Which mutual funds to invest in. Ria rating

2017 has ended and I am publishing a traditional article with the results of the year. I wish all my readers and clients financial well-being and prosperity in the coming year. Let him please you with pleasant events, make you happier and more successful.

In this article I will summarize brief summary year, what you could earn and lose money on in 2017, I will remind you about the most important events and news of the past period and tell you what innovations await us in the future.

Economy of Russia grows weakly. According to forecast World Bank Russia's GDP in 2018 will grow by only 1.7% (the same growth will be in 2017). The ruble exchange rate is actually “tied” to oil prices. Real incomes have fallen for the third year in a row.

Stock market in 2017

Index Russian shares last year it performed poorly. Russian MICEX index, which is now called the Moscow Exchange Index, fell from 2232 points to 2109 in 2017, that is, by -5.51%. The equal-weighted MICEX Index 10 performed even worse, its return was -16.19%. The RTS dollar index showed a return of 0%.

Dynamics of the Moscow Exchange index, 2017

Among the sectors, the worst dynamics were shown by the financial and oil sectors.

Among the growth leaders are shares of Tatneft, Rusal and Yandex. The shares of AFK Sistema, Magnit and VTB fell the most.

In 2017 The Central Bank of the Russian Federation lowered the key rate from 10% to 7.75%. The yield on the aggregate government bond index for 2017 was 12.8%, municipal 10.3%, corporate 12.3%. Effective Yield government bonds fell from 8.4% to 7.24%.

Russian bond yields, 2017

What will happen to banks and deposits in 2018

Bank deposit rates continue to decline. If in January 2017 it was possible to open a deposit for a year with a rate of about 7.84%, then in October average rate is already about 6.28%. Average rates by foreign currency deposits now 1.46% in dollars and 0.8% in euros. As you decrease key rate The Central Bank of the Russian Federation will continue to reduce deposit rates.

The banking system continues to experience a severe crisis. As 2017 showed, even the largest banks have problems. The Central Bank of the Russian Federation revoked 47 banking licenses over the past year. By the end of 2017, the Deposit Insurance Agency (DIA) spent 388 billion rubles on payments to depositors. There has been no money in the DIA for a long time, so the amount was provided by the Central Bank as a loan. According to Elvira Nabiullina, recovery banking sector will last another 2-3 years.

Most of the banks that lost their licenses were outside the top hundred, but there were also large banks: Ugra (35th place), Tatfondbank (44th place).

The most sensational story in the banking sector was the reorganization of banks Otkritie, B&N Bank, Promsvyazbank. In July 2017, the Russian rating agency ACRA assigned credit rating Bank Opening BBB-(RU), which is low rating for such a large bank. This news caused a massive outflow of funds from large depositors and greatly undermined the stability of the bank.

An article by an Alfa-Bank analyst also added fuel to the fire, who wrote about problems with BOMP banks (Binbank, Otkritie, PSB and MKB), and that the issue with them will be resolved in the fall. These banks were closely intertwined with each other and problems in one would mean problems in the other.

Considering the size and importance of these banks for the entire banking system, the Central Bank of the Russian Federation did not revoke their licenses, but gradually introduced a temporary administration and announced the reorganization of banks in a new way - through the Banking Sector Consolidation Fund. Now these banks continue to fulfill their obligations, what will happen to them in the future is still an open question.

The crisis state of the banking system makes many large depositors think about the reliability of their savings. Many depositors are beginning to fear private banks and prefer to transfer money to government banks that offer minimum rates by deposits.

A good solution to the issue of reliable placement of your savings would be to draw up

Law adopted in 2017 equalizes corporate bonds and bank deposits on taxation, which makes bonds more profitable investment than deposits. In addition, purchasing long-term bonds allows you to lock in current returns for several years to come.

Over the past year, the government bond index has grown by 12%, outperforming deposits. Taking into account the possibility of obtaining tax deduction at a rate of 13% for a period of three years, bonds look like a tempting investment option. For those who want to invest their money in bonds, you can draw up.

Inflation in 2017

Inflation in 2017 became the lowest ever - 2.5%. The Central Bank exceeded its promise to reduce inflation to 4% per annum. The previous record was in 2016, when inflation was 5.38%.

Inflation in Russia by year

Arguing about right or wrong official inflation there is no point. Rosstat shows the inflation rate for a certain list of goods and services, which in its opinion looks like this:

Source: tvrain.ru

Another question is how similar this basket is to consumer basket individual Russian. The reasons for such low inflation most likely lie not in the improvement of the economy, but in the fall purchasing power population and a decline in real incomes. There is nowhere to raise prices any further.

Oil prices in 2017 increased by 17%. The ruble strengthened 4% against the dollar and fell 8% against the euro. If there are no strong movements in the oil market, then most likely the rate Russian currency will continue to be in the range of 56-62 rubles per dollar, but the long-term trend due to economic problems to gradual weakening.

The Russian economy is experiencing problems. Since economic income comes mainly from exports, then strong ruble not beneficial for the economy. Therefore, strong strengthening national currency It's hardly worth the wait.

Moscow real estate prices falling for the third year in a row. According to metrinfo.ru, at the beginning of the year, 1 sq.m. cost about 167,413 rubles/sq.m., by the end of the year it began to cost less than 163,297 rubles.

At the end of 2017, mortgage rates reached record lows: 9.8% for new buildings and 10.02% for objects secondary market. Perhaps next year they will decrease even more, so for those who plan to take out a mortgage in the coming year, it may make sense to wait a little. And for those who already have a mortgage, it makes sense to think about refinancing it at a lower rate.

Housing prices in Moscow 2015-2018

Falling mortgage rates are unlikely to cause a significant increase in prices in the housing market. According to forecasts, the pace of new construction in 2018 may be at the level of 2017: this will lead to an excess of supply over demand by 2.8 times.

Most likely, an increase in real estate prices will appear when real incomes of the population begin to grow. Over the past four years, they have only been falling and are unlikely to begin to rise without a significant increase in oil prices and economic growth. The rental yield rate for residential real estate remains low and averages 3-5%.

Prices for precious metals in 2017 increased slightly, with the exception of palladium, the price of which increased by 50%.

Dynamics of precious metals in 2017

Fund rating in 2017

Profitability of Russian funds for 2017 can be estimated from the following table. It presents the 10 best and 10 worst funds.

The most income fund turned out to be the FinEx MSCI China UCITS ETF, which invests in Chinese stocks. The leaders of the past year were mainly funds focused on the US high-tech sector and emerging markets.

The table below compares the returns of some Russian funds with their foreign counterparts.

For example, the FinEx MSCI China UCITS ETF invests in the MSCI China Index. A foreign analogue can be the iShares MSCI China ETF. The difference in returns between funds in 2017 was 5.6%.

Another Sberbank fund - Developing markets invests in the Vanguard FTSE Emerging Markets ETF. The mutual fund's yield was 20.3%, and the ETF's yield was 27.1%. Over the year, the mutual fund “lost” 6.8%.

For now Russian funds inferior to foreign analogues in terms of profitability. The reason for this is higher fees and the fact that part of the fund is in cash rather than assets.

World situation

Now let's touch on the situation on the world financial markets. The table below shows the returns of foreign ETFs that focus on various asset classes. The past year has been very successful for the stock market. American index The S&P 500 rose 21.7% in 2017. The Global 100 global stock index returned 23.6%. The Commodities fund rose 4.86%. Shares of developed countries rose by 25.1%, shares of developing countries by 37.28%.

Profitability of foreign ETFs, 2017.

Returns of foreign ETFs for various asset classes in 2017

Last year, many noted the high cost of the American market. The current P/E of the American market is 26, Shiller's CAPE is 32. These values ​​are noticeably higher than historical averages and the gap from the historical average only increased in 2017. These facts do not mean that the American market will necessarily fall next year, although after a long growth, a correction suggests itself. Why you shouldn’t be afraid of this, and what to do in this case, I wrote.

Most likely, they say that you shouldn’t expect big returns on the American market in the next 10 years. According to various estimates, the yield can range from 4% to 7% per annum.

Valuation of P/E markets, 2017. Source starcapital.de

Russian stock market by cost estimates one of the cheapest in the world P/E 8, CAPE 5.6. Other markets with attractive valuations include mainly Eastern European countries, the Czech Republic, Poland, Hungary, Portugal, Italy, China, Korea, and Brazil.

Attractiveness of markets by value multiples, 2017

The chart above tells us that the most attractive markets in terms of CAPE and Price-to-Book are developing countries and the developed countries Europe. The US and other developed countries are considered expensive.

The US Federal Reserve continued its expansion cycle interest rates, in 2017 the rate was gradually increased from 0.75% to 1.5%. Profitability US 10-year bonds is at the level of 2.5%. The earnings yield of US stocks is 3.79%. Thus, the risk premium is 1.3%; shares, despite their high cost, remain more profitable than bonds.

In terms of yield, US corporate bonds and bonds look more attractive developing countries. ETFs for these asset classes grew by 7% and 10% in 2017, respectively.

Return on assets table

Updating the traditional annual profitability table financial instruments.

1. Government bonds +12.8%
2. Corporate bonds +12.2%
3. Euro +7.9%
4. Bank deposit +7.8%
5. Gold +6.2%
6. Inflation +2.5%
7. Shares (Moscow Exchange Total Return Index) -0.2%
8. Real estate -2.5%
9. Dollar -5%

Inflation-adjusted returns.

In this table, assets are ordered from top to bottom by their annual return.

Important news

For the fourth year in a row, the government freezes the funded part of the pension. According to the new adopted law accumulative part pensions will not be formed until the end of 2020, and all funds will be used to “finance the insurance part of the labor pension.” The government is also discussing a new pension reform, according to which it is planned to introduce a new part of the pension - Individual investment capital. According to the project, a citizen will save for his own pension and contribute up to 6% of his salary.

In 2017, a bill was passed according to which the contribution has been increased up to 1 million rubles per year. At the same time, the amount of tax deduction for the contribution remained the same - 400,000 rubles.

Benefit for releasing bond coupon income Russian issuers from personal income tax will become indefinite. Previously, a law was passed according to which coupon income for bonds issued during the period from January 1, 2017 to December 31, 2020 inclusive, will be exempt from taxation. In 2017, the restriction until December 31, 2020 was canceled. Now all corporate bonds issued from January 1, 2017 will have .

Falling deposit rates caused a sharp increase in sales investment insurance life(ISJ). Now banks are trying to sell clients a product with a higher margin and more profitable for the bank, presenting it as a “deposit with a higher yield.” However, bank employees often do not notify clients of all the conditions of such a product. Unlike a deposit, funds invested in an ILI are not insured, and when early termination of the contract, not the entire amount is returned, but only part of it. In addition, higher returns are not guaranteed, and the client cannot control where his money is actually invested, which carries hidden risks. But from January 1, 2018 You can refuse this product within 14 days from the date of conclusion of the contract (previously the cooling-off period was 5 days).

In 2018, the Moscow Exchange may have new ETFs from Russian management companies. The Central Bank is currently developing relevant documents, which should come into force in the first quarter of 2018. Plans to create their own exchange-traded funds were confirmed by the management companies of Sberbank and VTB.

Foreign ETFs will become closer for the Russian investor. At the beginning of 2018, the St. Petersburg Exchange plans to begin trading in foreign ETFs. Initially, the number of such funds will be about 50, but it is planned to increase their number to 200. The purchase of foreign ETFs on the St. Petersburg Exchange will be available only to qualified investors.

A mutual fund is a mutual investment fund, that is, nothing more than a special financial institution, in which you can invest money and become its representative, a shareholder who has his own certain share of the total income. At the same time, we should not forget that the fund itself receives money from the fact that it invests its savings directly in promising, in the opinion of the fund, securities, stocks and bonds. Currently. Mutual funds in 2017, the profitability received from them, is the most popular and sought-after method of storing funds, which banks offer as effective and long-term storage.

Rating and comparison.

Today at modern world can be named and highlighted enough a large number of Mutual funds, each of which has its own pros and cons.

The main thing is to be able to do right choice. That is why a rating that describes the proven and most reliable mutual funds will be a good assistant and guide in this case.

• 1st place – Mutual Fund from Gazprombank. A special feature of this fund is the fact that it is open and does not have any specific specializations. In turn, the increase in profitability is 9.9%.
• 2nd place – Mutual Fund from Raffeisenbank “Raiffeisen Capital”. According to the presented statistics and reporting, the yield is 8.47%.
• 3rd place - Mutual Fund "MK Bivalutny", represented by the company "Management Consulting" with a yield of 6.71%.
• 4th place – Mutual Fund from UralSib, which has a rather interesting name “Global Commodity Markets”. This fund also represents open fund without specialization with a yield of 6.68%.
• 5th place – mutual fund from the Otkritie company and the Otkritie-Raw materials fund. The fund's efficiency is 6.67%.
• 6th place – RSHB Fund “Currency Bonds”. The founder of the fund is the well-known company RSHB Asset Management and today the fund has a return of 6.39%.
• 7th place - Arsagera fund, which is an interval investment fund, a stock fund. In his activities, he specializes in the second tier and his income is 6.03%. It is worth saying that this fund has a number of features that distinguish it from other companies.
• 8th place – Eurobond fund of ATON-Management company. The fund is open-end, but there are no specializations, and its income level is 5.90%.

In order to correctly choose the right and reliable mutual fund, and at the same time not lose your money, experts advise and recommend investing it in a relatively calm time, as well as carefully study and get acquainted with a number of tips and recommendations. In other words, know and remember those factors and criteria that you should pay attention to first.

• Firstly, the rating of management companies by the volume of funds raised over a year or three. In other words, you must be clearly aware of the fact that the success of the company’s tactics directly depends on the safety and security of your investments.
• Secondly, cost rating net assets, which represents the amount of funds of fund participants. Under the control of the management company. That is, the higher the NAV indicator, the more popular the management company is, and, therefore, the higher the level of trust.
• Thirdly, the ranking is based on net asset value.
• Fourthly, the rating by the number of funds raised. Moreover, it is best to study information for the last 3 years, because they fully and fully display all indicators and results.
• Fifthly, ranking by profitability. It is worth noting that this indicator is one of the leading ones for investors.

With knowledge and skillful use of all these criteria, you can easily make the right choice and not worry about your investment. Mutual funds in 2017, income and many other indicators and parameters will help you not to make mistakes and take the right and right step.

To help everyone who wants to invest in mutual funds, we have compiled a rating of such funds that show success in 2017. It includes structures owned by large Russian or international banks, they have a good reputation and have been in the market for many years.

Certainly, main criterion valuations are returns. But it does not always reflect the quality of the mutual fund’s work as a whole, its stability and stability of results over long time intervals. The structure can earn (or say that it earns) hundreds of percent per year. But this does not indicate that such a fund is reliable and should be trusted.

Therefore, in addition to profitability, the following factors were taken into account: reliability, fame, wide network of representative offices, completeness of information about investment funds, the number of mutual funds the bank has, accessibility down payment for an investor with small income.

Our rating includes funds from the following banks.

"Gazprombank". Offers profitable investment programs, while the cost of the share is low, accessible even to a novice investor with small available funds.

"Raiffeisenbank". Founded in the middle of the last century, in our time it is an international financial group, large-scale project. Mutual funds operate in different market segments, receiving stable profits.

"Sberbank". Large selection of mutual funds, both traditional and high risk. Shows good profitability. The bank itself is a structure of great reliability, its reputation has been confirmed over decades.

"VTB". One of the largest banks capable of global investment. The cost of the share is quite high, but the interest earned is serious.

"Uralsib". For a long time it has been working in the markets of Russia and then in other countries. There are many mutual funds with different orientations, the opportunity to form an effective investment portfolio.

Mutual Funds of Gazprombank

Gazprombank has several mutual funds, each of which operates in its own sector of the market, from bonds to oil and electricity. Such broad diversification allows you to create a highly reliable investment portfolio. You can purchase shares of such funds at Gazprombank.

As you can see, purchasing a share is affordable for almost anyone. True, you need to buy more than one share: there are certain minimum amounts. But they are also available. Let's say the Gazprombank-Zoloto fund offers to invest in trading precious metal, and for this you will need to deposit only 5,000 rubles at the initial stage.

Each of the Gazprom funds has its own purchase conditions, but any person with average income can fulfill all the threshold conditions.

The profitability of Gazprombank funds for July 2017 reaches 1.79 percent (Open Investment Fund of Market Financial Instruments Gazprombank-India). Learn more about how much each fund earned in July current year, in the following table.

Raiffeisenbank mutual funds

Raiffeisenbank has sixteen mutual funds. With their help you can invest in stocks, raw materials, information Technology, debt markets. In addition, there are funds operating on a geographical basis: Raiffeisen-Europe, Raiffeisen-USA.

To purchase an initial share package, you need a fairly significant amount: 50,000 rubles. Additional investments are accepted in the amount of no less than 10,000 rubles. You can buy a share by contacting one of the Raiffeisen offices or directly on the website.

The bank provides fairly detailed information about how the value of assets and the profitability of each of its funds changes. Thus, investments in Raiffeisen Shares brought a profit of 3.37 percent from May to July 2017.

In addition to open ones, the bank has an interval fund that operates in the market of major precious metals: gold, silver, palladium, platinum. The difference between an interval fund is that the redemption of shares here occurs at certain intervals. For example, this is done quarterly, once every 6 months, etc.

Shares investment funds from Sberbank

Sberbank provides a choice of 24 investment funds in 2017 different types and areas of work. Traditionally there are funds for stocks, bonds, precious metals, etc. In addition, Sberbank has mutual funds for the Global Internet, Telecommunication Technologies, Natural resources and others. There is plenty to choose from, something to think about, somewhere to invest and earn money.

The bank presents the performance results of its most popular funds for 2017.

Investment conditions are different in different Sberbank funds. The low-risk bond fund “Ilya Muromets” requires 15,000 rubles to start. But at the same time, if you buy a share through the website, the minimum contribution is much more modest: only 1000 rubles.

The Bank provides recommendations on conservative and balanced strategies. It is proposed to buy shares in investment funds, guided by such schemes.

Let's give another example, this is an example of a high-risk investment fund. This mutual fund invests in telecommunications technologies. These are, say, shares of Russian mobile operators, search engines, foreign Internet companies, etc.

Information on changes in the value of shares of the Telecommunications and Technologies Fund is provided. As you can see, the price changes within a very wide range, including negative dynamics at certain intervals.

Thanks to Sberbank, you can become one of the investors of international funds, for example, the Biotechnology Fund. These are also high-risk investments. But at certain stages they are capable of generating a serious percentage of income.

It is advisable to invest in high-risk shares only those funds that you can risk and lose without any consequences. Overall, investments in modern developments, technology is a necessary and useful thing for humanity.

Sberbank and its consultants help to create a competent and profitable investment strategy that is most suitable for each specific client.

Investment funds "VTB"

Mutual funds of VTB Bank are distinguished by high profitability. This credit institution Serves corporate and institutional clients. However, it is possible to purchase shares for private clients. The product range of this bank includes several investment funds, of which 4 are flagship.

It is interesting for the investor that two of these funds operate in both rubles and dollars. From the illustrations it is clear: the profitability of investments in 2016 directly depended on the currency in which they were made. And if the Bonds Plus fund received a loss in rubles, then in dollars it received a significant profit.

OPIFA “VTB Equity Fund” earned very serious money. Profit for the year amounted to 41.7 percent. None of the funds we talk about have such achievements. Wherein this fund The bank belongs to the high-risk category.

The VTB-Treasury fund has the lowest level of risk. His strategy is directed along the vector of investments in securities whose profitability is fixed. Basically, these are bonds of the state, large corporations, etc. The fund's return since 2003 has been more than 400 percent.

You can purchase shares of VTB funds at the bank’s representative offices or on the website. However, the username and password for logging in Personal Area, one way or another, must be received through a representative office, in person.

The minimum purchase amount for a unit depends on the fund and the method in which the purchase is made. So, for the “Shares” fund the minimum is from 5 to 50,000 rubles.

In general, VTB funds are aimed at working with fairly serious and long-term investments. Financial results at the same time it can be very good.

VTB funds have high positions in international ratings.

Mutual funds from Uralsib

Great experience investment activities(since 1996) owned by Uralsib Bank. The bank offers to join the ranks of investors by choosing from several mutual funds of various types.

It can be seen that the profitability of mutual funds is quite high. At the same time, the shares themselves are also quite expensive: from 5 to 23,000 rubles.

The highest yield is from the Uralsib First fund. It invests in several resources.

It can be seen that the fund's investments are well diversified, this allows you to make a profit almost guaranteed.

Uralsib Conservative has the lowest share price. Interest rates are also quite low.

At the same time, the portfolio contains instruments with a fixed rate of income: government securities. Investments in the development and transport sectors also pay off in most cases, but require a long period of time to generate income.

The Emerging Countries Equity Market Fund is a tool for risky investment in the economies of countries such as Brazil, South Africa, China, Taiwan, etc. The risk of loss here is high, but it is compensated by the general tendency of the markets towards maximum growth. Most likely, over long periods of time, investments in such markets should always bring profit.

Others successful mutual funds 2017

The year 2017 is not over yet, and it is too early to draw final results. However, experts, along with the mutual funds described above, highlight the current investment success of funds and companies such as Otkritie Bank, Aton Management, Mutual Fund RSHB "Currency Bonds", Mutual Fund "MK Bivalutny" from the company " Management consulting" and others. The yield of these mutual funds averages 5-7 percent.

Overall, mutual funds continue to perform well in 2017. Although there are funds whose profits are comparable to those of banks, there are also those that far exceed this level, earning tens of percent. Therefore, if the goal is to get a good profit from investments, you have time and the opportunity to risk a little money, you can safely choose a mutual fund to invest your money.

When choosing a mutual fund in 2017, and at any time, we advise you to evaluate not only promises. It is important to know how successful the fund has been in the past, whether the net asset value is high, how many investors use the fund's services, etc.

You can diversify investments not only between mutual funds of one bank, but also of different banks. Don't invest all or most of your assets only in high-risk projects. Maximum - in mutual funds with low risks, a little less - invest with average risk. And the smallest fraction can be exposed to the greatest risk.

Is it worth buying mutual funds in 2018 and which mutual funds should an investor choose? Read more about the mutual fund market in 2018 in the material from Business Petersburg

Management companies attracted 73.7 billion rubles into mutual funds in 2017. The half-forgotten instrument was brought back into popularity by the reduction of deposit rates.

The net asset value (NAV) of open-end mutual investment funds (UIFs) in 2017 increased by an all-time record value of 73.7 billion rubles, according to data from the investment resource Investfunds. As a result of NAV open mutual funds increased by more than one and a half times, to 216 billion rubles.

For comparison: in 2016, according to Investfunds, open mutual funds attracted 5 times less, 14.7 billion rubles. But this amount was 3.5 times higher than the result of 2015 and turned out to be a record for 10 years.

Alluring debts

The entire influx of money from shareholders was provided, in fact, by one type of fund - bond funds. They attracted 74 billion rubles, the inflow of funds into other types of funds was on average negative.

Debt securities, as a rule, exceed bank deposits in terms of profitability and at the same time differ from shares in greater stability of quotations. They serve as a natural choice for savers looking for an alternative bank deposits. Behind Last year deposit rates in Russian banks fell by more than 1% per annum.

According to the Bank of Russia, in the third decade of December last year the average maximum bet on deposits in rubles from 10 banks attracting the largest volume of deposits individuals, amounted to 7.33% per annum, while in the same period in 2016 - 8.4%. Nevertheless, the volume of citizens’ deposits in banks is close to 25 trillion rubles and does not yet show signs of decline. That is, only a small part of depositors are looking for an alternative to deposits; their departure only slows down the growth of the volume of deposits, but does not cause it to decline.

“Bond funds have been leaders in attracting funds over the past 2 years, and 2017 only strengthened this trend,” notes Konstantin Kirpichev, head of sales and marketing at Raiffeisen Capital Management Company. “The main reason for the high demand for them is the flow of investors’ funds from deposits in mutual funds. Bond funds traditionally demonstrate conservative dynamics, while showing returns above deposit rates."

Because the Russian market stocks showed weakness last year - the Moscow Exchange index fell by 5.5% - stock funds on average lagged behind bond mutual funds in terms of return. According to Investfunds, the average increase in the value of a share of 58 bond mutual funds with a NAV above 10 million rubles per last year amounted to 7.02%. And for all 247 open mutual funds with assets more than 10 million rubles - 5.73%.

The influx of money will continue

Industry-specific equity mutual funds traditionally ranked among the leaders in terms of profitability over the past year (see table). But, according to experts interviewed by DP, this circumstance is unlikely to lead to a sharp increase in the flow of money into these funds. Most likely, the leaders in attracting funds from shareholders, as last year, in 2018 will again be bond funds.

“In 2018, bond funds will most likely remain among the favorites, since client preferences are inert,” believes Vasily Illarionov, head of the business development department, managing director of Sberbank Asset Management. “But if the Central Bank this year, as it promises, will allow management companies to accounts trust management(IIS and ordinary) to purchase shares of their mutual funds, then we will be able to offer clients not to choose individual mutual funds themselves, but to create for them a full-fledged personal financial plan with a diversified portfolio of funds. Then the structure of inflows will be more multidirectional and will reflect the real relationship between financial goals and the risk profile of clients. It is worth noting that the share of inflows into equity funds should increase slightly because the potential of the equity market is greatly underestimated right now. We already started to see this trend at the end of last year, but still the vast majority of new investors are still conservative and prefer bond funds."

"Our mutual funds are among the leaders in terms of the volume of attracting Money in 2017,” states Evgeniy Zhornist, portfolio manager at Alfa Capital Management Company. — For example, the value of the net assets of the ruble bond fund “Bonds Plus” increased more than 5 times over the year. There are several reasons for such significant volumes of attraction. The main thing is low deposit rates. Clients do not want to place money in deposits under low rate and are looking for alternative accommodation options. And the bond market offers an acceptable and attractive investment option for such investors.

We believe that the main trends will continue - investors in search of profitability will transfer money from expiring deposits to mutual funds. The ruble debt market, in our opinion, will be on their side and, just as in 2016, will show an increase in bond prices in 2017. We expect the easing cycle to continue monetary policy Bank of Russia and we believe that the key rate for the year can be reduced to 6.5-6.75% per annum from the current 7.75%. Deposit rates, which are already at a fairly low level, will continue to decline as the key rate decreases. At the end of the year, we expect to earn 9-11% for shareholders of our ruble bond funds."

The fundamental difference between the situation in 2016-2017 is that money began to flow into mutual funds for real conservative investors making an informed choice in favor of bonds. The likelihood that they will be disappointed is significantly less than it was in 2008, after previous years 80% of all investments went into aggressive equity funds. Accordingly, the main risk of 2018 is macroeconomic: rising inflation, rising rates, and a rising dollar may cause disappointment among investors.