Russia-based Sberbank (MIC:SBERP, Financial) was the leading individual detractor. The bank has been indirectly affected by the Saudi Arabia/Russia oil price war through the resulting weakness in the Russian ruble. However, the company has had a significant positive effect over longer time horizons and we believe Sberbank’s fundamentals remain very attractive, which is why it is a leading position in the portfolio.
From the Invesco European Growth Fund (Trades, Portfolio)'s first-quarter 2020 shareholder letter.
