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%|
|6||Inflation rate, %||15,0%|
I suppose, that the 2016 will be more complex for equity markets globally, especially for emerging economies. Our strategy for the next year: continue to increase assets, including foreign currency assets such as russian eurobonds and european equities.