In July, the inflow of funds into retail mutual funds remained at the level of the previous month

In July, the inflow of funds to retail mutual funds (UIFs) remained at the level of the previous month. Shareholders invested 13.2 billion rubles in them. Like the June figure, this is the best result in a year and a half. Private investors continue to actively invest in the most risky equity funds, encouraged by the continued growth in the market. But the number of those who choose money market funds as a “safe haven” is also growing in the event of a further increase in the key rate and a possible correction in the stock market.

Private interest in the collective investment market remained at record levels. According to Kommersant’s estimates, based on data from InvestFunds, the net inflow of funds into retail mutual funds – open-ended and exchange-traded – amounted to almost 13.2 billion rubles. In general, a continuous inflow of funds into the funds is observed for the fifth month in a row, during this time investors have invested in such funds over 39 billion rubles, which is 9 billion rubles. higher than the outflow recorded in 2022.

Market participants attribute the situation to the strong results of the funds this year. According to InvestFunds, out of 135 large retail funds (OPIFs and BPIFs with assets over 500 million rubles), only one fund received a loss. Ninety-three funds returned in double digits, and the top 20 returned 50% to 90% to shareholders, almost all of whom invested in equities. This became possible due to the successful adaptation of Russian companies and the economy to new realities and, as a result, a return to the practice of paying good dividends.

As a result, in July, the Moscow Exchange index for the first time since February 2022 consolidated above the level of 3,000 points, adding almost 10% over the month. “The number of instruments available for investment has been significantly reduced due to foreign securities. Together, this attracts investors and forms a growing trend in the stock market,” says Oleg Galkin, CEO of RB Capital Management Company.

Market participants observe a stable inflow of funds into the most risky categories of funds. Investments in funds of these categories for the month amounted to 3.6 billion and 5.2 billion rubles. respectively.

At the same time, more conservative bond funds began to lose clients after a month-long break. Over the month, the net outflow of funds from such funds amounted to 550 million rubles. “Bonds were not so lucky in July, the growing expectations of a key rate increase by the Central Bank of the Russian Federation led to investors being cautious and worsening recommendations for this asset class,” says Viktor Bark, director of asset management at Alfa Capital.

The tightening of the monetary policy of the Bank of Russia and the achievement of a multi-month high by the ruble index lead to an increase in the number of cautious investors who choose the most conservative category of funds – the money market. According to the results of the past month, the net inflow of funds into this category of funds exceeded 5 billion rubles, which is five times more than the attraction a month earlier and the best result this year. Such funds earn mainly on reverse repurchase transactions, and therefore are not exposed to market risk.

According to Oleg Galkin, cautious investors prefer to wait out the volatility in the debt market and the period of waiting for corrections in the stock market in money market instruments and funds. “We see this partly in the actions of our clients, and, most likely, other market players too,” says Mr. Galkin.

Managers do not rule out partial reductions in positions in shares and the transition to both money market funds and deposits, the rates for which have risen sharply against the backdrop of an increase in the key rate. “We don’t expect a dramatic outflow from equities as long as deposit rates remain below double digits,” said Andrey Rusetsky, investment director at Pervaya Management.

According to Pavel Paevsky, debt market analyst at RSHB Asset Management, even an increase in the key rate above 10%, if it “reverses flows”, will only be in the short term. In his opinion, it is reasonable to expect an increase in the key rate, as a result, rates on conservative investment products will increase and demand for them from investors will increase in the medium term.

Vitaly Gaidaev