Funds begin the calculation – Finance – Kommersant

Trading in ruble government bonds and shares of a number of issuers resumed last week. Against this background, only a few management companies have resumed calculating the net asset value of some funds. Most refrain from this step, because the correct calculation of the indicator requires that market quotations have all the assets in the fund’s portfolio. As the list of traded securities expands, management companies will return to full-fledged work with clients.

Exchange start

After three weeks of downtime on the Russian stock market, stock trading resumed. Trading in ruble government bonds resumed on Monday, March 21, and trading in the most liquid shares on the Moscow Stock Exchange index began on March 23. Despite the fears of market participants, bond trading took place without panic. At the beginning of the week, the yield of short OFZ exceeded 20% per annum, but by Friday it fell below 19% per annum. The yield on long issues was 13–15% per annum.

Stock trading began with the growth of quotations. At the very beginning of trading on Thursday, the Moscow Stock Exchange index increased by almost 11%, rising to 2761.17 points, but ended the day at a more modest value of 2578.51 points. On Friday, the index lost most of Thursday’s achievements. At the end of the day, the index closed at 2484 points, losing 3.7%. For two days of trading securities of exporters became the leaders of growth:

  • Phosagro (+ 38%),
  • NOVATEK (+ 23.5%),
  • Surgutneftegaz (+ 19.5%),
  • Rosneft (+ 18.5%).

Outsiders shares of Aeroflot (-31.6%) and Severstal (-11.8%). The total volume of trades in two days amounted to almost 150 billion rubles, which is comparable to the beginning of the year.

Market calculation

At the same time, despite the resumption of stock trading, management companies are in no hurry to resume the calculation of the value of retail units. Most of them stopped calculating the value of net assets (NAV) and the value of retail units (open-end and exchange-traded mutual funds) in late February-early March. This was due to the cessation of trading in securities on the Moscow Stock Exchange and the inability in most cases to calculate the market price of the unit. According to Artem Mayorov, Director of the Asset Management Department of Ingosstrakh-Investment Management Company, unlocking the issuance and redemption of OPIF units requires full unblocking of trades and the ability to calculate prices for all assets in the funds.

Currently, only OFZ issues and ordinary and preferred shares of 30 issuers are fully traded. According to Kommersant, in mid-March only 40 of the nearly 400 retail funds calculated the value of the unit, and only five funds of the management companies VTB Asset Management, MKB Investments and Arikapital underwent operations.

Funds are opening

Nikolai Shvaikovsky, head of Alfa-Capital’s department for cooperation with government agencies, noted that the company will gradually launch operations with funds for Russian stocks as the list of instruments traded on the exchange expands.

“If you start transactions with units of” half “funds (on which only part of the assets are traded.” Kommersant), there is a risk of violation of the rights of shareholders – the issuance or redemption of shares at an incorrect value, “- said Mr. Shvaikovsky.

It is important not only the volume of circulating securities, but also their liquidity. “Liquidity and low volatility are important for correctly estimating the value of a share and minimizing damage to existing shareholders,” explains Mr. Mayorov. Sber Asset Management noted that with the launch of trading on the Moscow Stock Exchange, some trust management strategies became available, and the calculation of the NAV of some exchange-traded funds began. In this regard, you can buy and sell BPIFs only on the stock exchange, transactions with it will be available only after the start of such trading.

Vitaly Gaidaev


About the author


Leave a Comment