Oil is key to the success of this Russian fund.
Oil. A portfolio dominated by it bubbles when prices are up and sinks downward when they're not.
For emerging-market enthusiasts, ING's Russia Fund (LETRX) has been one of that category's top performers. Ranked No.1 in performance history in five of the past seven years by Morningstar, this fund of some 35 holdings got its high marks thanks to black gold and other resource-type stocks. (As of late August, ING's Russia Fund holdings had about 43.74 percent of assets invested in oil and gas companies.)
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