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Black Gold

Oil is key to the success of this Russian fund.

This story appears in the December 2004 issue of Entrepreneur. Subscribe »

Oil. A portfolio dominated by it bubbles when prices are up andsinks downward when they're not.

For emerging-market enthusiasts, ING's RussiaFund (LETRX) has been one of that category's top performers.Ranked No.1 in performance history in five of the past seven yearsby Morningstar, this fund of some 35 holdings got its high marksthanks to black gold and other resource-type stocks. (As of lateAugust, ING's Russia Fund holdings had about 43.74 percent ofassets invested in oil and gas companies.)

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