The current portfolio returns calculated over the past 365 days are still heavily impacted by last year’s correction. Due to the effect of a low base, the PRObonds # 1 portfolio shows 18.5% per annum at the moment. Portfolio # 2 does not have such an effect due to a weak drawdown last March, its annual yield is 11.5%.
Since the beginning of 2021, the results are closer: 9.4% per annum for portfolio # 1, 8% per annum for portfolio # 2. The results are not bad against the background of the general dynamics of the bond market. Since the beginning of this year, the index of total yield on government bonds has been losing 3.6%, the index of corporate bonds is down 0.7%, and the index of high-yield bonds Cbonds has grown in less than 3 months, but by a little more than 7% per annum.
In general, apathetic, if not panic, moods are taking over the bond market. This is good for the future, since the attitude of market participants to its prospects is usually the opposite of these prospects. I would like, of course, either stabilization or growth of quotations on the market as a whole. This would allow us to increase the profitability of our portfolios as well. However, if the market continues to decline, we will repeat the strategy of last spring, when, in a general panic and being in a relatively deep drawdown, portfolios changed the less sagging positions in the HDO to more sagging ones. With the normal understanding that bond prices rarely reflect the real financial position of their issuers. A year ago, this strategy made it possible to quickly restore results, and as a result, end the year with a bond yield of over 14%.
A short position in the MOEX Index futures may be closed today. She began to open up to hedge portfolios in case the entire stock market plummeted. Perhaps, while its retention is premature.
New bonds in portfolios should appear in the second decade of April. The first applicant is Bvstrodengi (preliminary parameters: 400 million rubles, 3 years, coupon 12.75%, bonds are intended for qualified investors). Also in April, the portfolio may be replenished with bonds of a construction company.
The target return for both portfolios for this year remains 11%. All portfolio transactions are published in the public domain until they are completed.
Not an investment recommendation (https://www.probonds.ru/upload/files/15/35d1bb8a/Disklei%CC%86mer_dlya_portfelei%CC%86.pdf)