For those who have invested in a bond fund, and so it
is clear that the phenomenal returns we should not wait, but inflation and bank
deposits of the fund is likely to overtake. Fatigue from sharp jumps and
carefully explain the control unit converts the growth of assets in bond funds.
Market participants tend to explain this trend, and
even lower results in 2007, the stock market and uncertainty of further
movement in the stock market this year, but also increase the overall culture
of investment.
The significance of the indicator
"Indeed, the recent activity of the customers who
prefer to bond funds and mixed investments increased. So, last month the number
of shareholders fund bonds increased by 1.5 times, and money in the fund was
added to 20%. " This year, the index of corporate bonds of the agency
"RTS-Interfax" news agency Cbonds and the beginning of the year rose
slightly more than 2.5% (from 168.98 to 173.86 points). Despite the fact that
in the I quarter of 2008 on the bond market there was a tendency to lower yields,
especially on issues of second-and third-tier, most bond funds showed an
increase share value. According to the analytical information server most of
the Russian bond funds not only look better than the market, but most of them
showed good growth in share value. Thus, only the following March 28 of the 37
bond funds have brought income to shareholders, ranging from 2.01 to yield
-2.46%.
Tidbits
The most "lucrative funds' bonds Bi quarter of
the available steel" Pythagoras - Bond Fund "(the management
company" Pythagoras ") - 5%," Sapphire "(" Management
Company Rosbank "Bank" First HVAC ") - 4.77% and "KIT -
Bond Fund" (the management company, "CIT") - 4.17%.
The tendency to increase the net asset value of bond
funds is particularly strong impact on "KIT - Bond Fund" and
"AlyansRosno - Bond Fund", which actually doubled the NAV of the I
quarter.
NAV has grown substantially in the funds
"Financier" (33.9%) and "Ilya of Murom" (39.2%). However,
while talking about the total dominance of bond funds is not necessary. Of all
the Russian funds most are still occupied by mixed funds investments. According
to the financial analytical portal, only 15.56% of all Russian funds are bond
funds (33.78% of the funds - mixed investments, 28.48% - shares, 15.56% -
16.26% bonds, and - real estate). "We believe that while the bond funds
are still underestimated in our range of funds," - said General Director
of the management company "KIT" Vladimir Kirillov.
Portfolio for growth
A positive factor for the Russian debt market in the
near future are the macroeconomic data from the U.S., which reduce the
possibility of aggressive Fed rate increase. In the II quarter of 2008, market
participants also expect a gradual rise in rates in the domestic market,
linking it with the influence of foreign news background - namely, the dynamics
of U.S. government bonds.
Another factor may be a current overbought debt
instruments. Therefore, in comparison with the "blue chips" of the
most attractive look is still investing in short-term (one year) bonds of the
second and third echelons. The basic income, as well as in March, will continue
to be coupon. Against this background, fund managers give different
predictions. Some investors do not recommend "falling asset", while
others are positive and take a reference to an annual yield of 15%.
Glass half ...
Against the background of different forecasts all
voices agree that it is necessary to form a "balanced portfolio".
Director of Development Investment Funds in Russia
said that 70% of the funds better to invest in stock funds and only 30% of the
funds to keep the bonds.
Optimal structure of the portfolio of a private
investor in the management company "KIT" see the following way: Bond
mutual funds - 40%, mixed investment mutual funds - 30%, shares of mutual funds
- 20%, ruble bank deposits - 10%.
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