Mutual Funds Still in Crisis, But Less So
Private investors withdrew 724.4 million rubles from mutual funds in November, according to investfunds.ru. BFA management company lost the greatest chunk of them, 226.5 million rubles, although Finansist has suffered the greatest losses overall, with 228.2 million withdrawn. Troika Dialog clients withdrew 120.2 million rubles, and Uralsib lost 88.8 million rubles. A few funds ended the month in the black. The biggest gains were experienced by Gazprombank Asset Management (up 47.8 million rubles), the Bank of Moscow (41.6 million rubles) and UFG Asset Management (31.6 million rubles).
For the fourth month in a row, bond funds have lost the most. In November, 543.2 million rubles were taken out of them. Experts say the risk of default has frightened off investors. Only 80.3 million rubles have been taken out of money market funds. In spite of the fact that the MICEX index dropped 40 percent in November, stock funds saw a net increase of 4.71 million rubles the same month. Investors placed 28.7 million in the Alfa Bank Enterprises with State Shares fund and 24.3 million rubles in the Petr Stolypin fund. Index funds, which are made up exclusively of blue-chip stocks, were the most popular in November. They attracted 140.9 million rubles.
In September, mutual funds lost more than 1.5 billion rubles, and in October they lost about 3 billion rubles. “Private investors have already experienced fear, panic and desperation and now they are in a state of apathy and they don’t want to do anything with their fund shares,” commented Igor Ryabov of UFG Asset Management. The value of private assets in mutual funds has fallen from 136 billion rubles in January of this year to 49.3 billion on November 30, which was the size of the market in 2005.
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All the Article in Russian as of Dec. 01, 2008
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Photo: Dmitry Dukhanin
