In April-June, the inflow of funds to mutual funds increased sharply

According to the results of the second quarter, the assets of mutual investment funds in the Russian Federation approached 10 trillion rubles. The inflow of funds is noted in all categories, even in the previously not very popular interval mutual funds (IPIFs). The net inflow of funds to such funds exceeded 26 billion rubles, updating the record two years ago. Interest may be related to the closure of the Russian market, which increased the demand for local investment methods.

In April-June, the inflow of funds to mutual funds (PIFs) sharply increased, it is noted published August 24 “Review of key indicators of mutual funds” of the Central Bank. At the end of the quarter, investors invested 242 billion rubles in all types of mutual funds, which is one third higher than the net inflow of funds in the first quarter. As a result, by the end of the reporting period, the total volume of assets of all funds for the first time in history approached the level of 10 trillion rubles, having added 0.94 trillion rubles over the quarter.

For the first time since the beginning of hostilities in Ukraine, all categories of funds showed an influx of client funds. As before, the main volume was accounted for by closed-end mutual funds, in which net investments amounted to 194 billion rubles, which is 9% higher than the result of the beginning of the year. Investors invested 21 billion rubles in retail funds (OPIFs and BPIFs), which is five times more than in January-March and the best figure since the fourth quarter of 2021.

High interest was also noted in interval mutual funds. According to the results of the reporting quarter, clients of such funds invested more than 26 billion rubles. against sales in the amount of 1.3 billion rubles. a quarter earlier. The previous record was set in the second quarter of 2021 (RUB 21.9 billion).

Investment Director of East-West Management Company Alexander Lavrov notes that IPIFs have not previously been very popular with investors due to restrictions on the issuance / redemption of shares. This is negative for the liquidity of investments. The ability to redeem part or all of the shares is also unattractive for a portfolio manager of funds, as it imposes restrictions on the horizon for investing funds.

“With the help of derivatives, you can create hedging mechanisms against asset decline. IPIFs show the greatest efficiency over long distances,” says Andrey Makarov, head of the sales department at Pervaya Management Company.

In addition, in the past, wealthy Russians mostly satisfied the need for exotic strategies with products from foreign companies, which provided more opportunities. But against the backdrop of sanctions, they left Russia, and foreign infrastructure became high-risk due to the blocking of NSD’s accounts with Euroclear and Clearstream.

“In the absence of international products on the Russian market, investors are looking for non-standard domestic solutions. The format of interval funds is one of them,” notes Daniil Apleev, CEO of Loko-Invest Management Company. In the second quarter, the company itself created two IPIFs with strategies in the spirit of international hedge funds, but within the framework of the Russian financial and legal landscape. “In addition to the volumes attracted at the entrance, we are seeing active inflows into the funds at monthly intervals,” Mr. Apleev noted.

However, not all market participants see interest in such funds from clients.

“We do not see an increased demand for such a shell on the part of customers,” Andrey Makarov noted. Clients are looking with great interest at personal funds created on the basis of closed-end mutual funds, says a source in a large management company, which also “does not note” the high demand for single-ended mutual funds.

Vitaly Gaidaev