Welcome to PCM

PCM is a leading Russia-focused asset manager controlling assets of around USD 3.3 billion on behalf of an international and institutional client base


Founded in 1996, PCM employs a long-only, fundamental value, active and engaged shareholder approach that seeks to access the public equity investment opportunity amongst Russian and Former Soviet Union companies

Explore Strategies



PCM employs the same investment philosophy and methodology across all of the assets under management, though broadly the investment vehicles can be separated into two strategies; fundamental value and special situations.

The fundamental value strategy seeks to access companies that have come further along the transformation from Soviet-era “production units” to more modern “Western-style” corporations, whilst the special situations strategy seeks to identify the triggers for these changes much earlier in the process.


There is a level of overlap between the two strategies and consequently the investment vehicles also. In general, as the fundamental value strategy is investing in companies that are more developed, they tend to be larger, more visible, better listed and more liquid than many of those in the special situations strategy.