Amaryan, 40, benefited last year by piling into a basket of “recovery” stocks, primarily US companies with strong balance sheets that tumbled in the early Covid-19 selloff. As those shares climbed, his fund trimmed its positions. He also turned bearish on Russia in February, shorting leveraged exchange-traded funds to protect against a decline in the ruble.
MOSCOW: David Amaryan just pulled off a feat many investors could only dream of: His portfolios have rallied every year over the past decade.
The flagship fund at Moscow-based Balchug Capital advanced 23% in 2020, boosting its total return since inception in January 2019 to 91%, according to an investor letter seen by Bloomberg News.
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