Marshall Spectrum, the emerging markets equity manager specialising in Russia and CIS, has continued its strong performance across both its long only and long/short equity strategies in the first quarter of 2010.

The Spectrum CIS Value Fund, a long only strategy investing in a diversified portfolio small- and mid-cap Russian and CIS equities achieved a net return of 24.9% in Q1 in March 2010 against the MSCI-Russia index return of 6.7%. The Spectrum Russian Phoenix Fund, a long/short equity fund investing in Russian and CIS equities was up 15.2% in Q1, outperforming the MSCI-Russia index by over 8%.

Michael Kart, Managing Partner and Manager of the Spectrum Funds at Marshall Spectrum said: "We are pleased to have achieved such strong performance across our funds in the first quarter of 2010, continuing a successful track record achieved in 2009.

"Over the first quarter we've observed a broad-based revaluation of the Russian power utility sector. In our view this will remain the best way to play the Russian economic recovery. Positive signals from EU officials on the Greek credit situation as well as continued strength across all major commodity markets fuelled demand for Russian equities - mining, steels and utilities attracted significant inflows."

"Despite Ukraine being the hardest hit in 2009 it has one of the fastest economic recovery rates in the world so far in 2010 and its export oriented and commodity based economy will benefit from the turn in the commodities cycle. Ukraine also has one of the most promising and fastest growing consumer markets in Europe. Our largest exposure in Ukraine is to the agricultural sector where we continue to see further scope for value creation, in the medium term."