Translated material
NPF began to disclose data on the composition of client investmentports
The first non -state pension funds in Russia began to disclose the composition of their investment portfolios a year and a half earlier than the legislation requires. The Bank of Russia and experts highly assess this practice, since 90% of the funds of funds depend on the distribution of assets.
Taiga.info reprints News.ru material about the transparency of the work of the NPF with slight reductions.
Non -state pension funds (NPFs) work with citizens' contributions, investing their pension savings in various securities, and the legislation clearly determines where the NPF can invest, and what percentage of the portfolio this or that asset can be. The NPF itself does not manage these funds on its own, but acts as an administrator of pension resources.
Management companies are engaged in directly the administration of pension funds, the financial analyst BCS Premier Sergei Deineka explained to News.ru. “In general, the task of the professional manager is to invest and diversification in different classes and geography of assets that will profit from the fund to the fund,” he said.
Now the obligations to show all companies and securities in which the funds are invested, NPF does not yet. It will come only from July 1, 2021.
Despite this, a number of funds already voluntarily disclose data on the composition of the portfolio up to issuers. The Central Bank appreciated this initiative. Director of the Department of Collective Investments and Trust Administration of the Bank of Russia Kirill Pronin: “All funds have already begun to disclose information on assets classes. Separate market participants went a little further and disclose information on securities and issuers that are present in the portfolios. We, of course, welcome such activity of market participants, we believe that these are the best practices, and we believe that the rest of the market participants before a full entry into force, and if there is an opportunity to reveal portfolios for issuers. ”
Over the past few years, the regulator managed to improve the situation in the retirement management market. The more open the structures of the NPF will become, the better for the consumer of services and for the market as a whole.
The head of the laboratory of the analysis of institutions and financial markets of the RANEPA, Alexander Abramov explained to News.ru that 90% of the fund's profitability depends on how its assets are distributed, so this information is very important. “In relation to the customers of the fund, it seems to me that it is very important to build an atmosphere of trust. Trust is always built on the transparency of information. Now, if I was asked how much the funds should be open, so that I can trust them, I will say so - 60%, ”Abramov said.
Since February 10, with a temporary lag, in only 10 days, the composition of its investment portfolios began to disclose one of the largest NPFs in Russia-the Safmar pension fund, which is part of the financial and industrial group of Mikhail Gutseriev.
So, in the Safmar portfolio, more than 87% of assets have ratings at the “BB” level and above. 67% of them make up assets with the rating "VBV-". Pension assets under the control of the fund are invested in 14 sectors of the economy. Among the largest in the share in the investment portfolio of issuers - Rosneft, Gazpromneft, Transneft, Russian Railways, Sberbank and others.
The structure of the Safmar NPF investment portfolio is as follows: the corporate bonds of Russian issuers as of February 1, 2020 are 47%, there are 7% and 4%, respectively, almost 12% of the portfolio is invested in the state-owned paper of the Russian Federation. The fund also has a reverse repo with bonds (28%), which creates additional liquidity. In the structure of the investment portfolio of pension reserves, significant investments are also observed in the bonds of Russian issuers - about 47% of the portfolio. The share of investments in the public paper of Russia and the statebooks of the constituent entities of the Russian Federation is 17% and 4%, respectively, shared instruments occupy almost 19%.
“Information on the composition of the portfolio of NPF“ Safmar ”is now available to all interested parties. We believe that such openness is important for customers. They can see investment decisions, ”said Denis Sivachev, general director of NPF Safmar.