Архив рубрики: Общее

2017 Report: +10.37%

We’ve finished 2017 with 10.37% yield (the price of the fund unit rose 10.37% in RUR). For comparison, the base deposits profitability in Russia in the end of the year was 7.794% (in RUR).

At the end of the year the Fund portfolio was mixed by assets of different risk classes and contained:

  • 44% of equities,
  • 41% of fixed income securities,
  • and 15% of foreign currencies (EUR, USD).

Equities of the portfolio is well balanced by different industries.

In the 2018 I expect the yield of the Fund will be around 15-20%.

9 Months 2017: Quarterly Report

For 9 months of 2017 TNOC unit rose by 13.76%. Mostly all of this movement has got in the 3d quarter of 2017 and is due to operations with equity securities (MICEX: TGKB, DIXY), dividends received (ALRS, GMKN), yield received from fixed income securities (sub-federal and corporate).

Comparable dynamics of TNOC unit, MICEX index, Governement bond and Corporate bond indices with 1-3 years duration.

Source: MICEX , TNOC calculations

According to the investment strategy, the price of the Fund unit will get around 15% for the year.

 

IH2017: Better Than Market

In the first half of 2017 the Fund unit reaches all-time hight, rose 4.65% year-to-date. This yield supposes annual growth around 10%.

Investment yield was received from coupons, dividends and some speculative transactions with stocks. At June 30th the share of stocks in the portfolio was more than a half — 56%. Another large share is fixed income (36%), and the rest is foreign currency and rubles.

Fund portfolio structure at June 30, 2017

Indicators, % (6 month, Dec 30, 2016 — Jun 30, 2017)

TNO Capital (unit price, RUR) 4.65%
MICEX index (RUR) -13.1%
RTS index (USD) -15.8%
Benchmark* -4.05%
Inflation rate (May 2017, YoY) 4,1%

*Sberbank – Balanced Fund

IQ2017 Report

In the 1st quarter 2017 the Fund unit rose 1.08%, and this is not bad result comparing with other indicators.

Indicators, % (3 month, Dec 30, 2016 — Mar 31, 2017)

TNO Capital (unit price, RUR) 1,08%
MICEX index (RUR) -10,61%
RTS index (USD) -3,35%
Benchmark* -2,76%
Inflation rate (February 2017, YoY) 4,60%

*Sberbank – Balanced Fund

We have stable performance in the last three years, so with our investment strategy for 2017 we expect to receive 10-15% of income for the year.

hist_res3y

Fund performance 2016

It was a good year for Russian equity market (MICEX +24% YTD), but not so good for forex assets (currency basket decreased more than 18% YTD to Russian ruble). Revaluation of the Fund forex assets causes weak performance of the Fund unit in 2016 (+5% YTD). For example,  standard bank deposit (in RUR) in 2016 was able to receive 8.4-10% per annum.

pricedynamics

Our long-term strategy for 2017 provides:

  • To increase equity share in the portfolio to 40% (now — 26%)
  • To decrease fixed income share in the portfolio to 40% (now — 51%)
  • To keep foreing assets share in the portfolio by 15-20% (now — 23%)

portstrucdec2016

IIIQ2016: Catching the Wave

In the 3-rd quarter TNOC unit added 3.8% due to some short-term operations with gold-linked assets in July-August.
From the beginning of the year TNOC unit increased 5.3% (equal to the 7.1% annual pace of growth in RUR).
tnoc9m2016
Indicators, % (9 month, Dec 30, 2015 — Sep 30, 2016)
table3q2016

IIQ2016: Flat performance continues

Flat portfolio performance is continued as local currency market and stockmarket were traded mostly in flat direction in April-June. From the beginning of the year price unit of the fund rose by 2.5%. The benchmark, Sberbank-Balanced Fund, rose 7.44% at the same period.
Worse-than-benchmark performance is due to the large share of forex assets in the portfolio, so RUR revaluation in June also had some negative effect.

TNOC2q2016