The aim of the fund, which is one of the most popular on Trustnet, is to generate capital growth by investing in either predominantly Russian companies, or businesses that derive a significant proportion of their profits in the wider region.
The fund's manager, Robin Geffen, says that the rise of the middle classes has been a key contributor to growth in recent years.
"Under the period where Putin was president there was this extraordinary economic transformation, as the wealth of Russia was dispersed, not just among the oligarchs, but right down through the population," he said.
"We’ve seen an enormous growth in GDP per capita and enormous growth in average earnings, almost 10 times."
The comments follow an announcement today that luxury fashion brand Burberry has experienced a 40 per cent rise in profits off the back of success in emerging markets such as Russia.
Alpha Manager Geffen added that the symbiotic relationship between Russia and China is fast becoming one of the most significant marriages in the global economy.
"The critical trade relationship globally is that between China and Russia," he explained. "China needs what Russia has. If you believe in China, you have to believe in Russia."
"Russian growth looks strongly set on the trade arrangements they have with China. This is real growth and it is not expensive."
Part of the reason this relationship is so successful is that Russia is a leading producer of many of the raw materials China needs for growth.
"Russia is often the largest producer of oil. In most months it actually produces more than Saudi Arabia," said Geffen. "It is one of the largest producers of oil and gas as well as a whole range of strategic and industrial metals."
Neptune Russia & Greater Russia has nearly 60 per cent of its £600m assets under management exposed to companies involved in the production of basic materials.
According to Financial Express data, the fund has returned 105 per cent over the last five years, compared with the MSCI Russia index, which has returned 16 per cent. Investors looking to buy the fund must be prepared for high levels of volatility, as over the last five years it has taken on more than 30 per cent of risk.
Performance of fund vs index over 5-yrs
Source: Financial Express Analytics
While Geffen is one of the best-performing managers in the IMA universe, Ben Yearsley, investment manager at Hargreaves Lansdown, believes that investors buying the Neptune fund are doing so based on their appetite for a fast-growing market rather than the reputation of the manager.
"The industry places a lot of emphasis on who runs the funds but I’m not sure clients do," he said.
"I think most investors buying Neptune Russia & Greater Russia are doing so to tap into one of the cheapest emerging market areas."