The ruble strengthened the most in more than a decade against the dollar in its first trading day of 2010 and Russian stocks surged as oil topped $83 a barrel and metals prices gained. “Russia stocks are flying because the oil price is significantly up since markets closed,” said Troika Dialog strategist Andrey Kuznetsov said in a telephone interview today.

“Oil prices have more than doubled since February 2009, boosting the earnings outlook for the world’s biggest energy exporter. Crude has risen in 11 of the past 12 sessions as freezing temperatures in the U.S., Europe and Asia stoked demand for heating fuel,” Denis Maternovsky and Jason Corcoran Report From Bloomberg.

“Gains in commodities last week spurred Russian-related securities higher in the U.S. and London while markets were closed in Russia. The Market Vectors Russia ETF (RSX), which holds 36 Russian-related securities and trades in the U.S., climbed 6.9 percent in the first week of 2010, and the Russian Depositary Index, a gauge of securities traded in London, advanced 5.7 percent,” Maternovsky and Corcoran Report.

“Russian stocks will do quite well this year, particularly if commodity prices keep on holding where they are now,” Mark Mobius, who oversees more than $30 billion in emerging-market assets as executive chairman of Templeton Asset Management Ltd., said in a Bloomberg interview on Jan. 8 from Singapore. “We will see many better opportunities in the consumer area, not only commodities. Domestic demand will drive the opportunities.”

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The investment (RSX) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the DAXglobal® Russia+ Index. The fund invests at least 80% of assets in stocks and Depositary Receipts of publicly traded companies domiciled in Russia. It normally invests at least 95% of assets in securities that comprise the index. The fund is nondiversified.

TOP 10 HOLDINGS ( 60.84% OF TOTAL ASSETS)

Company Symbol % Assets Gazprom OAO (EDR) N/A 7.85 JSC Gazprom Neft (ADR) N/A 4.53 Lukoil Company ADR N/A 7.68 MMC Norilsk Nickel ADR N/A 4.76 MOBILE TELSYS OJSC (MBT) 4.35 NK Rosneft’ OAO N/A 8.29 Novolipetsk Iron & Stl N/A 3.77 Sberbank Rossii OAO N/A 7.79 Surgutneftegaz OAO (GDR) N/A 7.33 VIMPEL COMMUN (VIP) 4.49

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