The Voya Russia Fund Down Over 40% In 2014
The Voya Russia Fund, formerly the ING Russia Fund, which trades under the ticker symbols LETRX, IIRFX, and IWRFX, invests the fund’s assets in Russian companies. The fund seeks to invest at least 80% of its assets in stocks of Russian companies and the other 20% of its assets in debt securities issued by Russian companies and debt securities issued or guaranteed by the Russian government.
In 2014, the A-class shares, LETRX, were down 40.55% for the year. In addition to poor performance, the fund has high fees (over 2%).
As of September 30, 2014, the fund, managed by Nathan Griffiths and Renat Nadyukov, had 12.5% of its assets invested in Lukoil OAO ADR (OTCMKTS:LUKOY), a Russian oil and gas company, amongst a concentrated portfolio of only 29 companies.
If your financial advisor or stockbroker recommended that you invest in the Voya Russia Fund, you may have options to recover your investment loss. If your advisor failed to fully disclose the risks of investing in the Voya Russia Fund, then you may have a claim for misrepresentation. If your investment objective was to only invest in safe and stable investments, you may have a claim for unsuitability. If the Voya Russia Fund made up a large portion of your portfolio, then you may have a claim for over-concentration and lack of diversification. If your advisor purchased this fund without your knowledge, you may have a claim for unauthorized trading. If your advisor purchased this fund on margin, you may have a claim for excessive use of margin and negligence.
The attorneys at Carlson & Associates, P.A., located in Miami, Florida, represent investors who have lost money due to the improper conduct of financial advisors. If you would like to have a free consultation, we can be reached at (305) 372-9700 to discuss your options.