UIFs for non-qualified investors post slower growth

In the third quarter, the net asset value (NAV) of unit investment funds (UIFs) for unqualified investors increased by 0.6% to 770.1 billion rubles. This is shown by NPFs’ financial statements posted on the Bank of Russia’s website.

Slower growth of the NAV of UIFs came as a result of decelerated growth of the NAV of open-end UIFs (to 4.7% in Q3 from 16.5% a quarter prior) and a declining NAV of closed-end UIFs (—2.4% in the quarter). The NAV growth deceleration was in part driven by changing market conditions, e.g. the slump in debt securities, which dominate in the structure of UIFs.

In September, an exchange-traded UIF began trading in Russia for the first time. The UIF tracks the Moscow Exchange's total return index (MOEX Russia Total Return). The NAV of this UIF's assets totalled 212.8 million rubles as of end of Q3.

The total number of shareholders in UIFs for non-qualified investors went up in the third quarter by 2.3% to 1.6 million, mainly on the back of the increase in UIF customers (+6.8 to 0.6 million).