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%)