At the end of the next month, we present a comparison of PRObonds portfolios with popular investment instruments. Both portfolios have remained in the middle of the benchmarks since their launch, losing to US and Russian equities and gold. Although they have much lower volatility and greater predictability of the result. The indices of ruble bonds, as well as the dollar against the euro, lagged behind and do not compete. We will also outplay gold with a high probability in the coming months. It is still poorly realistic to catch up with the stock markets.
Annual return (365 days) – 12.5% for portfolio # 1, 12.6% for portfolio # 2. The target return on portfolio # 1 is 12% in 2021, for portfolio # 2 I hope it will be higher.
Yields and their forecasts remain subdued as both portfolios have a defensive cash position, which slightly diminishes the bottom line, but comes in handy in the event of a market correction. In addition, we are following the path of lowering coupon yields in parallel with the scaling of the businesses, the bonds of which we are offering, and the volumes of placements themselves. This is intended to increase liquidity, reduce the risks of price fluctuations and, moreover, defaults. There are no goals to maximize profitability today. It is much more important to give stability to returns.
The nearest new position in the portfolios will be the bonds of the debut issue of Concern Pokrovsky (placement on February 18, 1 billion rubles, YTM 10.11%, 3 years to maturity, for more details: https://smart-lab.ru/company/ivolga_capital/blog/673978.php). The positions of a number of securities for this acquisition will be reduced. Most likely, the portfolios will completely leave the bonds of IC Legion and Talana due to close redemption or amortization. The rest of the positions will be partially reduced.
All portfolio transactions are published until they are made and are calculated at real market prices with a commission of 0.1% of the transaction.
Not an investment recommendation (https://www.probonds.ru/upload/files/15/35d1bb8a/Disklei%CC%86mer_dlya_portfelei%CC%86.pdf)