(Bloomberg) -- When some investors were fleeing Russian stocks as President Vladimir Putin moved to annex Crimea, Pacific Investment Management Co. turned bullish.

The Newport Beach, California-based investment manager has been buying Russian equities amid a decline which, at the height of the conflict with Ukraine, pushed the average dividend yield for the benchmark Micex Index above its estimated 12-month price-to-earnings ratio for the first time since at least 2009.

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