At the end of the next month, let’s compare the results of PRObonds portfolios with the results of popular investment instruments. Since its launch in July 2018, the PRObonds # 1 portfolio has been losing ground to stock indices (the Moscow Exchange and the S & P500, which include dividends), leaving behind dollar and euro investments, the broad bond market, the real estate index and gold. The PRObonds # 2 portfolio, which started in October 2018, is still lagging behind gold and is also losing out to stocks. However, both portfolios outperform all instruments in terms of volatility.
The current annual returns on portfolios (365 days) are 14.0% for portfolio # 1 and 14.2% for portfolio # 2. High yields are driven by a low base, as both portfolios followed the broad stock market into a deep correction in March last year.
This Thursday (March 4), the placement of bonds of MFC “Seimer” (300 million rubles, 3 years, 12.75% / 13.52%) will begin, the placement is designed for qualified investors. Seimer’s securities will be added to portfolios for 5% of assets. And from that moment on, portfolios become fully available only to qualified investors. During 2021, the share of bond issues for qualified investors in both portfolios will increase.
The inclusion of a new bond issue in portfolios requires a reduction in part of the existing bond positions (the abbreviations are given in the tables of the portfolio composition). The HPO sector has been declining in recent days along with the rest of the market, and there is no hurry with the reduction of securities. Most likely, “Zaimer” will be purchased for the free cash balance, and the sale of securities withdrawn from the portfolios will take place later. New placements, which will get into portfolios, will take place in a month at best, and there is enough time to release the cash position.
All portfolio transactions are published in the public domain until they are completed.
Not an investment recommendation