The current yields of PRObonds portfolios, which are calculated weekly in relation to the same day last year, due to the low base effect (last March the bond market was falling) give mixed results. Portfolio # 1 from March 15, 2020 to March 15, 2021 added 17.3%, portfolio # 2 – 12.2%. At the same time, since the beginning of 2021, both portfolios have a yield of 9% per annum.
This year, the Russian bond market is actively sagging, the OFZ total yield index lost 2.5% in January-March, the total yield index of the broad corporate bond market fell by -0.2%. Since the beginning of the year, the HY index from Cbonds shows an increase of 8% per annum. The target for the annual result for 2021 for the strictly bond portfolio PRObonds # 1, taking into account the dynamics of the past 2.5 months, drops to 11%.
In March, we do not plan to carry out bond placements and include new securities in the portfolio. Starting from April, it is planned to conduct an average of 2 placements per month. Accordingly, the rotation of positions in portfolios will resume.
A number of bond positions are now in the process of being reduced (see portfolio tables). We will continue to carry out the reduction gradually, since there is no urgent need for free money.
Among other things, portfolio # 2 will partially close a short position in gold futures if the price of the latter exceeds $ 1,743 / oz on the spot market.
Not an investment recommendation (https://www.probonds.ru/upload/files/15/35d1bb8a/Disklei%CC%86mer_dlya_portfelei%CC%86.pdf)