Translated material
Gone negative
Pension portfolios continue to fall in price
The profitability of pension savings portfolios is declining. As experts from Interfax - Center for Economic Analysis note, management companies in the first half of this year, like last year, were unable to beat inflation. For the first time in the entire period of the market’s existence, the average return on pension savings, including VEB’s portfolio, turned out to be negative. With inflation for the first half of 2008 at 8.8%, the average return on all 63 pension portfolios, including VEB, was -2.82%. The results of private management companies turned out to be worse than VEB’s indicators: the former earned on average -2.89% for the year, while the latter provided savings with a return of 2.41%.At the end of 2007, Vnesheconombank received a return on pension savings of 6.01%, private portfolios showed an average of 4.17% with annual inflation of 11.9%. According to the results of the first half of 2008, VEB was ahead of only four out of 62 private companies: portfolios managed by Otkritie Management Company, VIKA Management Company, RN-Trust and the portfolio of conservative capital preservation of Trinfico Management Company. The maximum profitability was shown by Otkritie Management Company (3.55%), the minimum by Troika Dialog Management Company (-10.56%).
At the same time, the profitability of portfolios with a conservative strategy, where bonds are the main instrument, looks more attractive compared to the performance of aggressive managers with a large share of stocks in their portfolios. Moreover, due to the fall in the stock market, many pension portfolios, especially those with an aggressive management strategy (17 out of 18 portfolios included in the high-risk group), turned out to be unprofitable in the first half of the year. In the medium-risk group, 24 out of 30 portfolios went negative, and in the low-risk group, eight out of 14.
Under the influence of market trends, management companies reduced the share of investments in stocks on average from 30.2 to 23.8%, investments in corporate bonds increased from 38.8 to 47.1%. Such changes in the asset structure were typical for portfolios of all risk groups. The maximum share of shares was recorded in portfolios managed by Management Company "Metallinvesttrust" (51.8%), Management Company "Troika Dialog" (47.6%) and Management Company "Monomakh" (49.4%), in three portfolios managed by private investment companies there were no shares at all - these were Trinfico (MC for conservative capital preservation), RN-Trust and VIKA.
Since the beginning of the year, managers have reduced the share of federal bonds in pension savings portfolios from 7.58 to 6.34%, and sub-federal bonds from 12.5 to 11.75%. The share of cash in pension assets fell by half - from 3.6 to 1.82%.
Despite the increase in the volume of pension savings under management, the ratio between funds concentrated in VEB and in the portfolios of private management companies is practically unchanged. Thus, the share of private managers in the total volume of savings transferred by the Russian Pension Fund to trust management has remained almost unchanged - only 3.4% of funds are accounted for by 62 portfolios of private management companies (which amounts to 12.27 billion rubles). 96.6% of the funds, or 353.7 billion rubles, are concentrated under the management of the state management company. VEB's share decreased by only 0.1% over the six months.
The structure of distribution of pension savings funds in terms of riskiness of portfolios also remains more or less constant: 55.3% of funds of private management companies are concentrated in portfolios with an average level of risk, 32.6% in high-risk ones and about 12% in low-level portfolios risk. The level of concentration of pension savings is still high: the share of the ten largest private portfolios is 78.6% of the volume of funds managed by non-state management companies.
Over the past six months, the leader among private companies in terms of the volume of pension savings under management has changed - the Pension Reserve Management Company has taken the first place, ahead of the former leader of the Rosbank Management Company. Uralsib Management Company moved from fourth to third position, Troika Dialog Management Company broke into the top five for the first time and took fourth place in it, Solid Management Management Company moved to fifth place.
Since the beginning of the year, private pension portfolios have received 1.38 billion rubles, and 938 million rubles have been withdrawn from them. During the same period, 17.67 billion rubles left the state management company, and 44.2 million rubles came in.
Most of the funds were attracted to the portfolios of Troika Dialog Management Company (321.5 million rubles), Pension Reserve Management Company (258.3 million), Uralsib Management Company (255.4 million), Metallinvesttrust (107. 53 million). Rosbank Management Company, which was previously the leader in raising funds, closed the top five with RUB 47 million. influx. At the same time, this management company turned out to be the leader in the outflow of assets - 267 million rubles were withdrawn from its portfolio in six months. This is followed by RFC Capital, whose portfolio has lost weight by 207 million rubles, Solid Management (by 56.6 million), Ak Bars Capital (by 54.3 million), Management Company Uralsib (by 42 .8 million rubles).
In general, over the past six months, a further deterioration in the efficiency indicators of management companies for managing pension savings has been noted, this is especially noticeable in the group of high-risk portfolios. The reason for this was, apparently, the lagging performance of a number of “private” portfolios against the backdrop of market volatility.