risky instruments of mutual funds are becoming more popular
[ad_1]
Management companies noted a recovery in investor demand for retail mutual funds in February. Moreover, unlike previous months, when investors were attracted only to the most conservative money market funds, interest shifted to bond and stock funds. Taking into account the possible transition of the Central Bank to a looser monetary policy, the market is expecting an increase in demand for riskier instruments.
After a month-long break in February, the volume of funds raised in retail mutual funds exceeded the volume of funds withdrawn. According to Investfunds, the net inflow into open-end and exchange-traded funds amounted to RUB 5.3 billion.
The last time a positive result on attraction was noted in December 2023, when the inflow exceeded 63.5 billion rubles. But in January, against the backdrop of the unblocking of some mutual investment funds, the net outflow from retail mutual funds amounted to almost 7.8 billion rubles. (see “Kommersant” dated February 6).
In February, outflows from unblocked mutual funds continued, but at a slower pace. For some funds, purchases even began to exceed redemptions. The head of the sales department of Management Company “Pervaya” Andrei Makarov says, for example, that in the mutual fund “Consumer Sector” “about 200 million rubles were recorded. net inflow.”
There was a net inflow of funds into stock and bond funds, which were among the underdogs for the six months. At the end of February, it amounted to 1.5 billion rubles.
“Clients are beginning to look towards risky assets amid expectations of a reduction in the key rate and, accordingly, a reduction in the rate on bank deposits,” notes Oleg Galkin, CEO of Era Investment Management Company. General Director of Tinkoff Capital Management Company Ruslan Muchipov spoke about conducting a marketing campaign to stimulate interest in collective investments.
It is significant that against the backdrop of high demand for risky instruments, private investors have become more willing to buy conservative bond funds. The head of the asset management department of Alfa Capital Management Company, Viktor Bark, draws attention to the high interest in foreign currency bond funds, “an increase in inflows into which may be associated with the recent weakening of the ruble in anticipation of the next package of sanctions, as well as another wave of fears of confiscation of Russian assets abroad ” According to Investfunds, the net inflow of funds into such funds amounted to 2.9 billion rubles. At the same time, investors withdrew about 2.5 billion rubles from ruble bond funds.
At the same time, investors are already looking with less interest at investments in money market funds, which were the main beneficiaries of attractions in the last six months. According to Kommersant’s estimates, based on Investfunds data, in February such funds attracted less than 3.5 billion rubles, which is the worst result since June last year. As Andrey Makarov notes, the decline in demand for money market funds is due to investors’ expectations of the regulator returning to the key rate reduction cycle. According to Tinkoff Investments analysts, this could happen as early as June 2024, and by the end of the year the rate could drop from the current 16% to 12%.
Such dynamics of rates will negatively affect the profitability of such funds, but will support quotes on the stock and bond markets. Therefore, in general, this year the focus of investors will shift to stock and bond funds, says Ruslan Muchipov. However, different categories of mutual funds may benefit. “If a reduction in the key rate is accompanied by a strong slowdown in economic growth, then only bond funds will benefit,” says Oleg Galkin. “If the Central Bank manages to switch to a reduction while maintaining economic growth dynamics, then stocks will continue to be interesting.”
[ad_2]
Source link