CBL Asset Management

Morningstar awards highest rating to Citadele Russian Equity Fund

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Morningstar, Inc., the international investment research company, has awarded its highest five-star rating to the Citadele Russian Equity Fund, managed by Citadele Asset Management, a subsidiary of Citadele Bank, based in Riga, Latvia.

The five-star rating ranks the Fund above 90% of its competitors and is assigned for achieving higher and more stable return compared to the funds within the same investment category.

“We are proud that we can offer high-quality investment services to our clients,” says Citadele Russian Equity Fund manager, Elchin Jafarov. “Such high rating means additional international recognition to Citadele Asset Management and once again confirms the effectiveness of our long-term investment strategy.”

The Citadele Russian Equity Fund has received numerous other international awards and ratings. Earlier this year it was declared the best Russian Equity fund in 2013 in Europe for the last 3 years by Lipper, the international investment fund information and research company. Also, Morningstar had been assigning a four-star rating to the Fund for the past several years.

The Citadele Russian Equity Fund was launched in 2004 and is focused on long-term capital growth by investing in Russian companies with most promising growth potential and intrinsic value. There are currently 32 holdings in the fund’s portfolio and since it was launched it’s value has increased by an average of 8.7% per year as of October 31, 2013.

Morningstar, Inc. is a leading provider of independent investment research. The company provides data on approximately 437,000 investment offerings, including stocks, mutual funds, equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and treasury markets. The Morningstar Rating™ is a quantitative assessment of a fund’s past performance — both return and risk — as measured from one to five stars. It uses focused comparison groups to better measure fund manager skill.

About Citadele Asset Management

Citadele Asset Management is a subsidiary of the Citadele Bank and one of the leading investment management companies in the Baltic States. Citadele Asset Management offers asset management services for local and international clients – individuals, corporate clients, investment funds, second and third-level pension plans, and insurance companies. Investment funds have been registered for public distribution in the Baltic States, Sweden, Switzerland and Germany.

About Citadele Bank

Citadele is a local Latvian bank that offers banking, financial and asset management services. Citadele group is represented in the Latvian market as well as in 8 other countries. Citadele Bank is the only collaboration partner of American Express in Latvia and Lithuania who is entitled to issue American Express credit cards. In 2012 the bank was recognized as the best-governed state-owned enterprise in the Baltic States according to a study conducted by the Baltic Institute of Corporate Governance. Citadele’s vision is to become the most valuable local financial group in the Baltic States. 75% minus one Citadele Bank’s shares are possessed by the State Joint Stock Company Privatization agency on behalf of the Latvian State and the owner of 25% plus one share is the European Bank for Reconstruction and Development (EBRD).