| The stock market decline promises a new surge in interest in trust management services Russian stocks have been falling in price for more than a month now. Since April 12, when, as if in honor of Cosmonautics Day, the RTS index reached a historical maximum of 785.52 points, the stock indicator lost 27%, dropping to the level at the beginning of the year. General Director of VEO-Otkrytie Management Company Artur Melkomov notes that it is precisely at moments of stock market downturn that a psychological tendency clearly manifests itself: private investors who did not resort to the services of stock specialists during market growth begin to be interested in the possibilities of professional management of their assets. Such “burnt” investors, notes Mr. Melkomov, make up a significant proportion of clients of companies that resort to trust management services. Another layer of trustees are those who, avoiding risks in the unfamiliar field of the stock market, initially turned to a professional manager for help.
If this psychological trend continues to take place as a result of the current stock collapse, then securities market specialists will have more clients. However, in Russia, since the second half of last year, there has already been a boom in private investment. This is especially true in the mutual fund industry. Last year, the number of market shareholders (excluding clients of check investment funds converted into mutual funds) increased almost 5.5 times, and such dynamics continue to this day. Mutual fund statistics are indicative of private investment, since they must be published according to fund rules. Statistics on the development of trust management due to the specific nature of the service are not disclosed by managers. However, according to the head of the analytical department of the trust operations department of the Bank of Moscow, Kirill Tremasov, the interest in trust management on the part of individual investors is enormous, and the increase in assets under management is not only comparable to mutual funds, but also ahead of them. As for the Bank of Moscow, since the beginning of this year, assets in trust management have increased 2.5 times, and the assets of mutual funds have increased by approximately 50%. And this despite the fact that investment shares are sold by the bank through a branch network, which in Russia is second only to the Sberbank network, and trust management is a “piecemeal” matter based on an individual approach. Recently, according to Mr. Tremasov, there has been a growing trend among his bank's clients to transfer funds from bank deposits to trust management.
It should be noted that the trust management service is aimed at a larger investor compared to mutual funds. The niche of mutual funds is lower, and the entry fee into the area of trust management is often an order of magnitude higher than the cost of the investment unit. To begin cooperation, an individual investor, as a management founder, signs an individual agreement with a trustee. The interests of the investor are protected, according to this agreement, by the principle of separation of his property from the property of the manager himself. In practice, this principle is implemented by opening separate accounts for cash and securities for the founder of the management, for which the manager keeps separate records and draws up the necessary documentation, including accounting. When concluding agreements with counterparties on his own behalf, as part of the performance of his functions, the trustee is obliged to put the mark “DU” next to his name.
In comparison with collective investments, the trust management scheme has another advantage for the private investor - the opportunity to build his own individual asset management strategy in the stock market. This scheme is not related to the requirements for portfolio structure and restrictions on the liquidity of securities established by the legislator for mutual funds. True, most trust managers offer clients several types of standard portfolios, which, despite the variety of their names, can be divided into three categories: conservative, balanced and aggressive. The composition of these standard portfolios differs in the types of securities included in them and, accordingly, in the degree of market risks that the investor assumes. Conservative portfolios are typically made up of bonds; balanced - from bonds and stocks in different proportions, and aggressive - from stocks. The degree of risk, as well as the opportunity to obtain maximum income, increases as you move from a conservative to an aggressive strategy. The absence of restrictions on the structure of assets, as well as long investment periods, give the principal a greater chance of outperforming stock indices than purchasing a share in mutual funds. Practice shows that the latter, as a rule, focus on shorter positions and in most cases form their portfolios based on popular stock indices.
However, the amount of expenses incurred by principals exceeds the costs of shareholders in collective investment: individual services are more expensive. The direct costs of exchange fees, storage and accounting of securities, washed out in mutual funds with large volumes of assets, become a tangible factor for the individual investor. In addition, the principal pays a commission to the manager. This commission in practice includes two components: basic and managerial. The base is paid as a fixed percentage per annum of the average market value of assets for a certain period. The management fee is calculated as a share of the income for a certain period before taxes. In addition, the founder of the management for the investment period is not exempted, as a shareholder of the mutual fund, from the need to pay tax on the income of an individual, which deprives him of the opportunity to reinvest intermediate profits in full. Simply, when contacting a manager, you should take into account that, according to Mr. Melkomov from VEO-Otkrytie Management Company, trust management is “a better service for a wealthier investor.”
Conditions and tariffs for asset management of some trustees Trustee Min. contract term, months Min. investment amount Basic remuneration, % of net asset value Management fee, % of profit | Bank "Absolut" | 3 | 500 thousand rubles. | - | Up to 30 | | Management Company "Aton" | 12 | $250 thousand | 0.5-1 | 15-20 | | Bank of Moscow | 6 | 50 thousand dollars | 0.75-2 | 1-20 | | Management Company "VEO-Otkritie" | 3 | 300 thousand rubles. | 2 | 20 | | Bank "Zenith" | 12 | 15 million rub. | 2 | 15 | | FG "Invest" | 12 | 5 million rub. | 1-2 | 10-20 | | Management Company "Pythagoras" | 6 | 3 million rub. | From 1 | From 10 | | Management Company IF "Prospekt" | 6 | 100 thousand dollars | - | 15 | | IFC "Solid" | 3 | 50 thousand rubles. | Up to 0.11 | Up to 30 | | Management Company "Trinfico" | 12 | 10 million rubles. | 1 | 25-30 |
The amount of remuneration varies depending on the amount of investment, investment period, and the amount of profit received. For more accurate information, please contact your trustees.
Profitability of shares of open mutual funds managed by management company* as of 13.05
Equity funds Fund Management company Share return, %. Share price, rub | | For a month | Year to date | | | "Alpha Capital Shares" | "Alfa Capital" | -13.19 | 1.32 | 1,419.43 | | "DIT - equity fund" | Deutscher Investment Trust | -17.86 | 3.50 | 57.04 | | "Dobrynya Nikitich" | Troika Dialog | -10.63 | 15.99 | 3,024.43 | | "KIT - stock fund" | "Creative investment technologies" | -10.84 | 0.03 | 33,550.23 | | "Metropol Golden Fleece" | "Metropol" | -2.68 | 13.05 | 114.20 | | "Montes Auri DVI" | "Montes Auri" | -18.22 | 5.95 | 32.94 | | "Pallada KB" | "Pallada Asset Management" | -7.18 | 8.24 | 3,888.72 | | "Perspective" | "Monomakh" | -10.20 | 21.33 | 2,521.84 | | "Peter Stolypin" | "OFG Invest" | -16.24 | 7.63 | 362.49 | | "PioGlobal FA" | "Pioglobal Asset Management" | -13.39 | -0.43 | 2,328.73 | | "Pythagoras - stock fund" | "Pythagoras" | -3.73 | 9.96 | 1,106.18 | | "Region - stock fund" | "Region Asset Management" | -11.48 | 19.95 | 1,379.73 | | "Solid-Invest" | "Solid Management" | -15.99 | 14.19 | 153.75 | | "Stoic" | UK PSB | -11.88 | 37.06 | 1,432.43 |
Bond funds| "Alpha Capital Bonds Plus" | "Alfa Capital" | -0.43 | 7.67 | 1,142.05 | | "Alpha Capital Reserve" | "Alfa Capital" | 0.47 | 2.89 | 1,086.72 | | "DIT - long-term investment" | Deutscher Investment Trust | -0.92 | 0.04 | 47.24 | | "DIT - bond fund" | Deutscher Investment Trust | -1.52 | 2.97 | 54.38 | | "Ilya Muromets" | Troika Dialog | -1.75 | 5.49 | 9,663.08 | | "KIT - bond fund" | "Creative investment technologies" | 0.28 | 10.56 | 41,199.87 | | "Leader Finance" | "Montes Auri" | 0 | 7.31 | 12.63 | | "LUKOIL convertive" | "NIKoil" | -1.80 | 8.08 | 1,721.66 | | "Metropol Zeus" | "Metropol" | -0.91 | 2.88 | 102.91 | | "Pallada" government securities | "Pallada Asset Management" | -0.91 | 3.78 | 54.35 | | "PioGlobal FO" | "Pioglobal Asset Management" | -0.81 | 6.29 | 44.11 | | "Pythagoras - bond fund" | "Pythagoras" | -0.42 | 5.91 | 1,066.76 | | "Russian bonds" | "OFG Invest" | -1.97 | 6.57 | 498.74 | | "Sadko" | Troika Dialog | -1.26 | - 0.87 | 10,313.35 | | "Perfect" | "Pythagoras" | -1.27 | 9.03 | 5,566.62 | | "FDI Solid" | "Solid Management" | -1.23 | 2.74 | 1,248.80 | | "Financier" | UK PSB | -0.60 | 5.92 | 1,116.90 |
Mixed investment funds| "BCS FLA" | "BCS" | -4.93 | 3.74 | 1,064.90 | | "DIT is a balanced fund" | Deutscher Investment Trust | -8.54 | 4.48 | 79.78 | | "Druzhina" | Troika Dialog | -6.18 | 9.83 | 21,513.74 | | "Capital" | "Energocapital" | -8.05 | 12.23 | 268.46 | | "Capital" | "Pythagoras" | -2.46 | 3.69 | 3,976.13 | | "KIT is a balanced fund" | "Creative investment technologies" | -6.35 | 8.32 | 41,430.53 | | "Leader Invest" | "Montes Auri" | -3.38 | 5.58 | 12.30 | | "Metropol Athena" | "Metropol" | -3.00 | 3.30 | 103.41 | | "Youth" | "Agana" | -4.33 | -4.58 | 108.77 | | "Panorama" | "Monomakh" | -7.05 | 18.03 | 1,178.75 | | "Parity" | "BCS" | -0.70 | 8.61 | 1,104.04 | | "Partnership" | Interfin Capital | -13.34 | 2.16 | 2,287.37 | | "PioGlobal FS" | "Pioglobal Asset Management" | -9.81 | 1.01 | 86.18 | | "Pythagoras - mixed investment fund" | "Pythagoras" | - 3.50 | 6.75 | 1,073.08 | | "Prospect Fund First" | "Avenue" | -3.85 | 12.58 | 157,386.56 | | "Reserve" | "Pallada Asset Management" | -1.68 | 3.95 | 1,705.76 | | "Rozhdestvenka" | Management Company of Bank of Moscow | -8.19 | 9.72 | 1,151.74 | | "Russian oil" | "Creative investment technologies" | -11.50 | 15.17 | 47,618.27 | | "Russian Electric Power Industry" | "Creative investment technologies" | -7.59 | 17.55 | 51,853.86 | | "Russian telecommunications" | "Creative investment technologies" | -7.17 | 8.87 | 38,074.99 | | "Titanium" | UK PSB | -5.74 | 22.76 | 1,240.58 | | "Trust First" | "Doverie Capital" | -6.99 | 10.42 | 1,120.12 | | "Finam First" | "Finam Management" | -9.24 | 5.88 | 1,164.64 |
*With NAUFOR rating from AAA (maximum reliability) to A (high reliability)
Sources: National League of Managers, Vremya Novostei
At the end of the month (from April 13 to May 13), the increasingly popular open mutual funds showed such dismal results for the first time since October last year (when former Yukos head Mikhail Khodorkovsky was arrested). Against the backdrop of a fall in the RTS index (-21.9%), equity funds lost the most in value: from -1.76% for the newly formed Russian Funds - Shares fund of Prospekt Management Company (not included in the table) to -18 .22% from the Montes Auri DVI fund. Less risky mixed investment funds were also unprofitable (from -0.39% of the First TopCapital fund of Topcapital Management Company to -13.34% of the Partnership fund of Interfin Capital Management Company), and bond funds in some cases showed profitability (0.47% at Alfa Capital Reserve), although generally they also did not please investors. In fact, the situation that has developed in the mass market of private investments is unique: at the end of the month, the real profitability of their owners is brought not by shares, but by dollar deposits in banks (for example, according to the Center for International Economic Research "BDO Unicon", the ruble yield of deposits in dollars in April was 0. 62--0.91%). However, analysts are confident that as the stock market recovers, mutual funds will quickly come to their senses. Igor POLISCHUK
|
