Open-end UIFs boost UIF market growth

In Q3, the net asset value (NAV) of unit investment funds (UIF) for non-qualified investors increased by 4.1% (+2.3 pp over the quarter) to total 806.5 billion rubles. This is shown by these funds’ financial statements published on the Bank of Russia website.

The share of closed-end UIFs in the overall NAV of funds for non-qualified investors continued to shrink in Q3 (-3.4 pp over the quarter to 51.5%), while the share of open-end UIFs was up (+2.9 pp to 46.4%).

The NAV of open-end UIFs that are primarily focused on individuals rose by 10.9% in Q3 (+5 pp over the quarter) to 373.9 billion rubles. The number of unit holders in open-end UIFs increased by 8.4% to 641.4 thousand, which is more than one-third of the total number of unit holders in funds for non-qualified investors. Closed-end UIFs now number 217 (-9 funds), and open-end UIFs – 260 (-2 funds).

The share of exchange-traded UIFs expanded almost twice during the quarter: from 0.8% to 1.4%. As before, exchange-traded UIFs showed the highest NAV growth in relative terms – by 78.6% over the quarter to 11.1 billion rubles. The number of unit holders in exchange-traded UIFs was up by 76% to 28.7 thousand, and the number of exchange-traded UIFs increased from 8 to 14. There is now a new euro-denominated fund among exchange-traded UIFs.

The number of interval UIFs increased by 1 to total 11 funds.

In Q3, the overall number of unit holders in UIFs grew by 3.7% to 1.8 million. During the period July–September 2019, the total number of funds for non-qualified investors reduced by 4 to 502.