Архив метки: strategy

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.


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.


Фондовые рынки: упасть, чтобы расти

Перенасыщенные дешевым кредитом финансовые рынки готовятся к повышению ставки ФРС США, теперь в декабре 2016 г. Ну если не в декабре, то уж точно в феврале 2017 г. Ну а если не феврале… Читать далее

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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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


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


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