“ There are three whales who can develop the market “
Interview to the chief of the department of collective investments UK “ OFG Invest “ Igor Ryabov
Crisis in the Russian stock market has put managing directors in a difficult situation. From the beginning of year RTS index has fallen more than to 40 %. From - for it all open PIFS of actions for September, 15th showed losses from 9 to 54 %. Funds of bonds looked hardly better: the maximum profitableness from the beginning of year - 11 %. Such events have forced many operating to correct a policy of development UK. Some companies have been compelled to refuse the planned plans, and other participants of the market, on the contrary, have decided to use crisis for strengthening of the business. More in detail that occurs to the market this year and that is necessary for an exit from current crisis, to an observer daily to SERGEY LAVRENTEVU the chief of the department of collective investments UK " has told; OFG Invest “ Igor RYABOV.
- In September the Russian stock market has fallen to level of the beginning of 2006. How you estimate outflows of means from otrytyh funds? What will investors if falling proceeds do?
- If to estimate outflows from opened allocations, catastrophic it is impossible to name them. Yes, they large - almost 10 % SCHA of funds. But to speak about mass flight of retail clients from PIFS it is not necessary. Look at profitableness of funds of actions: if the shareholder deduces money now, will sustain losses. To whom is it favourable? Advisers of any serious management company will advise to shareholders to remain in funds. Moreover, to use available assets for purchases.
despite simplicity of council, following of such strategy today it is comparable to a physical pain at trainings. Because to convince the investor that fundamental estimations of the Russian companies much above today`s market prices, very difficult. But I am assured that next year we will speak, remembering events today`s as strange, disturbing, but, probably, compelled and necessary.
- all interests: how many it is necessary to wait?
- it is So much, how many at drawing up of intermediate term strategy. In days anybody now will not tell. Especially to predict something in September 2008 - go - it is fraught for reputation. By the way, if to sum up the summer, some investors almost continued to invest every month in funds of actions.
- only the sums too small...
- Investors are frightened by uncertainty. Paradox that when all is clear and raduzhno, then usually already late. And the Russian emerging market in on - slednee time has shown the unpredictability: the bottom made the way some times. Therefore, on the one hand, investors try to catch a bottom, with another - are afraid of long falling. Though so prompt falling confirms the big possibility of growth.
- as the policy of management companies recently has changed?
- All depends on the company, its size and from a stock of its durability, to be exact - from intentions of its management. If UK large and its management intends to develop business of collective investments, it should be ready to similar crises in the market. And profit in a year it is not necessary to wait for a recoupment, especially if the market falls. Strategic development of the serious company is planned approximately for five years. Therefore local crisis - not a hindrance to plans for development UK. Those who thought to earn quickly or worked inefficiently, today refuse plans, freeze some projects, dismiss employees. Unfortunately, we already observe examples of such behaviour. Also it is not excluded that soon some companies at all will disappear from the market.
- positive examples too are?
- There are companies, which are going to use complexities of competitors to involve clients and to occupy the big share of the market. For example, this year in opened allocations we have already increased a share with 5 to 7 %. And till the end of the year we hope to take 10 %. Inflows to our fund “ Peter Stolypin “ recently make 200-400 million rbl. a month. We understand that if to sit on river bank, there is a hope that by will float “ a corpse “ your competitor. But it is improbable. It is necessary to continue to develop, help existing clients, to search for the new...
- that, in your opinion, can improve a situation in stock market?
- There are three major factors, three whales which can affect investors, induce them to buy securities, whether it be actions or shares of funds. In - the first, it is necessary to cancel at least on 5 - 10 years taxes from profit for long-term investors. I will note especially - long-term. It should stimulate not only large, but also retail investors to put up money in securities. To stimulate private internal demand it is necessary for development and national economy, and its indicator - stock market. In - the second, it is necessary to raise literacy of private investors. And in it many companies, for what honour it and praise today are engaged. In - the third, the ascending trend of the market is necessary. At once I will notice that all these conditions are interconnected, therefore the positive effect is possible only at realisation of all of three. Something should change earlier, something - later. But to change it it is necessary.