Four major state pension Fund (NPF) closed the quarter with a net loss from investment activities, the newspaper “Kommersant”. NPF is a “Future” (the main beneficiary is Boris mints), NPF of electric power industry, “LUKOIL-Garant” (of the beneficiaries of group “Opening”) and “Gazfond” (founders – “Gazprom” and “Gazprombank”). The maximum loss from investments for the quarter, 2.9 billion rubles – showed “Gazfond”.
The funds themselves advise clients not to focus on intermediate outcomes, and evaluate the effectiveness of investments over a longer period.
As at 17 may 55 of 69 NPF revealed on their websites reporting on industry-specific accounting standards in the first quarter, the newspaper notes.
The above large NPF provides information on three portfolios – the own funds of pension savings and pension reserves, and each Fund for the quarter will show negative returns, the newspaper notes.
The experts that talked to the publication, noted that this investment result is largely formed by the negative revaluation of securities and losses from foreign currency operations.
According to General Director NPF “LUKOIL-Garant” Dennis, Rudomanenko, the decline in the value of shares of issuers from the list of MICEX in the NPF portfolio for the first time was not offset by sufficiently no deposits or corporate bonds.
To the negative revaluation resulted in the decrease of the MICEX index by 11% for the first quarter, confirmed the CEO of NPF “the Future” Nikolay Sidorov.
Last year each of these four major players seriously increased its investments in shares, reducing the share of Bank assets. According to the Central Bank, the average proportion of shares in pension savings over the four years increased from 6.3% to 17.3%.
Analysts expect that, keeping the portfolio drawdown is likely to be able to play until the end of the year, while out of risky assets now would cause a net loss of fixation. Thus unlike the deposits from falling prices are not insured not only stocks but also bonds.
While the annual results will largely depend on the policy of the Central Bank to reduce the key rate, the newspaper writes: the yield of investments of pension funds with high average probability can exceed an inflation target of 4%, unless the system shocks and spikes in the energy markets.