Hermitage Capital Management Ltd. is the premier international investment advisory firm specializing in the Russian and CIS equity markets.

Hermitage Capital Management provides advice on the selection and management of assets for the leading Russia-dedicated public equity fund, the Hermitage Fund, since its inception in 1996. During that period Hermitage Capital Management has won the recognition among leading international investors for its outstanding performance in Russia and index-beating track record.

Our partner in managing the Hermitage Fund is HSBC Management (Guernsey) Limited - the Fund Manager.

Our clients include a diversified group of international financial institutions, corporations, insurance companies, pension funds, public endowments, investment advisors, family groups and high net-worth individuals based in the U.S., Europe and Asia.

Our distinctive capabilities make us the top Russia-dedicated investment advisory firm. Credibility, unrivaled expertise, unique local insight, on-the-ground operations and unmatched resources for interpreting industry developments and market conditions help us capitalize on the market opportunities, responsibly manage risks and realize an effective investment strategy in the Russian context.

1. Credibility
A credible track record is the number one factor in choosing an investment advisor in Russia. Hermitage Capital Management has a proven record of achieving superior long-term returns for our clients across the full breadth of market conditions and economic cycles.

Adherence to the highest ethical standards, integrity and firm commitment to improving corporate governance and shareholder rights in Russian companies has won Hermitage Capital Management credibility in the investment community and made us one of the best-performing and longest-standing investment advisory firms in Russia.

Our size, we manage the largest equity fund in Russia, is a true reflection of the confidence placed in us by international investors. It gives us an extra edge in developing advanced relationships among the local market participants and enables us to derive additional value for our clients.

2. Expertise
Experience and sophistication are imperative in building a sustainable Russia-specific investment advantage. It is the key towards developing and executing a successful equity investment strategy.

As one of the longest-standing asset management firms operating in Russia, Hermitage Capital Management has built up a unique expertise in approaching investments in Russian stocks, developing appropriate strategies and employing proprietary methodologies for unlocking the value of our investments. We have also learned from experience the importance of pursuing the risk-reward balance in realizing investment goals for our clients.

Our experience enables our investment team to make the right decisions at the right time, determine what information to look for, what companies to visit, what questions to ask, how to execute a trade, which tactics to use to increase the value of companies, and what moves to make in the light of important news and changing market trends.

3. Local Insight & Base
Our substantial advantage is firmly rooted in our unique local perspective and on-the-ground operations.

Most our investment professionals are based in Moscow and have a vast experience and specialized knowledge in managing investments in Russia. On top of that, the majority of the team are Russian nationals with a natural insight into the market realities and in-depth local knowledge. Our local insight is essential for conducting primary research and has been a crucial factor in our performance.

Having most of our investment team located in Moscow provides us with a considerable advantage over foreign-domiciled portfolio managers. A local base gives us more opportunities to develop relationships with companies and market intermediaries, meet with issuers, partake in and arrange local events. It ensures unhindered monitoring of the latest country and market developments, brings a greater understanding of the country-specific factors and trends and gives us a true insight into their relevance and influence on the Russian stock market and performance of individual stocks. In addition to providing us with unique knowledge and timely market access, the local operations also enable real-time management of our portfolio.

4. Resources
Making successful investments in Russia requires solid experience in fund management, preeminent proprietary research, reliable execution facilities, excellent administration and organization of settlements, all of which Hermitage Capital Management provides for our clients.


Hermitage Capital Management is virtually unique among Russia-dedicated asset management firms for combining all of these qualities and capabilities. This is what makes Hermitage Capital Management different from the rest of the market and what makes us the premier Russia-dedicated international investment advisory firm.