Ukraine Sparks Russian Funds Selloff, But Winners Emerge

wochit business
March 03, 2014 AT 1:37 PM
The crisis in Ukraine sent the Russian stock market tumbling on Monday, delivering a blow to already-punished portfolio managers who took outsized bets on eastern Europe this year, but generously rewarding those who had shorted the country. Investors of the Direxion Daily Russia Bear 3x Shares exchange-traded fund, which tracks three times the inverse of the performance of the DAX Global Russia Index, saw their fund up as much as 28.3 percent at its high on Monday. It has roughly doubled year-to-date.