Архив за месяц: Декабрь 2015

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.

2015_3

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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