Strategy
Investment Strategy
Investment decisions are made on the basis of analysis, not individual news signals. The process links the macroeconomic picture with the assessment of individual instruments and the risk of the portfolio as a whole.
The fund's investment strategy is aimed at forming a diversified portfolio of liquid financial instruments in international markets. The fund invests primarily in equities, bonds, and exchange-traded funds (ETFs) traded on regulated platforms, excluding Russian Federation markets. The geography of investments covers developed and selectively emerging markets depending on current market conditions and investment opportunities.
The fund adheres to a flexible approach to asset allocation, allowing adaptation of the portfolio structure to changes in the macroeconomic environment, interest rates, inflation expectations, and market volatility. Investment decisions are made based on analysis of fundamental factors, assessment of market risks and liquidity, as well as taking into account regulatory and currency aspects.
Macroeconomic approach
Growth, inflation, monetary policy and interest rates set the framework for allocation between asset classes, regions and currencies.
Fundamental analysis
Issuers and instruments are assessed on fundamental factors: financial position, cash flows, credit quality and market position.
Valuation of assets
Prices are compared with an estimate of value; instruments with transparent market pricing are preferred.
Diversification
Exposure is spread across asset classes, regions, currencies and types of issuer to avoid concentration.
Liquidity management
The focus on liquid instruments and continuous monitoring of liquidity allow the portfolio to be adjusted when conditions change.
Risk management
Leverage and derivatives are permitted only within approved internal limits; decisions are tested against adverse and stress scenarios.
Within the strategy, the fund may use various currencies and financial instruments, including hedging instruments, if justified from the perspective of risk management and portfolio structure. In certain cases and subject to additional requirements, the fund allows the use of digital assets or related instruments as part of the investment or infrastructure model.
Review of investment decisions
Portfolio structure and individual positions are reviewed regularly and when macroeconomic, market or regulatory conditions change.
Investment universe
The strategy combines macroeconomic analysis with a fundamental assessment of individual instruments. The list describes the universe the fund may consider; it is not the composition of the current portfolio.
Equities
Shares of companies listed on regulated markets.
Bonds
Government and corporate debt of varying maturity and credit quality.
ETFs
Exchange-traded funds with broad market or sector exposure.
Liquid exchange-traded instruments
Instruments with transparent market pricing.
Global diversification
Developed and, selectively, emerging markets, excluding the Russian Federation.
Macroeconomic and market factors
Interest rates, inflation expectations, currencies and volatility.
Illustrative examples
Examples of executed transactions may include forming portfolios of public equities and bonds, investments in ETFs with broad market or sector exposure, and structuring positions taking into account currency and interest rate factors. The examples provided are for illustrative purposes only and do not indicate expected results or guarantee returns.
The information presented in this section is of a general informational nature and does not constitute investment advice, an offer, or a guarantee of achieving a certain level of return.