The Mean-Reversion factor is driven by volatility. Allocating tactically when volatility is high generates an attractive payoff profile. The strategy can be considered as a tail risk hedge for equity portfolios.

KWS continues to benefit from momentum across most service lines, which we attribute in part to the accelerated roll-out of new generation consoles and an inflection point in demand for gaming content. While margin trends may moderate in H2 as certa....

Russian stocks held gains despite signs of risk aversion intraday: The continued stream of strong earnings kept stock markets afloat amid worries over the spread of Delta Covid in the US and China and the regulatory crackdown on tech firms by the Bei...

Following completion of the Dixy acquisition, we updated our Magnit model to reflect the combined business potential. Overall the transaction changes Magnit’s investment case, as the company 1) gets lucrative locations Moscow and St. Petersburg (whil...

After delivering solid sales results during its 2Q21 trading sessions amid robust demand and inventory destocking, ALROSA seems on track to demonstrate material quarterly EBITDA increase. ALROSA’s average price for gem-quality diamonds recovered at a...

PhosAgro (PHOR: LI; E/W; TP $21.4/GDR) is scheduled to report its 2Q21 financials on Thursday. The bottom line, excluding possible adjustments, is estimated at RUB 23bn. We reiterate our E/W recommendation, based on the assumption that the current fe...