Investor interest in retail mutual funds has reached its highest level since the beginning of 2022

Investor interest in retail mutual funds (MUIFs) reached its maximum after the outbreak of hostilities in Ukraine. In September, shareholders invested more than 16.7 billion rubles in them, showing the best result since December 2021. In such conditions, most companies are expanding their product lines, adding the most popular funds. Market participants are also hoping for new IPOs that will increase supply through industry strategies.

According to Kommersant’s estimates, based on Investfunds data, the net inflow of funds into all retail funds in the Russian Federation (open mutual funds and mutual funds) in September exceeded 16.7 billion rubles, which is almost 1.4 billion rubles. higher than the August result. A larger volume of funds was received by the funds only in December 2021 – 31.12 billion rubles. A continuous influx of funds into mutual funds has been observed for the seventh month in a row, during which time investors have invested over 71 billion rubles in funds, of which more than 45 billion rubles. in the third quarter.

As a month earlier, the net inflow of funds was shown by the most conservative funds investing primarily in money market instruments. Thus, the net inflow into money market mutual funds exceeded 22.6 billion rubles, which is more than 5 billion rubles. higher than the record for this category of funds set in August. A small influx of funds was also noted in mixed investment funds, the net attractions of which amounted to about 1.1 billion rubles, which is slightly less than the outflow that occurred a month earlier.

“With the minimum level of risk that is characteristic of the money market, it is now possible to obtain a yield of more than 12% with the potential for further growth in profitability in the near future,” explains Mikhail Armyakov, portfolio manager at RSHB Asset Management.

The largest net outflow was shown by bond funds, which lost over 5.4 billion rubles, and another 1.5 billion rubles. withdrawn from equity funds. A month earlier, outflows from them amounted to 80 million and 1.2 billion rubles. respectively.

Despite the sanctions and isolation of the Russian market, managers are trying to develop a line of investment products. According to Kommersant’s assessment, based on data from the Bank of Russia, 18 retail funds have been formed since the beginning of the year (five BPIFs and ten open-ended mutual funds), three more funds are in the process of creation.

This is noticeably better than what was observed in 2022, when due to the freezing of foreign securities in NSD accounts in Euroclear and Clearstream, as well as the collapse in the market, management companies predominantly closed funds, but is still inferior to the growth rate in the pre-crisis years. For example, in three quarters of 2021, according to the Central Bank, 43 funds appeared in Russia.

In the face of narrowed opportunities for available instruments, managers have to be creative and make the most of available instruments, notes Viktor Bark, director of the asset management department of Alfa Capital Management Company.

The main development of the line of mutual funds is taking place in three directions – these are funds with foreign currency bonds, the basis of which is the replacement and yuan bonds that appeared last year, mutual funds with the payment of intermediate income and the money market. In the first group of funds, seven new mutual funds were formed, in the second five (one more is at the formation stage), in the last group there are three funds, but from three management companies.

All three types of funds were among the most popular this year. According to Kommersant estimates based on the Investfunds data, over 140 billion rubles have been invested in them since the beginning of the year. “Customer requests for currency diversification, regular income, and protection from inflation exist beyond time and circumstances,” notes Andrey Makarov, head of the sales department of Management Company Pervaya.

Managers are talking about continued expansion of supply and have high hopes for IPOs, which could take place before the end of the year. Plans to conduct initial public offerings were announced by Astra Group, Eurotrans, Henderson, Kristall, and possibly an IPO of Sovcombank (see Kommersant on October 5). If these plans are implemented, Andrei Makarov believes, new strategies and funds designed for small and medium-cap companies may appear on the market. Expansion of the line is possible not only through the creation of industry funds, says Victor Bark, but also through new approaches to portfolio management.

Vitaly Gaidaev