Russian and World NewsSoldered by one market
the Market of collective investments endures a lifting phase. First of all it is promoted by prompt growth of the Russian stock market. And management companies in every way try to gain trust of shareholders good results.
to Change an index it is possible to units
the Russian stock market continues to please its participants, including numerous shareholders of share investment funds (PIFS). Stock quotes of the companies promptly go upwards, share indexes show historical maxima, and it is literally one of these days the market has received a new impulse in the form of assignment by agency Moody ` s a credit rating of Russia at investment level. This event opens new possibilities for foreign investors, and volumes of means which, probably, can come to Russia, increase by an order.
In these conditions, as one would expect, the best results have shown funds of actions. However, as it was already repeatedly marked, in promptly growing market the majority of PIFS all - taki lose to share indexes. As it has turned out and this time. Better a share index have shown results only interval funds of family LUKOIL (UK “ NIKojl “) and fund “ Support “ (UK “ a Pallada of Esset Management “) . Thus results of PIFS of family LUKOIL have exceeded it on 10 % following the results of 9 months and more than on 25 % following the results of 12 months.
about the reasons of such success in the last review (see “ Money “ #35) managing director UK " has told portfelnyj; NIKojl “ Igor Mihajlov. In particular, successful investments into Russian Open Society actions “ UES of Russia “ still one year ago have allowed to achieve such good results: for 12 months cost of shares in them has increased more than twice - unattainable result for other market.
by the way, appeal of power the funds completely aimed at investment in securities of the enterprises of this branch recently have distinctly shown. So, by results of the third quarter the highest profitableness have shown an interval PIF “ Energy the Capital “ (UK “ Interfin the Capital “) And an open PIF “ the Russian electric power industry “ (UK “ Creative investment technologies “ the WHALE). For three months they have brought to the shareholders on 22 - 24 % of the income.
thus the structure of investments as a whole at them differed. If the WHALE put means of the fund in the actions traded on the Moscow Interbank Stock Exchange, “ Interfin the Capital “ preferred the regional companies quoted on RTS. Certainly, in each tactics there are pluses and minuses. In particular, liquidity of the market on the Moscow Interbank Stock Exchange on those papers which there address, considerably above, than on RTS. At the same time their set is limited. On RTS liquidity more low, but the choice is more. The limited liquidity can lead to sharp change of quotations in a case not only absence of transactions, but also change of number of the demands submitted to trading system, and by that to essential revaluation of cost of actives in a fund portfolio. However potential of growth at them it is ready above, and first of all under preference shares. Besides, fund “ Energy the Capital “ - interval and great volume (more than $20 million) suffices that allows to hold in it papers of many emitters and by that to level change of the prices.
among opened allocations of actions there was a change of the leader. To the first place has passed fund “ Base “ (UK “ Kepital Esset Management “), the second place has occupied “ Solid - Invest “ (UK “ Solid Management “), with a small separation the PIF which has outstripped the previous leader “ Peter Stolypin “ (OFG “ invest “). Taking into account fund “ PioGlobal - fund of actions “ (UK “ PioGlobal Esset Management “) They have shown a share gain for 9 months above 50 %. At the same time they lose to a share index both following the results of 9 months, and following the results of 12 months a little.
by the way, following the results of a year among opened allocations of actions only one has closely come nearer to an index indicator - the PIF “ the Second Siberian - opened “ (UK “ Alemar “). Thanks to spent in the autumn of last year enough risky, but with actions of Krasnoyarsk HYDROELECTRIC POWER STATION for this period it has shown to graceful and profitable operation profitableness at level of 79 %.
As to funds of bonds thanks to saved up in the beginning of year to safety factor they could worry summer crisis of a bond market not bad. And if following the results of the third quarter many have shown low and even negative profitableness from the beginning of year the share increase in value has made 15 - 18 %, and in the best PIF “ Russian bonds “ (UK OFG “ invest “) And at all 22,5 %. However, as it was already marked (see “ Money “ #35), it has occurred thanks to timely investments of a part of means of fund (and rather insignificant) in the action “ Megionneftegaza “ and in August of their quotation have grown almost in one and a half time. Under statutory acts of the Federal commission on a securities market (Federal Commission on Securities) funds of bonds have a just cause a part of the means to place in actions, and considerable - to 40 % of actives. However the majority of them profess more rigid philosophy and try to place means only in debt papers. However, in connection with last decision of agency Moody ` s it is possible to expect that their indicators considerably will improve, though and without it profitableness for 12 months at leaders of this segment was at level 28 - 34 % - that not only twice surpasses inflation, but also achievements of the most debt market.
Funds of the mixed investments, as well as it is necessary, have shown intermediate results, though best of them - “ AVK - fund of liquid actives “ (UK AVK “ Palace Square “), “ the Prospectus fund the first “ (UK “ the Prospectus “), “ Partnership “ (UK “ Interfin the Capital “) and “ PioGlobal - fund balanced “ (UK “ PioGlobal Esset Management “) - Have shown results around 40 % for 9 months. Thus one of the stablest results, without sharp failures and launches, the PIF " has shown; the Prospectus fund the first “. Following the results of 12 months the best funds of the mixed investments have increased cost of the shares in one and a half time.
PIFS appear and... Disappear
Promptly the market of collective investments extends, rules of ten PIFS monthly are registered. Besides, in the market regularly there are management companies with new products. To already operating to five kinds of PIFS (actions, the bonds, the mixed investments, monetary, real estate) one more has increased - fund of especially risky (venture) investments. And rules of such funds in the end of September were registered almost simultaneously by two management companies: “ the First fund of direct investments “ (UK “ Portfelnye investments “) And “ RN - development “ (UK “ RN - the Trust “). The basic feature of these closed funds is that at them the most liberal investment declaration among all PIFS. In particular, it is authorised to them to put means in shares of limited liability companies, to purchase bills.
however, PIFS not only appear, but also disappear. In the end of September about closing of one of the PIFS (“ the Alpha - the capital memory “) Declared UK “ the Alpha - the capital “. As chief executive UK Anatoly Miljukov has explained, this fund on structure of actives reminded other operating fund - an open PIF “ the Alpha - the capital of the bond plus “. Procedure of liquidation of fund will occupy some months. However the part of shareholders has already passed in other funds, with other part already there is an arrangement on transition in the near future.
thus “ the Alpha - the capital memory “ it was created rather recently - one year ago. However then the situation in the market of collective investments essentially differed from the present. Now investors prefer opened allocations (by the way, it is visible and on number of such funds).
Fund “ the Alpha - the capital memory “ it was created under investments of not state pension funds (NPF). And its declaration has been focused on these financial institutions. Weak interest to such investments from not state pension funds was reflected and in other similar PIFS. So, size of a net wealth of the PIF “ AVK - fund of savings “ (UK AVK “ Palace Square “) it was reduced from the beginning of year more than twice. The similar fate has comprehended the PIF “ the First professional “ (UK “ a Pallada of Esset Management “) . According to the head of client department UK “ a Pallada of Esset Management “ Natalias Drobjashchenko, “ investment strategy through such PIFS was the best for NPF. It satisfied to all conditions on placing of pension reserves and at risk minimisation provided high enough profitableness “. Thus such funds had one of the lowest overhead charge who besides were estimated from an income gain, instead of from volume of a net wealth. However for NPF there was one essential restriction on investments in such PIFS. Those NPF, whose means were in trust management at a management company, had no right to buy on them shares of the PIFS which are in management with same UK. It was necessary or create the difficult scheme with two UK, or to take means NPF only in trust management, or only to sell it shares. However, despite interest falling to close fund “ the First professional “ In “ to a Pallada “ do not gather yet.
the trust is necessary for earning constantly
At the same time it is not necessary to forget about responsibility of management companies before shareholders. We will remind that in July at three companies licences have been suspended, and two of them in management had PIFS. In the beginning of September all actions as participant of market UK " have been forbidden; Region Esset Menedzhment “. It occurred for various reasons, however extreme there were shareholders as with the shares they could not make any operations.
in the end of September action of the licence at the company " has been restored; Elemte - the Guarantor “. And thus after almost three-monthly break shareholders of fund “ Elemte - the Capital “ have again got access to the shares. On October, 8th Federal Commission on Securities has restored licences and has resolved all actions as professional participants to the companies entering into group “ Region “: IK “ Region “ and UK “ Region Esset Menedzhment “. At the same time for shareholders of the PIF “ Transfund “ (UK “ the Trance - the Investment “) the Federal Commission on Securities while has postponed restoration of the licence of this company.
Results of work of open PIFS
Results of work of interval PIFS
Results of work of the closed PIFS