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Business / Finance

Mutual funds hit record themes of the day 01.11.2017 at 21:00

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The Popularity of mutual funds is growing from month to month. October was a record for managers in terms of attracting funds of private investors. Mainly citizens have money in bond funds. Managers are recommended to focus on a more aggressive strategy.

From the contributors to the shareholders

With the beginning of the year, private investors have already invested in mutual Funds more than 54 billion rubles, and the main tributary provided bond funds (over 60 billion), according to the National League of management companies(NLMC). Balance of stock funds is negative in January — October, shareholders have taken away from them 2,6 billion roubles, now it accounts for 38.8 billion rubles of private investors.

to Invest in the shares of citizens have begun only with the beginning of the summer. In June, they brought in the equity Funds more than 900 million rubles in the past month, 320 million, However, the inflow of funds investing in shares, still lags well behind bond funds, which are only in October, according to preliminary data, the NLU on November 1, shareholders invested 8.48 billion rubles.

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"In October, the MICEX index fell slightly, while industry funds as bond funds showed positive returns. Against this background, the shareholders rebalancing portfolios in favor of more promising strategies," explains the head of sales and marketing UK "Raiffeisen Capital" Konstantin Kirpichev.

According to the Director of asset management Department of MC "Alfa-Capital" Victor Barca, citizens choose bond funds because they understand the strategy. "Inflation is slowing, the Central Bank will reduce the key rate. Market returns, respectively, will decline and bond prices to rise. Although the expected return on the horizon 12 months in bonds for the year decreased significantly, it is still close to double the number," — said the financier.

Top 10 mutual Funds in terms of attracting in January — October 2017



the Amount of borrowed funds, million rubles


"Sberbank — Fund for long-term bonds"

"Sberbank Asset Management"

16 320,6


"Alfa-Capital Bonds Plus"

"the alpha-the Capital"

9 626,9


"Gazprombank — Bonds Plus"

"Gazprombank — UPRAVLENIE aktivami"

6 213,8


"Raiffeisen — Bonds"

"Raiffeisen Capital"

5 948,3


"Sberbank — bond Fund "Ilya Muromets"

"Sberbank Asset Management"

4 821


"Ruble bonds"

"Pension savings"

4 405,1


"VTB — Treasury Fund"

"VTB Capital asset Management"

2 797,2


"the alpha-the Capital a Reserve"

"the alpha-the Capital"

2 504


"TFG — bonds"


1 867


"Aton — bond Fund"


1 675,5

Source: NLU

"In October, more than half of our customers chose bond funds. This is due to tightening policy of the Central Bank in relation to banks and the reduction of the key rate", — said the head of Department of development of business UK "Aton" Evgeny Nikitin. According to him, customers are looking for an alternative to Bank deposits.

the Chairman of the Board of Directors of UK "VTB Capital asset Management" Vladimir Potapov says that an additional incentive for shareholders is an investment tax deduction that allows clients with long term investment horizon of three years to count on the tax deductibility of up to 3 million rubles per year. "So, for most investors, this product can be called free from taxes," he concludes.

the Inflow of funds provided by Bank deposits. The sooner banks cut interest rates, the more frustrated customers. In August — September only from the accounts of the savings Bank, the citizens took 85 billion, more lost only the Bank "FC Opening" — 150 billion rubles. However, for the market leader, Sberbank, this drain looks like an error. However, the extent to attract new deposits had significantly decreased. From the beginning, the portfolio of deposits of the largest Bank in the country grew by only 196 billion rubles (data of 1 October 2017), while during the same period last year, it attracted 2.5 times more.

Reliability vs. yield

From the point of view of profitability the choice of bond funds citizens is quite reasonable. According to the National League of management companies, the weighted average yield of open PIFs of bonds in January — September amounted to 7.05 percent, while the yield of equity funds — of 6.41%. Slightly more managers have earned for shareholders of the mixed funds, but they are behind the bond of 6.9%.

However, if judged by the leaders, the best yield bond funds still significantly inferior to mutual Funds, invest in stocks. For example, the yield of the Fund "Financier" of the company BFA from the beginning of the year — 13,54%, and bond Fund UK "Aton" of 9.96%. At the same time, the best according to this indicator, stock funds have brought their investors more than 20%. The best yield — mutual Fund "Sberbank — Global Internet" under control of UK "Sberbank Asset Management", which earned more than 35%. In the Fund's portfolio of stocks and receipts of such companies as Yandex, QIWI, Amazon, Baidu,, Tencent. Almost a third of the Fund's assets when this is in cash.

Top 10 mutual Funds by yield in January — October 2017



, Yield


"Sberbank — Global Internet"

"Sberbank Asset Management"



"April Capital Shares of the second echelon"

"April Capital"



"Raiffeisen — Information technology"

"Raiffeisen Capital"



"April Capital Campaign"

"April Capital"



"Alfa-Capital Technology"

"the alpha-the Capital"

21.08 per cent


"April Capital — Shares of commodity companies"

"April Capital"



"The management of Savings — Asia"

"Management Savings"



"Raiffeisen — Consumer sector"

"Raiffeisen Capital"

of 20.17%


"URALSIB Energy perspective"

the Management company "URALSIB"



"Sberbank — Europe"

"Sberbank Asset Management"

of 18.05%

Source: The NLU

According to the chief of Department of development of client relations UK "Kapital" Vadim Yarosh, investors now prefer not to risk it, choosing conservative investments for short or medium investment horizon. Stock funds, he says, citizens are considered as a fairly aggressive investing long-term with the possible risks to which they are not ready yet.

However, bond funds are not devoid of certain risks. The main of them, according to Viktor Barca, is the risk of acceleration of inflation that will not allow the Central Bank to continue lowering the key rate. "And as the rouble bond market is already being targeted on the back and return by the same OFZ is even lower than the key rate, it could cause a negative revaluation of the portfolios, with the result that the yield for the year will be significantly below the expectations of investors," warns the Manager.

Another risk is associated with external factors. Including the expected growth rate of the Federal reserve at a faster pace and a possible ban for residents of the United States to buy Russian debt. However, according to Vadim Yarosh, the probability of introduction of "sanctions on the Russian national debt" is no more than 10%.

What to buy

most of the managers surveyed, I believe that the bond strategy and will continue to enjoy the greatest popularity among private investors. Victor Burke from UK "alpha-the Capital" says that it will take at least another six months to yield mutual Funds bonds declined to the levels at which conservative investors will be looking for what else to add to your portfolio to raise its profitability to the desired level.

in the meantime, investors ignore mixed mutual Funds and funds of funds: from the beginning of these funds, investors took more than 3 billion rubles. Not popular and strategy of investment in stocks. Managing Director of "Sberbank Asset Management" Vasily Illarionov says that the index mutual Funds — is largely just an additional package for a foreign ETF. "Investors will likely have found a way of direct purchase of such funds," he explains. Outflows from funds of the mixed investments the Manager communicates with the flow into bond funds. Agree with him and Yevgeny Nikitin from "Aten", which notes that one of the main disadvantages of index funds is the presence of weak companies. "In every index there are leaders pushing the market up, and outsiders, leveling the positive trends.

Most clients prefer an actively managed Fund which at different times has a strong history with the whole market," he says.

According to Vladimir Potapov, the outflow from the funds of the mixed investments can be linked to the fact that pure strategy more clear to customers from the point of view of the risk-return ratio.

However, in the future, managers propose to consider more aggressive strategies. In particular, in the criminal code "Capital" suggest to look at funds investing in the consumer sector and technology companies. In "the alpha-the Capital" believe the prospective equity Funds "Balance", "liquid stocks" and "Technology". The latter Fund invests in monetary assets, as well as in biotechnology companies, software developers and Internet services.

"In our view, the company consumer sector, oriented to domestic demand, now have the greatest value growth potential on the Russian market. Under the consumer sector we understand a very wide range of companies that includes not only grocery retailing, but also banks, construction companies, mobile operators and Internet companies", — says Konstantin Kirpichev from MC "Raiffeisen Capital".

In the UK "Sberbank Asset Management" are also focusing on companies whose business is related with Internet. In October, investors have invested in the Fund "Sberbank — Global Internet" 67.7 million rubles. This is the best dynamics among the other funds managed by the company.

Vladimir Potapov of UK "VTB Capital asset Management" believes that the potential investors can provide equity funds. "We expect growth of profitability of investments in our mutual Fund shares based on the following assumptions: stable dividend payments on securities in the Fund's portfolio that are comparable in size with deposits in major banks, as well as due to the revaluation of the market multiplier P/E due to significant undervaluation of the Russian market in comparison with foreign analogues," he says. According to Potapova, the discount will continue to decline.


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