Архив метки: results

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

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

 

9months2015: over +30% YTD

From july till september (3Q2015) the Fund’s unit added 5.3%. From the beginning of the year the Fund’s unit rose by 32.4% (for comparison MICEX index rose 17.6% for the same period). Better than stock market index performance is due to large share of bonds in portfolio (more than 50% of assets).

Performance TNO Capital vs MICEX index (Dec 30, 2014 = 0%), 9m2015

IIIQ2015

Bond portfolio indicators at September, 2015:

— Weighted average yield 11.19%
— Duration 18.3 months
(1 year=365 days; discount rate=11%)
— Wide portfolio diversification — not more than 6% for each issuer

IIIQ2015_bond portf

IQ2015: Strong Results in Volatile Market

In the first 3 month of 2015 the value of the Fund’s unit rose by 19.7%. MICEX index, for comparison, added 16.4% at the same period. Stable growth of the Fund’s unit, which you could see in the picture below, is explained by a large share of fixed income in assets. It has defended portfolio in the period of stock market slump in March 2015.

Performance TNO Capital vs MICEX index (Dec 30, 2014 = 0%), IQ2015

IQ2015_PERFOMANCE

In the near future I will add a new benchmark to compare with my portfolio. It will be the fund with mixed strategy (fixed income & equity), that will be more appropriate than previously used Сбербанк – Фонд активного управления .

TNO Capital portfolio structure at the end of IQ2015

IQ2015_PORTF_STRUCTURE