Russia cannot be ignored

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Its client base is purely non-Russian, made up of sovereign wealth funds, family offices, private banks, insurance and pension companies and endowments. PCM is a purely long only business, "never shorting, no derivatives and no leverage. That's why we survived. We've never gated or imposed any redemption restrictions. We have weekly liquidity on one fund and monthly liquidity on the other," says Halligan.

PCM is an active investor. It sits on the boards of 40% of its assets.

"The main game in Ru

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