Russia, one of the region's bigger markets, there are only four stocks large enough to have significant short positions in, according to William Browder, chief executive of Hermitage Capital Management.

Perhaps fortunately for hedge funds playing the region, Browder thinks none of these are prospective shorts at

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