Mutual Funds: Who scored

Public relations people to collective forms of investment and stock market in general does not allow mutual funds industry to achieve the pre-crisis growth rates. Nevertheless, some positive developments in obscherynochnoy statistics can be traced. Thus, for the year (from June 2010 to May of 2011 including) recorded a net inflow in the open and interval funds of $ 2.8 billion. True, the mutual fund shares at the same time was derived almost 4.9 billion rubles, and of the index, and mixed - of 0.6 billion rubles. The overall positive result is mainly due to purchases of shares of bond funds, which were supplemented by 8.2 billion rubles (statistics Investfunds). For comparison, the net asset value of all open and interval mutual fund now stands at 119.7 billion rubles. Reform of the same industry. Strictly speaking, the first place in the top ten most profitable for the year funds should not be awarded "Interfin Telecom" and PIFu called "Alfa Capital - Fund pension reserves" with an almost unbelievable 131% indicator. However, he was not "cost requirement": net assets of the fund nedotyagivaet even up to 1 million rubles-lei. Still wondering how is passed over a high increase of the share value, even if the stock market indices rose during the same period in 26-37%. A fund also is mixed, ie, may include a significant proportion of bonds - instruments that are generally less profitable. However, according to the latest quarterly report, in securities, taken together, have been invested only 32% of its assets, with the remainder accounted for the receivables. As explained by Deputy Director General of the Criminal Code "Alfa Capital" Aleh Kessi, in 2007 the fund was created for the investment of pension reserves NPFov specially tailored force at that time constraints. But after a change in legislation the company has decided to review its investment strategy, so now the rules are being re-registered. By the end of last year the fund was derived from the bulk of the assets. And in the first quarter of its members returned to the reserves for the payment of emoluments to the same dividends received. Given the current small volume of the mutual fund was a sharp "paper" return jump. With regard to strategies actually working funds, shareholders who brought the most revenue, then they share a focus on investments in shares of fixed-line operators. Thus, in the portfolio "Interfin Telecom" throughout the period maintained a high proportion of regional telecommunications market "Rostelecom". In addition, during the decline of the market a substantial portion of the assets converted into cash, which constrained the depreciation value of the unit, specified in the Criminal Code "Interfin Capital." Occupying the second line of mixed "Metropol Afina" is not an industry, unlike other mutual fund leaders ("VTB - Telecommunications Fund", "TKB BNP Paribas - Russian telecommunications", "Troika Dialog - Telecommunications"). But his principal achievements are associated with investments in shares of MRK and their subsequent conversion into ordinary paper "Rostelecom", confirmed the deputy director of the Criminal Code of the "Metropol" Alexander Zakharov. The profit from these transactions blocked the loss of a number of unsuccessful operations, follows from the last available reporting fund. Thus, in the first quarter of packages of several power companies are impaired by 18-24%. The largest increase over this period showed the shares of "Tatneft", "Gazprom" and "CenterTelecom." However, the largest share of the portfolio securities held ordinary "Uralsvyazinform" and "Sibirtelecom" which continued the upward trend of previous months, rose to 14 and 16%. Other investments. Against the background of the galaxy telecommunications investment funds are allocated, "inter-industry" "Alliance Rosno - shares of commodity companies," and the general market, "Aton - Equity Fund", which multiply the investment of shareholders by 35 and 34% respectively. "A good result is explained not by individual transactions, and the proper distribution of funds in the main sectors of raw materials" - talks about his fund portfolio manager of the Criminal Code "Alliance Rosno WA" Timur Salikov. However, among the most successful purchases for the year it allocates packets "Bashneft" and "TNK-BP Holding" in the oil industry and "Severstal" in the industry. Cornerstone principle of the mutual fund strategy, "Aton - Equity Fund" is in investing in stocks - the leaders in the upward trend of growth and reduction of operational positions in accordance with a system of risk management in times of falling market. "In other words, we do not try to guess the pivot point, but try to select the most promising securities in the current trends and responsibly execute stop orders in the case of undesirable developments", - says the director of the investment department of the Criminal Code, "Aton-Management" Eugene Malykhin. Among the other "pillars" on which to base strategy of the fund - the principles of liquidity and diversification. "It may be noted successful mutual fund investing in stocks" BRIC "grow in the global market revaluation of potash and preparing to merge with" Silvinit ", or" Severstal ", which shows the growth of capitalization due to the economic recovery and rising demand for steel. Our most popular. Now look at the ten open and interval mutual funds, which over the year have attracted most of the shareholders. It is dominated by bond funds. Exceptions - three, with an interval "Small Business of Moscow", attended by 522 million rubles, is rather "Pithom special purpose", rather than a product to market investors: he controls the means for-profit organization "Fund of assistance to small business lending in Moscow." Another exception - "Savings Bank - Equity Fund", which attracted 489 million rubles, and was among the leaders, despite the fact that you have created a few months ago (when the calculations were not considered funds deposited during the formation of mutual funds). The Fund focuses on investments in Russian companies, large-cap, the largest proportion of assets accounted for oil and gas industry and the banking sector. The portfolio of securities, and are very "Sberbank". By the way, unlike many other equity funds, managers do not have to invest at least a small proportion of funds in bonds. The high rates to attract investors can be explained by the scale of a regional network of Sberbank, which is partly involved in the sale of products subsidiary of the Criminal Code. The third exception - a public fund «Raiffeisen - the consumer sector" with a net inflow of nearly 531 million rubles. The third quarter of last year was for the consumer sector and the fund profile is particularly good, allowing him to show the greatest increase in share value, explains the head of the Criminal Code of mutual fund «Raiffeisen Capital» Elena Klimanova. So many new clients have preferred it to this fund. But soon the market trend has changed since the beginning of 2011 the consumer sector stock indices lost more than 10%. According to Elena Klimanova, staff and Raiffeisenbank CC tried to keep customers from making typical mistakes inexperienced investors: out of stock on the decline. "This allowed for the last five months to feel the number-th flow, while the majority of mutual funds managed by similar specialization of competitors observed outflows shareholders" - indicates the interviewee "F.". As for bond funds, among them the most popular was the "Troika Dialog - Ilya of Murom" (a tributary of nearly 3.46 million rubles). Apparently, this is partly the result of the transfer of funds between fund shareholders of one company. For example, from mutual fund "Dobrynya Nikitich" for the same period was 2.23 billion rubles is derived. "The large influx of funds for" Troika Dialog - Ilya of Murom "due to both investments from new clients, and rebalancing of portfolios of existing ones. Conservative bond funds now offer returns that far exceed rates of bank deposits. In the wake of one of the longest periods of sustained growth of the Russian stock market customers to increase the share of bond funds in the portfolios, but after adjusting the direction of movement of assets between mutual funds is changing, "- says the director of standard products of the Criminal Code," Troika Dialog "Andrew Zvezdochkin. Foresight or miscalculation? Curiously, none of the leaders in profitability was not included in the list of funds that have enjoyed the greatest sympathy shareholders. Opinions on this account managers left. Some see this as confirmation of well-known thesis about the inability to mass investor correct guessing of the emerging market trend. Others, on the contrary, it is believed that the Russian shareholders have become wiser and more careful they are suitable for distribution of its assets. Thus, according to Andrew Zvezdochkin, this situation demonstrates the increasing level of competence of customers of mutual funds, which appears to be guided by two postulates: that the high yield mutual fund does not guarantee the same results in the future and that of the portfolio is advisable to keep a bond products. However, Timur Salikov notes that the historical return of a fund is still one of the main factors influencing the decision to buy shares. "Therefore, inflows into mutual funds often increase after periods of growth, when the fundamentals may not have been the continuation of a growing trend that is unfortunately ignored by buyers" - they talk to "F.". Leaders of profitability for the year * Place Fund Management Company and Type of Fund Performance category,% 1 Interfin Interfin Capital Telecom Open, shares 46.9 2 Metropol Metropol Athena Open, mixed investment VTB 45.2 3 - Telecommunications Fund VTB Capital CC Open, shares 42.5 4 TKB BNP Paribas - Russian telecommunications TKB BNP Paribas Investment Partners Open, shares 41.2 5 Troika Dialog - Troika Dialog Telecom Open, shares 35.1 6 Alliance Rosno - shares of commodity companies Allianz Rosno WA Open, shares 34.9 7 Maxwell Maxwell Capital Management, Telecom Open, shares 34.0 8 Aten - Aten Equity Fund Management Open, shares 33.9 9 Triumphal Square - Oil & Gas Fund Bank of Moscow Open, shares 33.3 Arsagera 10 - Equity Fund Arsagera Open, shares 32.3 * From June 2010 to May of 2011, inclusive. Only funds with net assets exceeding 50 million rubles. Leaders to raise funds for the year ** The Fund Management Company Type and category of the fund volume of borrowed funds, mln rubles a Troika Dialog - Ilya of Murom, Troika Dialog Open, bonds Raiffeisen 3461.9 2 - bonds Raiffeisen Capital Open, bonds 1010.9 3 Capital - Capital bonds WA Open, bonds 622.8 4 Troika Dialog - risky bonds Troika Dialog Open, bonds 557.6 5 Raiffeisen - the consumer sector Raiffeisen Capital Open, shares 530.9 6 Small Business of Moscow Aton-Management Interval, mixed investment 521 July 6 Alfa Capital Bonds Plus, Alfa Capital Open, bonds 498.2 8 Sberbank - Savings Bank Fund shares CC Open, shares 488.7 9 VTB - Treasury Fund VTB Capital WA Open, bonds 396.1 10 Russian bonds UFG Invest, Open, Bond 391.0 ** Excludes amounts received during the formation of the mutual fund.