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.


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.


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%)


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).
Indicators, % (9 month, Dec 30, 2015 — Sep 30, 2016)

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.



Fund performance 2015

Year 2015 was negative for the Russian economy, however the fund performed much better due to good risk management and successful investments. Best stocks in the portfolio were Acron, Uralkali, Yandex, Megafon, Polymetal, E.ON Russia, e.t.c. Also there were some profitable investments in fixed income, exept bonds of Transaero and SU-155 (both companies defaulted). Currency risk hedge helped to avoid negative effects of the Russian Ruble devaluation. Hedge transactions were mainly concentrated in EURRUR and USDRUR futures, also in foreign currency bank deposits.


Fund’s unit price (RUR) rose more than 36% year to date. This is more than the MICEX index (26%) and very close to the Fund’s benchmark Sberbank – Balanced Fund (37%).

Indicators, % (Dec 30, 2014 — Dec 29, 2015)

1 Sberbank – Balanced Fund (benchmark, RUR) 37,1%
2 TNO Capital (unit price, RUR) 36,6%
3 MICEX index (RUR) 26,3%
4 RTS index (USD) -2,7%
5 USDRUR 25,9%
6 Inflation rate, % 15,0%

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С уважением, Александра Лозовая