Fidelity's Alex Wright: People have misunderstood OMV Russia exposure

Eve Maddock-Jones
clock • 3 min read

Fidelity's Alex Wright said his call to move some of his Shell positioning over to the oil & gas group OMV "proved rewarding" as investors "misunderstood" the latter's exposure to Russia. Russia's initial invasion of Ukraine almost exactly four months ago caused a wealth of managers to shift portfolio positions out of stocks with exposure to the invading territory. Wright (pictured) said that although Shell and OMV have similar Russia revenue exposure, equivalent to 3-4% of profits, the latter's share price was punished for this whereas Shell's has "risen strongly". But for Wright,...

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