A Stockholm-based independent asset manager has trounced its long-only rivals to become the best performing publicly-traded equity fund in the world over the last decade, after generating 1,524% in US dollar terms.

In common with other top performers the $1.5bn East Capital Ryssland fund, a specialist in Eastern Europe and Russia, has outperformed on the back of a surge in the value of emerging market stocks. Russian markets offered particularly good value 10 years ago, in the wake of the Asian crisis and ahead of a surge in commodity prices.