Invesco European Growth Fund Comments on Sberbank PAO

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Jul 28, 2016

Russian bank Sberbank PAO (MIC:SBERP) was the fund’s top individual contributor, delivering strong first quarter results with a return on equity (ROE) in the high teens, particularly impressive given Russia’s still-poor macroeconomic situation. However, the economy appears to be stabilizing and Sberbank stock rose from the deeply oversold levels of 2015. Many analysts are now upgrading their earnings estimates for the bank, which in our view, remains attractively valued given its very dominant franchise in Russia.

From the Invesco European Growth Fund (Trades, Portfolio) second quarter 2016 commentary.

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